The Economic Times has reported that despite being highly sought after by IT sector professionals, major companies such as Google and Facebook (Meta) are expected to undergo a complete hiring pause in India. Data compiled for ET by specialized staffing firm Xpheno indicates a significant decrease in job postings by the Big 6 companies—Facebook (Meta Platforms), Amazon, Apple, Microsoft, Netflix, and Google (Alphabet)—with a collective 90 percent decline in active job postings in India in 2023 compared to the previous year.
This has led to speculation about an imminent hiring freeze by these firms in India.
Tech Titans Facing a Hiring Drought: The Impact of Global Economic Slowdown on Indian Job Market
Presently, active hiring by these companies has reached an all-time low, experiencing a 98 percent decrease in numbers in India. Notably, tech companies are among the hardest hit by the global economic slowdown, given their strong ties to the US economy, which accounts for a major portion of their revenue.
During the economic downturn last year, Google took a significant step by laying off 12,000 employees, marking the largest job cut in the company’s history. Prasadh MS, head of workforce research at Xpheno, stated, “The low to no hiring action maintained by the cohort over the year will continue to impact tech talent movements, especially in the experienced lateral layers.”
Tech Job Downturn: Projections of Prolonged Hiring Pause and Shrinking Opportunities in 2023
Regarding the resumption of hiring, the report indicates a 78 percent decrease in the demand for tech jobs at companies like Google, Netflix, and Meta in 2023, particularly in India. Given the current global economic conditions and advancements in artificial intelligence, this hiring pause is expected to persist for the next two quarters.
Major tech players currently have only 30,000 job openings worldwide, marking a more than 50 percent drop in hiring. Meanwhile, less than 150,000 individuals are currently employed in India for their core operations. It’s not just big tech companies; Indian startups are also grappling with job cuts and hiring freezes this year, with recent data revealing layoffs of 28,000 jobs across the country.
