Google Layoffs 12,000 Employees After Suffering Monetary Losses in 2023

NEW DELHI (CoinChapter.com) — Alphabet, the parent company of Google, announced plans to reduce its global workforce by 6%, equivalent to 12,000 layoffs in 2023. These job cuts are part of a series of layoffs increasing across the world’s leading tech companies.

For instance, Microsoft, Meta Platforms, Twitter, and Amazon.com have already experienced major job cuts.

Alphabet CEO Sundar Pichai sent an email today expressing that he assumes full accountability for the decisions that have brought them to the present. In addition, the executive declared that their company is committed to helping employees find their next role.

Notably, the firm committed to compensating its US workers for the notice period, which is no less than two months. In addition, Google provides a severance package with 16 weeks of salary and two additional weeks for each year spent at the company.

It will also accelerate at least sixteen weeks of GSU vesting.

Bonuses and remaining vacation time for 2022 will be provided with additional services such as healthcare, job placement, and immigration support for six months for anyone affected. In addition, Google will further assist its personnel in countries beyond the US, abiding by the customs of the respective region.

It was declared soon after Reuters revealed that Google was suspending part of its staff’s year-end bonuses as part of the transformation to a new performance management system.

Google Profits Dip 27%

A spokesperson revealed to Reuters that the organization would initially give appropriate employees an 80% advance bonus, with the remaining to be paid in subsequent months. They also mentioned that the notification was delivered to personnel last year.

In October, the company announced its earnings and revenue that fell short of what analysts had predicted. Profit had dropped by 27% to $13.9 billion compared to the preceding year.

During that time, Pichai declared that Google would be cutting back on expenditures, and CFO Ruth Porat added that the number of new positions filled would be less than half of what it was in the third quarter.