The Economics Times has released a report saying that the there’s been a 90% decline in hiring process in India from the Big 6 tech companies. These Big 6 companies are Facebook (Meta), Microsoft, Google (Alphabet), Apple, Netflix and Amazon.
The data accumulated by the Xpheno specialist staff for ET stated that a steep decline of job posting from these Big 6 companies have been noted in India. In IT sector these Big 6 companies like Facebook (Meta) and Google are some of the most wanted tech firms that people want to join.
As per the Economic Times report these Big 6 companies might fully stop their hiring process from India soon. As of 2023, tech giants like Microsoft, Apple, Google, Facebook (Meta), Amazon and Netflix saw a total of 90% decline in active job posting in India in comparison with the previous year.
Hence why there’s been a speculation that the companies might soon stop their hiring process in India. As of now the speculations are going strong as active hiring by Big 6 tech companies is at all time low at 98% in India. Tech firms seems to be one of the worst hit by the economic slow down globally.
Tech sector majority of revenue goes in hand with the economy of the US, hence why there’s been a low active hiring in these major tech firms. Last year, Google took a large step by laying off 12,000 employees during the economic slowdown. This was the biggest job lay-off recorded by the company.
Prasadh MS, who is the workforce research head at Xpheno said, “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.”
As per the report, the present global economic state has seen a decrease in demand for tech jobs especially in India from the tech giants by 78%. The hiring pause from Big 6 tech companies is said to persist in the next two quarters as well due to advancements in Artificial Intelligence and economic slowdown at present.
Tech Giants as of now have 30,000 job openings in the world which is more than 50% drop in hiring.
While 150,000 people or less are hired for core operations for these tech giants in India. Indian startups are also suffering job cuts and decrease in active hiring in 2023. As per the latest data, 28,000 jobs were lost this year from Indian startups.