The job market, especially in the information technology space, is treading on a tedious path. The hirings are at dangerously low levels and companies are laying masses off left, right and centre.
The top tech organizations in the world acronymed FAANMG have slashed their hirings in the Indian market by 95% at present, given the global mass layoffs going on.
With inflation rising and central banks hiking benchmark interest rates to multi-year highs, a profitable focus on IT companies are trickling down, company costs are rising and as a result of these factors, IT giants globally are cutting their employee pool by huge numbers.
In India, companies including Google, Facebook, Amazon, Meta Platforms (Facebook), Microsoft and Netflix have reduced hirings with current openings standing at a considerable low of 2,000.
At this figure, the new openings stand at 95% lower, stated Xpheno, an IT, engineering and sales staffing company.
The Big 6 tech giants have been slowing their hiring numbers over the past few months, with active openings falling from 9,000 in the two month period, July and August to 4,000 in the mid of October.
Compared to July last year, the new hirings by the 6 tech giants have plummeted by 80% in July this year. In the quarter ending September 2022, the 6 giants slashed their job hiring by 70% and further by 95% in the ongoing period.
According to the cofounder of Xpheno, Kamal Karanth, hiring at the biggest tech firms in the world is at their lowest amid heavy layoffs, predicting that involuntary attrition is likely to rise even more going ahead. “The current hiring action is nearly a total pause amidst the macro-eco-nomic developments,” he added.
Active hiring across FAANMG has been reduced from low to nearly none, the staffing agency has stated.
