Google is laying off approximately 12k employees worldwide, becoming the latest tech giant to downsize in the face of global uncertainty.
The layoffs affect teams throughout the company, including recruiting, some corporate services, and some engineering and product teams.
Recent reports reveal that the latest layoffs took place as Google aims to hire a more qualified workforce.
In recent years, Google has been actively foraying into Blockchain Technology & artificial intelligence (AI).
Have announced massive layoffs plans. In line with this, Google also announces plans to reduce around 6% of its global workforce.
On January 20, Google SEO Sundar Pichai announced approximately 12,000 job layoffs worldwide, citing a challenging economic reality. The layoffs come just days after Microsoft announced that it would lay off 10,000 employees in the coming months.
As per recent reports, Google was on a hiring spree during the pandemic. Reports added that many of these hirings were made solely to strengthen the bench owing to the temporary reliance on technology during lockdown and WFH scenarios.
But the rising inflation in the United States significantly affected the revenues of the company. Reports reveal that Google aims to preserve its cash reserves for the future wave of Blockchain Technology and AI-based technology. As a result, the company announced layoff plans in order to offset losses and perverse funds.
Furthermore, in an email to Google employees, Pichai added that “we've witnessed times of rapid growth in the last two years. We hired for a different economic reality than the one we confront now to match and fuel that growth.”
Recent reports claim that the latest layoffs took place as Google aims to hire a more qualified workforce. In recent years, Google has been actively foraying into Blockchain Technology.
To that end, Pichai recently made a statement saying “I am confident about the great opportunities ahead of us because of the strength of our mission, the value of our goods and services, and our early investments in AI and blockchain.”
This indicates that the company is placing significant bets on emerging technologies such as blockchain and artificial intelligence (AI).
What are your thoughts on recent global tech layoffs? Do you believe AI and Blockchain technology will assist the company in generating significant revenues in the near future? Please share your valuable thoughts in the comments section below.
Also read: Can Judge Reject Both XRP & SEC Motions for Summary Judgment?
