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As reported by Wall Street Journal, the CPI calculations revealed that the US consumer inflation accelerated to 9.1% in June, a condition that has not occurred in four decades, and adding to this pressure is the Federal Reserve's aggressive moves to slow down the rapid rise in goods and services prices throughout the markets. Now, amid these tough times tech professionals all over the world are getting wary about how this recession will affect the giant AI and data analytics industry. Experts say that this impending growth slowdown in the United States is also set to hamper the growth and development momentum of India during the mid-term. Research firm Nomura has reported that based on the Nomura Indian Normalization Index, the marching toward above-normal levels, resulted in the growth in India's GDP by 7.2% in 2022, before being influenced down to 5.4% in 2023. But this 'prolonged mild recession' state in the United States will also slow down India's growth as it has been successfully recovering post-pandemic era. Here are the top 10 tech companies that have stopped the hiring process in 2022.
Meta (formerly Facebook) has warned employees of "serious times" and has issued a hiring freeze for certain roles. A report in Business Standard claimed that CEO Mark Zuckerberg told employees that he's anticipating one of the worst downturns in recent history. The company warned staff that it would stop or slow the pace of adding mid-level or senior roles, while Robinhood is cutting about 9% of its workforce.
Uber will cut back on spending and focus on becoming a leaner business to address a "seismic shift" in investor sentiment, CEO Dara Khosrowshahi told employees in an email obtained by CNBC. Uber is the latest tech company to warn of a slowdown in hiring.
According to Microsft's spokesperson, Windows Office and Teams chat and conferencing software groups have spread their bases recently and the company wants to make sure it's making the right hires in the right place. According to a Mint report, he further added that the slowdown in hiring is not a companywide phenomenon; overall, the software maker will continue to hire. The spokesperson also said that such caution is typical in periods of economic volatility.
Outside factors like rising inflation, increasing interest rates, the surging US dollar, and the threat of a recession the Apple organization in danger of losing its prosperity. Earlier the information of Apple Inc slows down its hiring speed this fiscal year spread. Apple decided to implement this kind of freezing of recruitment activity to hire low employees and decrease the money spending processes.
In light of a probable economic downturn, Alphabet's Google plans to reduce recruiting for the rest of the year. CEO Sundar Pichai has told his employees in a memo that the tech giant will slow down hiring at the company through the rest of the year and 2023, while also keeping a check on investments for the same period. However, he clarified that Google was not freezing its hiring process.
Popular video streaming platform Netflix has terminated several employees recently. Recently, it has shown the exit door to an additional 300 employees in the second round of layoffs. Several top-notch creative professionals from its original series vertical, such as Sebastian Gibbs and Negin Salmasi, were asked to leave. The company might also slow down its hiring process for now.
Twitter has cut 30% of its recruiting team while Elon Musk-run Tesla has been laying off hundreds of employees. At Present the Company has stopped the Recruitment Process in most of the Division except for the Critical Roles Staff. It's expected that further changes will be made in the Organization.
Global tech major NVIDIA has joined the list of companies that have recently announced layoffs and hiring freezes. According to sources, NVIDIA has communicated with hiring managers about the 'hiring pause'. However, offers in the process will continue. According to the company, it is slowing for now to integrate new employees and to focus our budget on taking care of existing employees as inflation persists.
Tesla chief executive Elon Musk said he had a "super bad feeling" about the economy and that the electric carmaker needed to cut staff by around 10%, according to an internal email seen by Reuters. The email, titled "pause all hiring worldwide," was sent to Tesla executives. Tesla was not immediately available for comments.
After a rocky start to 2022 that included the war in Ukraine, COVID lockdowns in China, and global inflation, Intel is hitting the pause button on new hires for its client computing group responsible for PC desktop and laptop chips for at least two weeks, according to a report from Reuters.
