Google parent Alphabet Inc. is cutting 12,000 jobs worldwide in the latest round of layoffs to hit the technology sector.
CEO Sundar Pichai announced the cuts in a memo to Google employees .
“This means saying goodbye to some talented people who we worked hard to . Recruit and loved working with,” Pichai said. “I regret this. The impact these changes will have on. The lives of Googlers is on me, and I take full responsibility for the decisions that got us here.”
According to Reuters, the cuts represent more than 6% of the company’s workforce.
The tech sector has seen massive job losses of late amid a slowing global economy. Google’s announcement comes 48 hours after Microsoft announced. Plans to cut 10,000 jobs and coincides with the first round of layoffs before announced by . Amazon that will affect a total of 18,000 workers.
Other tech companies that have announced layoffs in recent months include. Facebook parent Meta, Salesforce, Twitter and Snap. In total, employers in the tech industry cut about 195,000 jobs last year. According to the Wall Street Journal, which cites a website that tracks job cuts.
The job cuts mark the abrupt end of a period of rapid hiring in the tech sector. That coincided with an economic boom amid the pandemic. But that rapid growth has also led to rising inflation, a phenomenon that has prompted. The Federal Reserve to raise interest rates. The high rate has combined with a myriad of other factors worldwide. Including the war in Ukraine and China’s Covid-19 lockdown. Which have hampered the global economy.
In his memo announcing the layoffs, Pichai cited changing “economic realities.”
“In the last two years we’ve seen a period of dramatic growth,” Hay said. “To match and fuel that growth, we recruited for a different economic reality than the one we face today.” Google
While he said . The company is “bound to go through tough economic cycles,” he said he “feels confident about . The huge opportunity ahead of us thanks to. The strength of our mission, the value of our products and services, and our early investment in AI.”
Pichai said the payments will be made in a small of 60 days, during full notice to workers in the US.
Workers are also expected to be offered severance packages ranging from 16 weeks of pay. Plus two weeks for each more year at Google, with a 2022 bonus, and remaining vacation time, he said. He added that workers will be provided with six months of health care. Job placement services and immigrationhelpe if needed.
“Outside the US, we will support staff in line with local practices,” he said.
Pichai said a town hall is being organized for the workers on Monday. “Until then, please take care of yourself as you absorb this difficult news,” she wrote.