Google 'prepares' to lay off 10K employees
According to reports, Alphabet, the parent company of google, plans to fire 10,000 "poor performing" workers, or 6% of its workforce, as part of the Big Tech Layoff Season that has already been kicked off by Meta, Amazon, Twitter, Salesforce, and other companies in light of the challenging global economy. google intends to gradually let go of 10,000 employees through a new ranking and performance improvement plan, according to a story in The Information.
"Starting early next year, a new performance management system might let managers fire thousands of underachievers. The ratings might potentially be used by managers to prevent giving them bonuses and stock grants "the story made note of. According to the new approach, managers must identify 6% of workers, or about 10,000 individuals, as low performers based on their significance to the company.
The number of employees who can receive a high rating has likewise decreased under the new approach.
According to the article, the new performance system at Alphabet may also utilize the ratings to avoid giving out bonuses and stock grants.
Alphabet hasn't responded on the report yet.
In total, Alphabet employs over 187,000 people.
According to a US Securities and Exchange Commission (SEC) filing, the average salary for an Alphabet employee last year was roughly $295,884.
In the third quarter (Q3), Alphabet reported a net profit of $13.9 billion, a decrease of 27% from the same period in the previous year, while revenue climbed by 6% to $69.1 billion.
Sundar Pichai, the company's CEO, has hinted about employment layoffs in order to increase Alphabet's efficiency by 20%.
According to earlier rumors, if their jobs are going to be reduced, Alphabet would give some employees 60 days to seek for a new position with the company.
According to Pichai, the business "continues to invest in long-term technologies like quantum computing. However, it's crucial "to be shrewd, thrifty, resourceful, and more efficient."
"Starting early next year, a new performance management system might let managers fire thousands of underachievers. The ratings might potentially be used by managers to prevent giving them bonuses and stock grants "the story made note of. According to the new approach, managers must identify 6% of workers, or about 10,000 individuals, as low performers based on their significance to the company.
The number of employees who can receive a high rating has likewise decreased under the new approach.
According to the article, the new performance system at Alphabet may also utilize the ratings to avoid giving out bonuses and stock grants.
Alphabet hasn't responded on the report yet.
In total, Alphabet employs over 187,000 people.
According to a US Securities and Exchange Commission (SEC) filing, the average salary for an Alphabet employee last year was roughly $295,884.
In the third quarter (Q3), Alphabet reported a net profit of $13.9 billion, a decrease of 27% from the same period in the previous year, while revenue climbed by 6% to $69.1 billion.
Sundar Pichai, the company's CEO, has hinted about employment layoffs in order to increase Alphabet's efficiency by 20%.
According to earlier rumors, if their jobs are going to be reduced, Alphabet would give some employees 60 days to seek for a new position with the company.
According to Pichai, the business "continues to invest in long-term technologies like quantum computing. However, it's crucial "to be shrewd, thrifty, resourceful, and more efficient."