Google will drop off its recruiting pace in response to an “uncertain” global economic situation, CEO Sundar Pichai has told staff.
The corporate giant has employed hundreds of people this year and will continue to do so, but it will prioritize hiring for engineering and other “technical” positions.
In an email to staff, Google CEO Sundar Pichai said: “We need to be more entrepreneurial, working with greater urgency, sharper focus and more hunger than we’ve shown on sunnier days.”
“In some cases, that means consolidating where investments overlap and streamlining processes.”
Google’s move increases fears a recession could be hitting the silicon valley in the near future.
Many tech firms have halted investment and hiring in recent months as increasing interest rates have raised fears about a future recession in the United States and beyond.
Several start-ups have announced layoffs in the last two months, and venture capital investors have cautioned firms to brace themselves for harsher times ahead.
Stocks fell more on Tuesday as the euro fell to virtually the same level as the US dollar. The Dow Jones industrial average fell by about 192 points.
Kristina Hooper, chief global market strategist for Invesco said: “There has been an enormous amount of pessimism in recent months.”
Alphabet, Google‘s parent firm, has almost 164,000 employees as of its most recent quarterly report.
Source: The Washington Post