October 26, 2022
Alphabet, Google’s parent company, is trying to tighten certain policies regarding financial and infrastructure growth after hiring nearly 37,000 new employees last year alone.
It says it is facing slowing growth amid a slowing economy and declining advertising spending, which has led to disappointing third-quarter financial results. It has also said it will slow the pace of hiring and has reportedly reduced perks such as employee travel and team offsites.
Google chief executive Sundar Pichai said the company would review all projects “pretty granularly” and make “course corrections.”
“We are reviewing projects at all scales pretty granularly to make sure we have the right plans in place and, based on that, the right resourcing, and making course corrections. This will be an ongoing thing,” he added.
Alphabet is looking to cut staff costs amid a slowdown; the company reported disappointing third-quarter results.
However, Alphabet’s workforce may not be the only factor influencing the company’s earnings. Alphabet has reported losses of nearly $4.5 billion since the beginning of this year from “Other Bets,” the division of the company that manages smaller projects in the early stages.
Pichai reportedly told employees at a meeting earlier this year that there are “real concerns that our overall productivity is not where it needs to be for the headcount we have.”
The sources for this piece include an article in BusinessInsider.
