Due to rising inflation, fears of recession, and uncertain economic conditions, job postings at Meta (formerly Facebook), Apple, Amazon, Netflix, and Alphabet (Google) combined fell by 84% in November 2022 compared to January 2022, finds GlobalData. The leading data and analytics company notes that this group, which is known as FAAMNG, saw job posts closing faster than new positions were opened in November.
Sherla Sriprada, Analyst at GlobalData, comments: “As a part of an increasingly difficult business environment, information technology (IT) players are announcing layoffs, hiring freezes, and restructuring plans. In November 2022, Meta announced that it would lay off 11,000 employees and we also noticed a drastic fall in its hiring activity in the same month. Job postings by Meta decreased by 92% in November 2022 compared to the previous month.”
Similarly, Amazon may lay off 20,000 employees in the coming months. Job postings by Amazon decreased by 68% in November 2022 compared to the previous month. Meanwhile Microsoft laid off 1,000 employees as a part of restructuring business in October 2022.
GlobalData also researched the impact of slowdowns in hiring activity on different geographical regions. Its research found that Netflix’s job postings rose in the Asia-Pacific region in November 2022, while Microsoft’s postings increased in the Middle East and Africa. In Europe, however, Alphabet‘s and Netflix’s job postings remained constant.
Sriprada concludes: “Massive job cuts at technology firms are doing the rounds in the media. Jaguar Land Rover announced the launch of a new jobs portal for displaced employees from technology companies such as Meta and Twitter to explore career opportunities and offering hybrid working patterns.”
