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Google announces 12,000 layoffs due to fears of a recession


Google 12,000 layoffs

A number of well-known American IT companies have reduced staff numbers as a result of recession fears, and Google has now announced that it will lay off 12,000 workers.

Google announced that it will fire 12,000 employees, joining a long list of prominent American IT companies that have made employment cuts due to concerns about an impending recession.

The CEO of Alphabet, the parent company of Google, Sundar Pichai, announced in an email to employees on Friday that the company will start firing employees in the United States right away. Due to regional laws and customs, the procedure will take longer in different nations. Employees at Google reportedly witnessed changes to the company's performance rating system and were afraid of being laid off when its competitors made cuts.

According to Pichai, the massive online search and video sharing company would provide 16 weeks of severance compensation to U.S.-based workers, plus an additional two weeks for every year of employment.

Among the many difficulties that tech companies are currently facing are increased interest rates and inflation from the previous year, which have crushed technology shares and prompted advertisers to reduce their online ad spending.

The market's enthusiasm for American tech equities has soured, particularly in response to interest rate hikes by the Federal Reserve. These businesses are under increased pressure to undertake significant personnel reductions as a result of the depressing macroeconomic environment.

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