Uncertain global economic picture is cited as a reason for a reduction in Google's hiring plans this year.
According to CEO Sundar Pichai, Google would be "“pausing development" in some circumstances and "re-deploying resources to higher priority areas." in the future. Insiders broke the story first.
The uncertain global economic outlook has been top of mind. Like all companies, we’re not immune to economic headwinds,” Pichai added.
With record inflation, rising oil prices, and food shortages plaguing the global economy, the company's first-quarter growth decreased to 23%.
For the rest of the year, Pichai said, Google will be “slowing the pace of hiring for the rest of the year while still supporting our most important opportunities.”
“For the balance of 2022 and 2023, the company will focus on hiring on engineering, technical, and other critical roles,” he said.
By limiting recruiting for the rest of this year, the third-largest corporation is signaling a labour market disaster. This is yet another example of Vice President Biden's economic incompetence.
When it comes to the tech industry's business cycles and economic downturns, Google has done well. With its major advertising business and unproductive industries like smartphones, autonomous driving cars, and wearable technology having been temporarily halted following the 2008 financial crisis, the internet titan has now hired extra staff.
Companies are cutting back on salary rises compared to last year, according to Bloomberg. Employers, business owners, and current studies all agree that corporations are becoming more frugal with their money.
CEO of ManpowerGroup Inc Jonas Prising remarked “We’ve reached a level of wage inflation where employers are going to say, ‘I’ve done as much as I can,'”
“My consumers and customers aren’t going to accept me passing these costs on any further, so we need to start to mitigate them,” Prising added.
Google will be the first to announce the economic crisis. Uncertainties about the job market and the economy may be revealed by this week's inflation statistics. Biden claims to be a job creator, yet his economic plans could do just the opposite.
The preceding is a summary of an article that originally appeared on GatewayPundit.