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Due to the economic crisis, internet and technology giants continue to reduce the number of workers. Google took the updated news…
Due to the economic crisis, internet and technology giants continue to lay off employees. Google published the new information. Google is apparently building a new system that aims to terminate 10,000 failing staff, while tech titans continue to be shaken by big layoffs in challenging market conditions.
By the start of next year, the company plans to roll out a new performance management system that could give managers the power to fire thousands of underperforming workers. Instead of the typical 2%, CEOs will be expected to assign 6% of the Alphabet (Google’s parent company) workforce the label of “poor performer.” This number is around 10.000 employees.
Employees that receive poor performance reviews from their managers will thereafter be let go. Ratings may also be used to stop offering bonuses and stock rewards.
British billionaire investor Christopher Hohn stated in a letter to Alphabet that the company’s headcount was excessive when compared to earlier recruiting strategies and did not, therefore, satisfy the present work scenario. He also maintained that the company could be run effectively even with fewer highly paid professionals and that employees were paid far more than their colleagues at other tech big players. This letter was written by Hohn on behalf of TCI, a hedge fund that holds Alphabet stock worth $6 billion.
There were rumors earlier this month that Amazon was preparing to fire thousands of its employees due to the state of the economy. Meta, the company that owns Facebook, has recently disclosed plans to let go of more than 11,000 people globally. Recent media have also regularly mentioned Elon Musk’s decision to fire half of his Twitter staff.