Like all tech companies, now Google's parent company Alphabet has also planned to lay off 10,000 employees. Under this, employees with poor performance will be shown the way out. Before this, many tech companies including Meta, Amazon, and Twitter started layoffs.
Till now Google had not revealed the intention of retrenchment, but through Alphabet, it has also become one of such other companies. The 10,000 employees to be fired will be 6 percent of Alphabet's total staff.
According to the information, Google has made a new ranking and performance plan for the employees. This new system will help Google's managers to lay off thousands of employees in the new year. Under this plan, Google's managers will be able to stop bonuses and other grants by grading the employees. Earlier reports said the company would give staff 60 days to apply for new roles in case of job cuts.
Total employees of Alphabet 1.87 lakh
Under the new system, managers have been asked to identify 6 percent of their staff, or roughly 10,000, as underperforming employees. As per estimates, the total number of employees of Alphabet is 1.87 lakhs. According to the report of the US Securities and Exchange Commission, last year, Alphabet provided an average of about $ 2,95,884 to its employee in the form of salary allowances.
27 percent drop in profits
Amid reports of job cuts, it has been said that Alphabet CEO Sundar Pichai wants to increase the company's capacity by 20 percent. Talking about the financial performance of the company, Alphabet made a profit of $ 13.9 billion in the third quarter. This is 27 percent less than last year.
That's why jobs are being cut
Tech companies have started laying off on a large scale because of the weak condition of the economy and their position. It was started by companies like Twitter, Meta, Amazon, and Salesforce, which has now reached Google. Job cuts are also being done because of the decline in the financial performance of tech companies and the plans and budgets for the new year.
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