After relying on attrition to winnow its staff, Amazon now has about 100,000 fewer employees than in the previous quarter
Alphabet Inc., Google’s parent company, has been decelerating its recruiting efforts. Chief executive officer Sundar Pichai told employees this month that — although the business added 10,000 Googlers in the second quarter — it will be slowing the pace of hiring for the rest of the year and prioritizing engineering and technical talent. “Like all companies, we’re not immune to economic headwinds,” he said.
Coinbase Global Inc., a cryptocurrency exchange, told employees it was cutting 18 per cent of staff in June to prepare for an economic downturn. It also rescinded job offers. “We appear to be entering a recession after a 10+ year economic boom,” CEO Brian Armstrong said in a blog post. “While it’s hard to predict the economy or the markets, we always plan for the worst so we can operate the business through any environment,” he said. The company ended the quarter with about 5,000 employees.
Lyft Inc. told employees it was reining in hiring in May after its stock dropped precipitously. The company went further on July 20, announcing plans to shutter its car-rental business and cut about 60 jobs. Lyft had about 4,500 employees in 2021. Archrival Uber Technologies Inc., meanwhile, has been more upbeat. CEO Dara Khosrowshahi told Bloomberg in June that his company was “recession resistant” and had no plans for layoffs.
Niantic Inc., maker of the Pokemon Go video game, fired eight per cent of its team in June. It was an effort to streamline operations and position the company to weather economic storms, CEO John Hanke told staff in an email. Niantic had around 800 employees at the end of last year. Redfin Corp., another real estate brokerage, cut eight per cent of its staff in June. “We don’t have enough work for our agents and support staff,” CEO Glenn Kelman wrote in a blog post, saying that May demand was 17 per cent below projections and that he expected the company to grow more slowly during a housing downturn. Redfin had about 6,500 employees at the end of last year.
We will always be focused on growth; however, Rivian is not immune to the current economic circumstances and we need to make sure we can grow sustainablyShutterfly, a maker of personalized photo items, laid off 100 staffers in June, CEO Hilary Schneider told Bloomberg. The company, which has 7,000 employees, is making hiring adjustments to weather the economic uncertainty. “Clearly we’re going through a period of economic choppiness on a global level,” she said.
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