[current_date format=l,] [current_date]

Tech Companies Face a Fresh Hit During Hiring Freeze

A new wave of hiring freeze has swept across tech companies. About 20,000 workers have been let go by Silicon Valley corporations- the hub of technology consisting of the most popular innovative tech companies like Apple, Meta, and Alphabet. This rapid acceleration of layoffs has been reverberating throughout the tech sector for months. This wave has hit an expanding number of smaller businesses, indicating that tens of thousands of workers like engineers and salespersons have lost well-paying jobs in one of the economy’s most significant and well-paying sectors. Other businesses, such as Google and Amazon, have recently implemented this hiring freeze. According to a New York Times article published on Monday, 14th November 20222, Amazon intends to fire around 10,000 workers. The perception of Silicon Valley as the bull

A new wave of hiring freeze has swept across tech companies. About 20,000 workers have been let go by Silicon Valley corporations- the hub of technology consisting of the most popular innovative tech companies like Apple, Meta, and Alphabet. This rapid acceleration of layoffs has been reverberating throughout the tech sector for months.

This wave has hit an expanding number of smaller businesses, indicating that tens of thousands of workers like engineers and salespersons have lost well-paying jobs in one of the economy’s most significant and well-paying sectors. Other businesses, such as Google and Amazon, have recently implemented this hiring freeze. According to a New York Times article published on Monday, 14th November 20222, Amazon intends to fire around 10,000 workers.

The perception of Silicon Valley as the bull market of the previous decade that generated enormous wealth for tech investors, employees, and the economy at large, is definitively over. This perception evokes a vision of what the other sectors of the economy might go through if an expected economic crisis occurs.

Company executives that give the orders attributed the layoffs to interconnected issues, like a decrease in e-commerce operations, excessive employment in COVID-19 pandemic, and customers using less time online as in-person activities resume. The CEOs of tech companies have given warning of an impending recession for months, advising their staff to anticipate more demanding working conditions and a sharp slowdown in the rapid development they had advocated for years.

Over the past ten years, low-interest rates have made it simple for venture capitalists to generate funds and invest in new start-ups, even if their pioneers lacked clear plans for earning money. This is especially true of younger technology companies. The trend intensified during the pandemic. Larger tech firms expanded quickly at the same time to profit from customers who spent more hours online. Technology stock prices surged, bolstering market confidence and employee stock-based compensation.

However, due to the Federal Reserve’s harsh rate hikes to combat inflation, venture capitalists are becoming more selective with their investments. Consequently, businesses are being forced to prioritize profit potential over expansion. Tech giants are doing the same as increased prices reduce their revenue and force them to make cuts. The job cuts occurred just one year after Silicon Valley was at its most prosperous, when salaries were at record highs, values of Big Tech companies were in the trillions. Cryptocurrencies were pumping new money into the pockets of both investors and employees. Tens of thousands of workers are currently hunting for employment.

For example, Marc Weil learned how to code when he was nine years old. Since 2010, he has worked in technology at several different companies, even starting his own start-up once. The 35-year-old Stripe engineering manager was one of the hundreds of people who lost their employment this week. Big Tech firms have controlled the American economy for the past ten years. The most influential companies in recent times, Apple, Amazon, Google, and Microsoft, surpassed the trillion-dollar value threshold. They fought for technology and business expertise against venture-funded start-ups like Uber, WeWork, Airbnb, and Stripe, raising salaries and living expenses in the Bay Area and other innovation hotspots like Seattle.

However, during the past 12 months, cracks have started to appear in that domination. Executives of the companies have started issuing cutback warnings, and companies like Google, Microsoft, and Facebook covertly implemented employment slowdowns. The businesses also issued conflicting signals over the summer as economic confidence fluctuated between positive and negative. Further questions have arisen in recent times as a surge of earnings reports revealed that even the most enduring corporations, like Amazon and Google, are having significant difficulty maintaining the sales growth they were able to show over the past several years.

