In an email to its agents, Google announced the forthcoming elimination of 12,000 jobs within its company. According to Sundar Pichai, Google’s CEO, this decision is certainly difficult, but prepares the company to face the future with serenity. This layoff comes at a time when several crypto companies are cutting back on staff. This is probably an indication that the current economic situation is not only affecting the crypto industry. It is all companies in the technology industry that are affected!
12,000 agents laid off by Google
Since last year, companies in the crypto industry have been laying off people en masse, but it’s not just them. Google has indeed announced the upcoming layoff of 12,000 people within its teams. It was Sundar Pichai, the CEO of Google who announced it himself by email to the agents of his company.
Sundar Pichai, Google CEO
The 12,000 Google employees who will be laid off have done nothing wrong. They are just victims of the difficult economic situation the company is going through. Indeed, Google had hired en masse in recent years to support the company’s growth. Nevertheless, the current economic reality is radically different, admits Sundar Pichai. For the CEO of Google, the massive job cuts prepare the company to better take advantage of future opportunities.
Google does not intend to abandon its employees. Without announcing how, the company promises to help its ex-employees to find a job. In addition, they will receive two months’ pay, a severance package of at least 16 weeks and 2022 bonuses. In addition, the company is committing to six months of health care, job placement services and immigration support for those affected. Google will tailor this transition plan to agents based on labor laws in their respective states.
Like Google, the crypto industry is laying off people
Google isn’t the only company laying off workers right now. The crypto industry has also been going through a similar situation since last year. The market slowdown and unfortunate events like the FTX collapse have significantly reduced the profitability of crypto companies. Most of them have had no choice but to reduce their production load. This has meant downsizing. Bybit, Coinbase, Crypto.com, …, massive layoff announcements have been lining the entire year of 2023 and are continuing into 2023.
The downsizing of the giant Google reveals that crypto is not the only sector affected by the current economic crisis. It’s the entire tech industry that is declining in profitability and cutting jobs. In 2022, for example, 151,600 job cuts were recorded in technology industries, according to data from Layoffs.fyi. With its 9,654 job cuts in 2022, the crypto sector accounts for only 6.3% of all layoffs in the tech industry in 2022.
Crypto sector or not, the current economic crisis spares no one. Besides, the crypto industry is doing pretty well compared to other tech sectors. Companies like Binance are expanding their operations and hiring. With Bitcoin going over $20,000, Bitcoin mining is profitable again. If the crypto market continues its rise, the outlook in the crypto industry could be more optimistic.
I dream of a world where every citizen has total control over themselves, including their finances. I believe that Bitcoin is one of the tools that will achieve this revolution. Since 2019, I am learning about this cryptocurrency and spreading the word around.
