Sometimes I really think that the CEOs and the other bigwigs wish and will in these âslowdownsâ so that they can make more money đ° for executives, themselves and their board of directors and shareholders at the expense of lowly software engineers. You know the old âthese times are so bad and we donât want to have to fire anyone so work harder and kindly manage with less bread đĽ so that there is some for everyoneâ speech. Did you know the following ? Alphabet net income for the 12 months ending 03/31/2022 was $74.539B, a 45.12% increase year-over-year. Alphabet annual net income for 2021 was $76.033B, a 88.81% increase from 2020. Alphabet annual net income for 2020 was $40.269B, a 17.26% increase from 2019. Also Alphabet made a profit of $16.4B in Q1 itself. and Sundar [1] says â⌠Like all companies, weâre not immune to economic headwinds ⌠In Q2 alone, we added approximately 10,000 Googlers, and have a strong number of commitments for Q3 start dates which reflects, in part, the seasonal college recruiting calendar. These are extraordinary numbers, and they show our excitement about long-term opportunities, even in uncertain times. Because of the hiring progress achieved so far this year, weâll be slowing the pace of hiring for the rest of the year, while still supporting our most important opportunities. For the balance of 2022 and 2023, weâll focus our hiring on engineering, technical and other critical roles, and make sure the great talent we do hire is aligned with our long-term priorities. â [1] https://www.theverge.com/2022/7/12/23206113/google-ceo-sundar-pichai-memo-hiring-slowdown-2022
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They always blame workers for economic trouble, we just work and get paid a market wage, now they are colluding to lower wages
who blamed workers for economic trouble? I read the whole article but nothing says that
The CEO of Google did. He's come out and said about as plainly as you can say (in corporate speak) that their workers are too inefficient and thus the company is at risk of having reduced profitability, which would cause the stock price to fall if the market disproportionately loses faith in Google compared to other companies. This is grandstanding for investors where the people who are footing the bill are all the people that Google fires for being "inefficient"
Itâs based on forecasts, ad money is drying up when other industry sectors are suffering.
Too long
There are different phases to the economic cycle where companies behave differently. During the early part of an expansion, companies are looking to capitalize on coming boom/peak times and are ready to fight for talent. They won't dare do this scarcity breeds clarity thing then. But we are in the late part of expansion now, with uncertainty on what will create the next boom cycle (especially for tech). That's why the war for talent is slowing down. As soon as some green shoots appear (Ukraine war ends, inflation tamed), this negative talk will stop.
Regardless what the memo defines, internally many roles are stalled in engineering and many roles have not been filled. I was told several ppl turned down offers due to low ball TC. Some Google cafes and MKs also are not serving or offering the norm. Blame it on Covid or RTO, in some instances after the feeding horde came through I noticed a few times lately, things were not replenished. YMMV, Bay View was running full steam with food trucks and above average perks, go figure those buildings are all Google Ads which is one of the main revenue streams. There is a internal joke in my department that the free food may go the way of the dodo bird, some MKs are also no longer self serve to cut cost of those that over indulge. âBe more entrepreneurialââŚ
I meant Bay View, fixed that, correct the new buildings BV100 & 200, have not been in 300. I donât know on Engineering, Iâm trying to transfer to another team, 3 out of the 4 roles are still open and I talked to each manager already who said there is some internal restructuring that is stalling things. Within my own team many opps been open for months, externally and internally.
I know BV100 & 200 are Ads, 300 is an event center and Bayview Crittenden is ads too.
Itâs alphabets only objective to maximize shareholder returns
It's called shareholder primacy, and it's the American Way.
High interest makes aggressive investments much harder to justify. Why invest in some flying cars when you can make 7% doing nothing?
Actually the net income growth slowed quite a bit looking at q2 2022 LTM YOY. If your point is they have plenty of profits to avoid hiring slowdown, probably true but they manage to sales and earnings growth to maintain investor perception of being deserving of a high multiple, so anything that threatens that.....
Remember that recession in 2018/2019 that never came ? Fake recession news
Lol are you serious? Did we forget when the money printing begun?
Says Vanguard, the main culprit (along with Blackrock). đ¤Ł