During the last week of October, when Facebook and Amazon released their quarterly reports, there was a significant drop in the value of their shares of over 20%. Facebook investors began to flee after Mark Zuckerberg, the CEO, made his intentions to lose money clear because of the shift to metaverse creation. Microsoft and Google, the third and fourth most powerful companies in the world, reported slower economic growth, indicating a decline in the demand for digital advertising. About 50% of Twitter’s 7,500 employees were let go last week under the CEO, Elon Musk. Musk warned on Thursday that the company would not “survive the upcoming economic crisis without new revenue streams.”

Zuckerberg had claimed that the “macroeconomic slump” was one of the causes for the necessity to lay off 11,000 employees, or 13 percent of Meta’s personnel, in the company’s first significant round of layoffs in its 18-year history. Following a month-long review, Amazon has instructed some employees in underperforming units to look for work elsewhere within the organization. According to the WSJ, the company is also progressing to redirect workers from certain teams to more lucrative divisions and closure teams in sectors like robotics and retail.

Software developer Jamie Zhang of Amazon Robotics AI posted on LinkedIn that he and his entire robotics team had been let off. In his post, Zhang wrote, “My 1.5yrs tenure at Amazon Robotics AI came to an end in a surprising layoff (our entire robotics team was gone!) It was a great journey to work alongside the amazing leaders and engineers and, for my part, to help build out large-scale distributed systems via AWS for our robotics CI / CD pipelines. Thank you all for making me a better software engineer in the process. For the new chapter, I am open to both local (CO) and US remote opportunities for software engineering positions. Referrals and direct messages are most welcome!”

According to the article, Amazon is closely examining its Alexa business and is now debating if it should concentrate on adding new features to the voice assistant, which is already present on several Amazon gadgets. According to the survey, many users only utilize the gadget for a few functions; hence adding capabilities is more expensive. According to data cited by the WSJ, the company that houses Alexa has an operational deficit of more than $5 billion annually.

With rising inflation, harsh monetary policies, and disappointing revenue reports, there has been a historic selloff in the stock this year, making Amazon the first publicly traded corporation in the world to lose a trillion dollars in market worth. This is the primary reason for the hiring freeze, as they monitor the economy for several changes.

Tag

More on this topic

More Stories

SubscribeNewsletter@2x
Refreshing and Insights
at No Cost to You!

Cancel anytime

Latest Articles

4 Responses

  1. Pingback: blote borsten

Leave a Reply

Trending

Top Products

Contact us

Wherever & whenever you are,
we are here always.

The Middle Land

100 Wilshire Blvd., Suite 700 Santa Monica, CA 90401
Footer Contact

To Editor


Terms and Conditions

October, 2023

Using our website

You may use the The Middle Land website subject to the Terms and Conditions set out on this page. Visit this page regularly to check the latest Terms and Conditions. Access and use of this site constitutes your acceptance of the Terms and Conditions in-force at the time of use.

Intellectual property

Names, images and logos displayed on this site that identify The Middle Land are the intellectual property of New San Cai Inc. Copying any of this material is not permitted without prior written approval from the owner of the relevant intellectual property rights.

Requests for such approval should be directed to the competition committee.

Please provide details of your intended use of the relevant material and include your contact details including name, address, telephone number, fax number and email.

Linking policy

You do not have to ask permission to link directly to pages hosted on this website. However, we do not permit our pages to be loaded directly into frames on your website. Our pages must load into the user’s entire window.

The Middle Land is not responsible for the contents or reliability of any site to which it is hyperlinked and does not necessarily endorse the views expressed within them. Linking to or from this site should not be taken as endorsement of any kind. We cannot guarantee that these links will work all the time and have no control over the availability of the linked pages.

Submissions 

All information, data, text, graphics or any other materials whatsoever uploaded or transmitted by you is your sole responsibility. This means that you are entirely responsible for all content you upload, post, email or otherwise transmit to the The Middle Land website.

