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Apple announced plans to slowdown recruiting process and spending for some of its units in 2023, to tackle the ongoing economic downturn, according to a Bloomberg report. Tech giants across plans to battle the biggest economic downturn in decades, by slowing down or halting the hiring process, or laying off its promising employees. After Google, Meta, Microsoft, Twitter, Apple is the latest tech giant to take a major step in its hiring process.
Apple shares have plunged 2.06 per cent at $147.6, as per recent trade graph.
As per reports, the hiring slowdown will not occur for every team, but some. Apple is still on the lookout for a new product launch scheduled in 2023. The scheduled Apple launch would include a mixed-reality (MR) headset, a major category under the tech biggie since 2015.
Fears of recession have spiked up since Federal Reserve have pulled up the interest rates in recent months. The interest rate hike can be a reason when customers would cut on tech spending like smartphones.
Companies grappling with headwinds
According to recent reports, Google plans to freeze hiring for rest of the year. Alphabet CEO Sundar Pichai, addressed the employees via mail, and said that the company is “not immune to economic headwinds.” The mail also stated that the company will “focus hiring on engineering, technical and other critical roles.”
In early July, Microsoft announced job cuts but continued hiring. The company said that the layoffs would affect less than 1 per cent of its entire workforce.
Twitter, amid the ongoing legal fight with Elon Musk over $44 billion deal, froze hiring. A few weeks ago, it laid off 30 per cent of its talent acquisition team.
Meta, parent company of Facebook, announced that it would slash hiring by 30 per cent this year. Meta cuts expectations on hiring engineers to 7,000 in 2022, down from 10,000 of the previous target.
When big tech companies are slashing hiring targets, Amazon stands strong as it plans to create more than 4,000 jobs in UK by the end of this year. It also stated that workers can apply for permanent positions.
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