According to the Google CEO Sundar Pichai, affected employees will receive incentives in 2022. According to a recent story, Google has postponed issuing year-end bonuses. Ten thousand employees were recently let go by Microsoft.
Google has declared that it will let go of 12,000 workers worldwide. Affected Google staff members in the US have already gotten an email, and involved staff members overseas will be alerted soon. The business undertook a “rigorous assessment across product categories,” according to Google CEO Sundar Pichai, to ensure that present responsibilities align with the company’s primary priorities. Which department is most impacted by the most recent round of mass layoffs is yet unknown.
According to Pichai’s letter, the business will facilitate a smooth “transition” for the affected employees. Google will pay employees for the whole notice period (minimum 60 days). According to the statement, a severance payout starting at 16 weeks’ salary plus two weeks for each subsequent year spent working at Google would be provided. Following their contracts, entitled employees will also earn bonuses and healthcare benefits. While outside the US, Google employees will be given severance compensation by their contracts and local laws.
According to Pichai, Google will host a town hall meeting with employees on Monday. He says in his letter, “We are almost 25 years old, so we will inevitably experience challenging economic cycles. These are crucial times to narrow our focus, redesign our cost structure, and focus our resources—talent and money—on our top goals.”
Despite being regrettable, the news of massive layoffs is not wholly unexpected. Google stopped hiring in the middle of 2022, and Pichai even said employees weren’t working hard and should distinguish enjoyment from money. We sometimes need to choose the macroeconomic circumstances, according to Pichai.
Although the Google CEO has stated that affected staff will receive incentives, a recent report contends that Google has postponed this year’s year-end bonus payments. For Google employees, this is uncommon because they typically receive an exclusive bonus in January of each year.
The business board allegedly authorized a new equity reward for Google CEO Sundar Pichai, which more closely links his remuneration to performance.
The statement from Google comes only days after Microsoft cut 10,000 jobs. Due to the downturn of the global economy, other tech behemoths like Meta and Twitter have also let go of thousands of employees.
Since Elon Musk took over Twitter last year, the company has reduced its personnel by 50%. Currently, the company employs about 2,000 people. Earlier this week, the social media behemoth sacked additional employees. HP, Adobe, and Salesforce are a few well-known American software companies that have made layoffs to reduce costs. On the other side, several Indian internet companies, including Swiggy, Dunzo, and others, have let go of hundreds of employees.
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