In a recent report, it has been revealed that major tech players, including Google, Facebook (Meta), and Amazon, are likely to implement a hiring pause in India. The data, compiled by staffing firm Xpheno, indicates a staggering 90% decline in job postings by the Big 6 tech firms—Facebook (Meta Platforms), Amazon, Apple, Microsoft, Netflix, and Google (Alphabet) in India for 2023 compared to the previous year.
The current scenario reflects an all-time low in active hiring, plummeting by 98% in India. The global economic slowdown has taken a toll on tech companies, as the majority of their revenue is closely tied to the US economy. Notably, Google made headlines last year with a massive job cut, laying off 12,000 employees.
Prasadh MS, head of workforce research at Xpheno, emphasized the sustained impact on tech talent movements due to the prolonged hiring pause, especially affecting experienced lateral hires. The demand for tech jobs in companies like Google, Netflix, and Meta has seen a significant 78% decrease in 2023, particularly in India.
Given the current global economic conditions and advancements in artificial intelligence, industry experts predict that this hiring pause is likely to persist for the next two quarters. The big tech players collectively have only 30,000 job openings globally, marking a more than 50% drop in hiring. In India, less than 150,000 people are currently employed for their core operations.
It’s not just the major tech corporations facing challenges; Indian startups are also grappling with job cuts and hiring freezes. Recent data indicates that startup companies in India have laid off 28,000 jobs across the country this year. The overall outlook suggests a challenging period for both established tech giants and emerging startups in the Indian job market.