Virus protection

We make every effort to check and test material at all stages of production. It is always recommended to run an anti-virus program on all material downloaded from the Internet. We cannot accept any responsibility for any loss, disruption or damage to your data or computer system, which may occur while using material derived from this website.

Disclaimer

The website is provided ‘as is’, without any representation or endorsement made, and without warranty of any kind whether express or implied.

Your use of any information or materials on this website is entirely at your own risk, for which we shall not be liable. It is your responsibility to ensure any products, services or information available through this website meet your specific requirements.

We do not warrant the operation of this site will be uninterrupted or error free, that defects will be corrected, or that this site or the server that makes it available are free of viruses or represent the full functionality, accuracy and reliability of the materials. In no event will we be liable for any loss or damage including, without limitation, loss of profits, indirect or consequential loss or damage, or any loss or damages whatsoever arising from the use, or loss of data, arising out of – or in connection with – the use of this website.

Privacy & Cookie Policy

October, 2023

Last Updated: October 1, 2023

New San Cai Inc. (hereinafter “The Middle Land,” “we,” “us,” or “our”) owns and operates www.themiddleland.com, its affiliated websites and applications (our “Sites”), and provides related products, services, newsletters, and other offerings (together with the Sites, our “Services”) to art lovers and visitors around the world.

This Privacy Policy (the “Policy”) is intended to provide you with information on how we collect, use, and share your personal data. We process personal data from visitors of our Sites, users of our Services, readers or bloggers (collectively, “you” or “your”). Personal data is any information about you. This Policy also describes your choices regarding use, access, and correction of your personal information.

If after reading this Policy you have additional questions or would like further information, please contact us.

PERSONAL DATA WE COLLECT AND HOW WE USE IT

We collect and process personal data only for lawful reasons, such as our legitimate business interests, your consent, or to fulfill our legal or contractual obligations.

Information You Provide to Us

Most of the information Join Talents collects is provided by you voluntarily while using our Services. We do not request highly sensitive data, such as health or medical information, racial or ethnic origin, political opinions, religious or philosophical beliefs, trade union membership, etc. and we ask that you refrain from sending us any such information.

Here are the types of personal data that you voluntarily provide to us:

  • Name, email address, and any other contact information that you provide by filling out your profile forms
  • Billing information, such as credit card number and billing address
  • Work or professional information, such as your company or job title
  • Unique identifiers, such as username or password
  • Demographic information, such as age, education, interests, and ZIP code
  • Details of transactions and preferences from your use of the Services
  • Correspondence with other users or business that you send through our Services, as well as correspondence sent to JoinTalents.com

As a registered users or customers, you may ask us to review or retrieve emails sent to your business. We will access these emails to provide these services for you.

We use the personal data you provide to us for the following business purposes:

  • Set up and administer your account
  • Provide and improve the Services, including displaying content based on your previous transactions and preferences
  • Answer your inquiries and provide customer service
  • Send you marketing communications about our Services, including our newsletters (please see the Your Rights/Opt Out section below for how to opt out of marketing communications)
  • Communicate with users who registered their accounts on our site
  • Prevent, discover, and investigate fraud, criminal activity, or violations of our Terms and Conditions
  • Administer contests and events you entered

Information Obtained from Third-Party Sources

We collect and publish biographical and other information about users, which we use to promote the articles and our bloggers  who use our sites. If you provide personal information about others, or if others give us your information, we will only use that information for the specific reason for which it was provided.

Information We Collect by Automated Means

Log Files

The site uses your IP address to help diagnose server problems, and to administer our website. We use your IP addresses to analyze trends and gather broad demographic information for aggregate use.

Every time you access our Site, some data is temporarily stored and processed in a log file, such as your IP addresses, the browser types, the operating systems, the recalled page, or the date and time of the recall. This data is only evaluated for statistical purposes, such as to help us diagnose problems with our servers, to administer our sites, or to improve our Services.

