Finance Minister Nirmala Sitharaman, including the US, said that global tech companies are in panic due to fear of an economic slowdown in developed countries. After putting brakes on job cuts and hiring by tech-social media companies like Microsoft, Google, Facebook (meta), Oracle, and Twitter, Apple has now joined the list of these companies. Apple has decided to slow down hiring for the year 2022-23.
While global tech companies are laying off employees, on the other hand, India saw a 61% increase in hiring in the September quarter. While there was 54% more hiring in the June quarter. According to a report by career consulting firm TeamLease, while India's IT sector hiring grew by 75% in the June quarter, hiring grew by 83% in the September quarter so far. Hiring grew the most in this quarter.
City hiring increased
Bangalore 95%
Chennai 87%
Mumbai 83%
Hyderabad 75%
Delhi-NCR 78%
Pune 66%
Sector Hiring Increased
Sales 90%
IT 83%
Marketing 63%
Engineering 70%
blue collar 57%
HR 22%
Office Service 33%
In addition to Google's parent company Alphabet Inc., Facebook (Meta), Intel and Oracle have spoken of slowing down and stopping the hiring process. These include Nvidia, Uber, Spotify, Intel, and Salesforce. Snap Inc., Lyft, and Instacart have also frozen hiring. At the same time, Facebook's parent company Meta plans to cut hiring by 30%. Microsoft laid off 1,800 employees last week.