The COVID-19 economic shutdown’s aftermath, the unrest in Ukraine, and concerns about climate change have all had a big impact on the slow state of the global economy. The creation of jobs globally is being negatively impacted by this unfavorable condition. All of this has resulted in an environment where even a tiny report of layoffs at large businesses sparks negative commotion in the business world.
Internet giants are in the process of terminating employees
According to a source, digital giants Google and Facebook’s parent firm Meta are in the process of terminating employees in order to cut costs as a result of their slow development. The outlet added that by restructuring divisions and offering staff members the opportunity to apply for other internal positions, Meta intends to cut its costs by at least 10% in the upcoming months.
The Journal further stated that all of these actions will result in less employment. The cost-cutting is likely to begin within the next few months. After reporting its first-ever quarterly revenue decline in July, Meta Platforms Inc. offered a pessimistic prognosis due to recession concerns and competitive pressures that were impacting its digital ad sales.
Google has asked some employees to hunt for internal positions if they want to stay with the company
The business stated that it anticipates third-quarter revenue to decline from $26 billion to $28.5 billion, which would mark the second consecutive decline over the same period last year. Analysts had $30.52 billion on their radar.
In addition, according to WSJ, Google has asked some employees to hunt for internal positions if they want to stay with the company. Google informed about half of the company’s more than 100 employees last week.
Both businesses had previously made it seem like they were considering cost-cutting strategies. Alphabet CEO Sundar Pichai allegedly told Google employees in July that the company will scale back hiring for the remainder of the year.