Do Not Track

Your browser or device may include “Do Not Track” functionality. Our information collection and disclosure practices, and the choices that we provide to customers, will continue to operate as described in this Privacy Policy, whether or not a “Do Not Track” signal is received.

HOW WE SHARE YOUR INFORMATION

We may share your personal data with third parties only in the ways that are described in this Privacy Policy. We do not sell, rent, or lease your personal data to third parties, and We does not transfer your personal data to third parties for their direct marketing purposes.

We may share your personal data with third parties as follows:

  • With service providers under contract to help provide the Services and assist us with our business operations (such as our direct marketing, payment processing, fraud investigations, bill collection, affiliate and rewards programs)
  • As required by law, such as to comply with a subpoena, or similar legal process, including to meet national security or law enforcement requirements
  • When we believe in good faith that disclosure is necessary to protect rights or safety, investigate fraud, or respond to a government request
  • With other users of the Services that you interact with to help you complete a transaction

There may be other instances where we share your personal data with third parties based on your consent.

HOW WE STORE AND SECURE YOUR INFORMATION

We retain your information for as long as your account is active or as needed to provide you Services. If you wish to cancel your account or request that we no longer use your personal data, contact us. We will retain and use your personal data as necessary to comply with legal obligations, resolve disputes, and enforce our agreements.

All you and our data are stored in the server in the United States, we do not sales or transfer your personal data to the third party. All information you provide is stored on a secure server, and we generally accepted industry standards to protect the personal data we process both during transmission and once received.

YOUR RIGHTS/OPT OUT

You may correct, update, amend, delete/remove, or deactivate your account and personal data by making the change on your Blog on www.themiddleland.com or by emailing our customer service. We will respond to your request within a reasonable timeframe.

You may choose to stop receiving Join Talents newsletters or marketing emails at any time by following the unsubscribe instructions included in those communications, or you can contact us.

LINKS TO OTHER WEBSITES

The Middle Land include links to other websites whose privacy practices may differ from that of ours. If you submit personal data to any of those sites, your information is governed by their privacy statements. We encourage you to carefully read the Privacy Policy of any website you visit.

NOTE TO PARENTS OR GUARDIANS

Our Services are not intended for use by children, and we do not knowingly or intentionally solicit data from or market to children under the age of 18. We reserve the right to delete the child’s information and the child’s registration on the Sites.

PRIVACY POLICY CHANGES

We may update this Privacy Policy to reflect changes to our personal data processing practices. If any material changes are made, we will notify you on the Sites prior to the change becoming effective. You are encouraged to periodically review this Policy.

HOW TO CONTACT US

If you have any questions about our Privacy Policy, please contact customer service or send us mail at:

The Middle Land/New San Cai
100 Wilshire Blvd., 7th Floor
Santa Monica, CA 90401
USA

Article Submission


Logout

Are you sure? Do you want to logout of the account?

New Programs Added to Your Plan

March 2, 2023

The Michelin brothers created the guide, which included information like maps, car mechanics listings, hotels and petrol stations across France to spur demand.

The guide began to award stars to fine dining restaurants in 1926.

At first, they offered just one star, the concept was expanded in 1931 to include one, two and three stars. One star establishments represent a “very good restaurant in its category”. Two honour “excellent cooking, worth a detour” and three reward “exceptional cuisine, worth a

 

February 28, 2023        Hiring Journalists all hands apply

January 18, 2023          Hiring Journalists all hands apply

More

4 Responses

  1. Pingback: blote borsten

Leave a Reply

Forgot Password ?

Please enter your email id or user name to
recover your password

Roaster-JT
Thank you for your participation!
Back to Home
Roaster-JT
Thank you for your subscription!
Please check your email to activate your account.
Back to Home
Roaster-JT
Thank you for your participation!
Please check your email for the results.
Back to Home

Login to Vote!

Thank you for your participation,
please Log in or Sign up to Vote

Thank you for your Comment

Back to Home

Reply To:

New Programs Added to Your Plan


Login Now

123Sign in to your account