Amidst worldwide job cuts and macroeconomic challenges, the major tech conglomerate known as “FAAMNG” companies—Facebook (Meta Platforms), Amazon, Apple, Microsoft, Netflix, and Google—in India are allegedly close to pausing their hiring.
In comparison to the prior year, these organizations saw a 90% decrease in active job ads in India in 2023, according to an exclusive report published in the Economic Times.
Information compiled for ET by specialized employment company Xpheno is cited in the article. According to reports, these companies represent their lowest action point; the number of active hires they currently have is 200, less than 98% of what it typically has in India.
The tech sector is currently experiencing project ramp-downs, poor revenue growth, and the effects of the global economic slump, all contributing to the hiring standstill.
Prasadh MS, head of workforce analysis 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.” He told ET that it would serve as a warning to smaller businesses to exercise caution.
“Replacement hiring action is necessary to maintain the status quo, with no significant net talent additions recorded,” he continued.
According to the data, the active demand from the significant tech cohort has already decreased by 78% as of December of last year when compared to July of 2022, about 18 months earlier than the cohort’s peak.
“Across the Big Tech companies and their affiliates, there are currently less than 30,000 total active posted positions worldwide. According to the research, giant tech corporations like Microsoft, Amazon, and Google have eliminated hundreds of thousands of jobs worldwide.
In their primary businesses and captives in India, the giant tech companies—Facebook, Amazon, Apple, Microsoft, Netflix, and Google—presently employ fewer than 150,000 workers.
Senior vice-president for IIFL Securities’ IT division, Rishi Jhunjhunwala, stated, “Hiring should gradually start picking up in 2024 as some of the overcapacity got rationalized in 2023.” Although the growth prognosis is still not good, it will gradually improve.
Even though the industry’s sentiment has improved, the individual stated that no significant adjustments to the cautious investment approach will be made until at least March, when the first wave of rate reduction is anticipated. Furthermore, exorbitant pay and countless offers are things of the past.
