The recent economic downturn has dampened people’s spirits, and while more job opportunities have sprouted recently, the tech industry shows a different story. In the last few months, many technology companies announced plans to freeze hiring or lay off their employees as they struggle with an uncertain market environment where revenue is down significantly from what it used to be.
It seems that the recent economic uncertainty has caused some people to take a step back and reflect on their actions. Reuters found out that Elon Musk said he was ordering hiring pauses worldwide until they could assess what is going on in regards to the economy. And earlier, JPMorgan CEO Jamie Dimon issued his own statement, warning about hurricanes.
Listed below are companies that have announced or moved forward with hiring freezes, layoffs, and slowdowns.
The company is slowing hiring for employees at retail locations, holding off on filling positions that would support the tech side of things. They have 154,000 employees worldwide.
Meta is cutting back on the number of new employees to save money, but parent company Facebook has paused or slowed down hiring for most mid-to senior level positions as they plan a strategy that will expand into Metaverse. Metas worldwide workforce sits at nearly 72,000.
Microsoft is slowing down its hiring for the Office, Windows and Teams groups to prepare themselves in this economic situation. While they initially reported strong Q3 earnings a few days ago, the foreign exchange fluctuations forced their Q4 revenue guidance to be revised downward from what it originally was expecting. Microsoft has 181,000 employees.
Netflix’s recent business needs have led them to make tough decisions, like cutting 150 positions from their 11,300 workforce. The company said that this is not based on individual performances, but rather the result of changing priorities in order for Netflix to continue growing at a healthy rate.
In an email to executives and employees, Elon Musk announced that he will be cutting 10% of the workforce at Tesla. The company has nearly 100,000 people worldwide who work in different departments, including production or installation processes for solar panels among other things like building cars. However, employees in those positions will not be affected.
Twitter is currently scaling back on costs like travel, consulting, and marketing. The social media giant also indefinitely postponed job offers for its team as Elon Musk revealed his intention of buying out the company this month with plans already underway. Twitter has over 7,500 employees.
In an email to employees, CEO Dara Khosrowshahi announced that the company would be scaling back hiring and cutting costs. He wrote: “The least efficient marketing and incentive spend will be pulled back. We will treat hiring as a privilege and be deliberate about when and where we add headcount.” Uber has 29,300 workers.