An American multinational technology company focusing on e-commerce, Amazon has announced the company will be freezing all its new hiring in its corporate workforce.
Amazon has taken this step due to global economic uncertainty. The company’s CEO Andy Jassy has been looking for ways to cut costs across the company.
Beth Galetti, Amazon’s senior vice president of people experience and technology said, “We’re facing an unusual macro-economic environment, and want to balance our hiring and investments with being thoughtful about this economy.”
“With fewer people to hire at this moment, this should allow each team to further prioritize what matters most to customers and the business, and to be more productive”, she added.
“Good companies that last a long period of time, who are thinking about the long term, always have this push and pull. There are some years where they’re expanding really broadly. Some years where they’re checking in and working on profitability, tightening the belt a little bit”, she said recently.
Beth Galetti said, “The company anticipates keeping this pause in place for the next few months, and will continue to monitor what we’re seeing in the economy and the business to adjust as we think makes sense”.
“In general, depending on the business or area of the company, we will hire backfills to replace employees who move on to new opportunities, and there are some targeted places where we will continue to hire people incrementally, ” she noted.
Some other companies like HCL Technologies, Snap, Microsoft, Twitter, TikTok, Meta, and Google have either laid off employees or frozen new hiring.
The development of either layoff or hiring slowdown comes after IT companies, crypto exchanges, and financial firms cut out jobs and slow down the hiring process due to slow global economic growth caused by higher interest rates, and rising inflation.