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Alphabet, Google’s parent company, is said to be preparing to lay off about 10,000 “underperforming” employees, or 6 percent of its workforce, in a season of layoffs for big tech giants kicked off by Meta, Amazon, Twitter, Salesforce and more amid such dire circumstances. global conditions.
According to a report in The Information, Google plans to relieve 10,000 employees with a new plan to improve rankings and performance.
A new performance management system could help managers fire thousands of underperforming employees starting early next year. Managers can also use the ratings to avoid paying them bonuses and stock awards.”
Under the new system, managers were required to rate 6 percent of employees, or roughly 10,000 people, as low performers in terms of their impact on the business.
The new system also reduces the percentage of employees who can get a high rating.
In addition, Alphabet’s new performance system can use ratings to avoid paying out bonuses and stock awards, according to the report.
Alphabet has not yet commented on the report.
Alphabet has a workforce of approximately 187,000 employees.
The average pay for an Alphabet employee last year was about $295,884, according to a US Securities and Exchange Commission (SEC) filing.
Alphabet reported a net profit of $13.9 billion in the third quarter (Q3), down 27 percent from a year earlier, while revenue increased 6 percent to $69.1 billion, amid fears of a global slowdown and recession.
The company’s CEO, Sundar Pichai, aims to make Alphabet 20 percent more efficient, hinting at job cuts.
Reports surfaced earlier that Alphabet was giving some workers 60 days to apply for a new job with the company if their jobs were to be cut.
The company is “still investing in long-term projects like quantum computing,” Pichai said. But it’s important to “be smart, be thrifty, be sneaky, and be more efficient.”
“We’re committed to looking after our people. I think we’re just working through a difficult moment on the macro front, and I think it’s important that we come together as a company and work together,” Pichai said.
Earlier, Pichai, addressing the crowd at the Code conference in the US, said that whenever the company tries to understand the macroeconomic conditions, it feels uncertain about it.
“Macroeconomic performance is related to advertising spending, consumer spending, and so on,” he told the audience.
Google has suspended hiring new employees, and has reportedly asked some existing employees to “form or ship” if expectations are not met.
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