Following the recent Twitter Saga, another huge company is taking measures to lay off their employees.
The huge company that is in question is Google, which plans to lay off 10,000 of its employees, accounting for 6% of its total employees.
This is due to the constant pressure that has been applied to them to downsize the company to ensure productivity.
Managers Asked to Rank Employees
According to a report by The Information, many Google Managers have been tasked to analyse and rank their team to see who are the “poor” performing ones.
This ranking system will be used to determine who is expected to be fired from the company.
This year, Google has been hiring a huge number of new employees despite being advised by multiple experts about the inflated workforce as well as salaries.
According to Christopher Hohn, an investor, Google employees are paid more compared to those in other companies that are in the same industry. He further goes on to say that Google’s rate of hiring new employees has outpaced the actual needs of the company.
Google Announced Slower Process of Hiring in Q4
In response to the trend, Google had earlier announced that it will be slowing down its hiring process in the fourth quarter of 2022.
The announcement of the 10,000 employees layoff shocked many as the “employee-friendly” company, which is well-known for treating their employees well, will be firing more than three times the amount of employees compared to what they would annually fire.
According to Payscale.com, Google employees make around $72,00USD ($99,000SGD) to $175,000USD ($240,000SGD) annually.
Despite the 6% increase in revenue, the widely known company reported a net profit of only $13.9 billion USD ($19.3B SGD). This is considered low compared to the profits gained in 2021, which was 27% higher than that of 2022’s.
This essentially means that despite earning more in 2022, they gained less profit due to the huge amount of employees that they have hired.
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Featured Image: Shutterstock (@Uladzik Kryhin)
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