Facebook, Twitter are pulling back on hiring and the rest of Silicon Valley might be next. The two social media giants have been accused of creating a “filter bubble” that limits content in users’ feeds based on their political views. This is causing many to question whether this has had an impact in undermining democracy across the globe.
The “how long does it take for facebook to respond to a job application” is an issue that many companies are facing. Facebook and Twitter have both recently announced that they will be slowing down their hiring process. Will other companies follow suit?
Most hiring at Twitter Inc. TWTR -9.67 percent has been halted. Amazon.com Inc. has announced that its warehouses are overstaffed. 4.72 percent of Uber Technologies Inc. UBER workers were encouraged to consider hiring a privilege.
Following years of strong employment growth, several of America’s fastest-growing corporations have indicated in recent weeks that they would be more careful in hiring new employees. The move by these digital behemoths raises doubts about the broader trajectory of the US employment economy and comes at a time when the stock market is volatile due to fears about increasing interest rates.
Economists emphasized that the job market remained strong overall, with the unemployment rate at 3.6 percent in April, layoffs at historically low levels, and many businesses willing to hire additional workers—if they can find them. According to CompTIA, an industry trade association, the IT sector employed around 8.7 million people by the end of 2021, accounting for 5.7 percent of the total US workforce.
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According to Julia Pollak, chief economist of job site ZipRecruiter, the slowdown in hiring at certain organizations indicates that bosses are becoming more risk apprehensive and “less willing to accept type of growth at all costs.” “Many of these businesses developed so quickly during the epidemic that they may have overextended themselves.”
Some employees have voiced worries about canceled offers or difficulty being employed as a result of the changing employment environment in technology on sites like LinkedIn. While few big technology firms have announced layoffs, several have said that they wish to do more to cut costs. Meta Platforms Inc., the parent company of Facebook FB 3.86 percent, said this week that it will drastically reduce recruiting after more than doubling its personnel since 2018.
In a statement to employees on Thursday, Twitter CEO Parag Agrawal said the business will suspend recruiting and assess the job offers it had issued to applicants. Mr. Agrawal said that Twitter, which Elon Musk agreed to buy for $44 billion, expected to spend less on contractors, consultants, travel, marketing, and other expenses.
In a memo to workers earlier this month, Uber CEO Dara Khosrowshahi said that the firm would “see recruiting as a luxury” and will be more selective about when and where it hires new personnel. Mr. Khosrowshahi said that the company’s emphasis should be on profitability, and that market and investor attitude had changed.
Some businesses that flourished quickly during the epidemic have fallen into difficulties. Carvana Co., an online vehicle dealer, informed employees that it will lay off 12% of its staff, or around 2,500 people. Peloton Interactive Inc., a producer of fitness equipment, said in February that it will lose 2,800 employees, including nearly 20% of its corporate roles.
Meta Platforms, the parent company of Facebook, said this week that it will drastically reduce its recruiting.
Getty Images/Christopher Dernbach/picture alliance
Many entrepreneurs at smaller firms and startups will likely be more cautious about how they spend their company’s money in an age where raising huge quantities of money rapidly may be more difficult, according to Vinod Khosla, a famous venture investor. According to him, this may force some CEOs to reconsider adding new employees or expanding their teams.
Mr. Khosla said, “There is clearly caution among the clever entrepreneurs.” “Entrepreneurs are very astute. When cash is cheap, they “waste it,” he added, spending a little extra to get an edge over a competitor or expand their market.
Mr. Khosla, on the other hand, believes that “less money will boost capital efficiency.”
The change in emphasis goes beyond technology. CEO Jim Hagedorn of Scotts Miracle-Gro Co. told investors last week that the business wanted to cut its overhead expenditures by 10% in the next fiscal year. Mr. Hagedorn said that the corporation would “operate leaner” and would be “more aware of duplicate jobs, procedures, and other structural concerns that might contribute to inefficiencies.”
Many talks among entrepreneurs have lately shifted to how to save money, according to Maria Colacurcio, CEO of Syndio Inc., an analytics platform that helps employers find and correct pay anomalies. “Everyone is turning to cash preservation, runway,” Ms. Colacurcio added. “That’s what everyone in my social group is talking about.”
Twitter recently announced that it will reduce its spending on consultants, travel, and marketing.
Bloomberg News/Bloomberg/David Paul Morris
Ms. Colacurcio, on the other hand, said she had seen few of her business’s large-employer customers cut back on recruiting, and that her own company, which employs approximately 150 people, was still planning to add more than 30 employees by the end of the year.
According to Ms. Pollak of ZipRecruiter, employment growth has been solid throughout the economy in white-collar professions, manufacturing, and other areas. “Employers are not in a rush to fire employees. “On the contrary, they are desperate for fresh candidates and are clinging to the employees they have,” she said.
Nonetheless, she added, the decisions at major, well-known technological businesses were certain to attract attention and have a significant impact on job market mood, especially in a climate when many people are concerned about the economy’s future.
“People are frightened,” she said, “and they’re seeking for any hints or warnings of what’s coming.”
Chip Cutter can be reached at [email protected]
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The “jobs hiring urgently near me” is a topic that has been talked about in the news. The question of whether other companies will follow, remains to be seen.
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