Big Tech Companies In India Are Suffering From The Hiring Slowdown

Big Tech Companies

Big Tech Companies In India Are Suffering From The Hiring Slowdown

November 1, 2022: Current active job openings from FAAMNG companies are about 90 percent below their typical active hiring volumes.

There are currently less than 4,000 active jobs in India from FAAMNG cohort companies – Facebook (Meta), Amazon, Apple, Microsoft, Netflix and Google (Alphabet) – data from Xpheno shows.

This is a 55 percent drop from July, when they had about 9,000 jobs. Before the July quarter, these companies typically had about 40,000 openings in India, according to Xpheno.

Big tech stocks crashed last week as companies expressed caution about the road ahead. Now the focus is on concerns about employee productivity and layoffs as customers cut costs.

Companies have talked about reducing headcount additions and are in a hiring slump. Xpheno data shows that Google, Apple and Microsoft job openings in India are currently in the low three digits.

Active job openings are about 90 percent below normal active hiring volume from this group of companies, XFeno said. Active openings are those directly listed by the company and accepting applications within the last four weeks.

Active hiring action in FAAMNG ranges from almost none to low-moderate. Active volumes from marquees like Meta and Netflix are less to pick up, mainly led by Amazon’s festive season hiring action,” said Kamal Karanth, cofounder of Xpheno, adding that these companies are at the lowest throttle of hiring.

Recruitment has declined significantly across a wide range of skills and functions. Active onboarding and hiring is low in leadership roles, product marketing, digital media, video production, program and product management, vendor management, tech and customer support, consumer electronics, risk management, operations, distributed systems, mobile devices, agile project management. , Enterprise Architecture and Strategic Partnerships.

The company speaks –

While Q3 was a seasonally strong hiring period, that’s in line with comments made by company executives when announcing their results.

Meta Chief Financial Officer Dave Wehner said it is making “significant changes across the board” to operate more efficiently and will slow hiring “dramatically.” According to CEO Mark Zuckerberg, Meta expects to be the same size or slightly smaller company by the end of 2023.

A letter written by Meta shareholder Altimeter Capital said it is “a poorly kept secret in Silicon Valley that companies from Google to Meta to Twitter to Uber can achieve the same level of revenue with far fewer people.”

The company is also looking at job cuts, putting people on improvement plans, Business Insider reported.

Amazon CFO Brian Olsavsky said it will consider halting hiring in some businesses because sales growth in many businesses moderated and foreign currency gains in Q3 are expected to continue into Q4.

“We are also taking steps to tighten our belts, including pausing hiring in certain businesses and discontinuing products and services where we believe our resources are better spent elsewhere,” he said.

Alphabet said it will continue to hire only for critical roles, and Q4 headcount additions will be significantly lower than Q3.

“We’re constantly working to make sure that everyone we bring in is working on the most important things as a company.

We’re at all scales to make sure we have the right plans, the right resourcing, and the curriculum improvements. reviewing projects on. This is something we will continue to do in 2023 as well,” said Alphabet CEO Sundar Pichai.

Microsoft recently laid off 1,000 employees worldwide, its second such move in three months, as it previously laid off less than 1 percent of its more than 200,000 workforce.

Also during the earnings call, he said headcount additions would be “minimal” sequentially and that the company intends to utilize the employees it has added.

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