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Is the current economic crisis the real reason for tech industries recent reduction in workforces? Yes, the economy is in bad shape. Interest’s rates are high and inflation is climbing, but it is also evident that the recent leaps and bounds made within the developments of Artificial Intelligence (AI), is making it easier for BIG TECH to part with their employees.
Google Cuts 12.5% of Workforce in 2023
First, to put Google cuts in context: in Q3 2021 Alphabet Inc. reported 150,028 total employee’s. On January 20, 2023 Sundar Pichai CEO of Google and Alphabet released a statement “A difficult decision to set us up for the future”. His statement goes on to convey that “We’ve (Google) decided to reduce our workforce by approximately 12,000 roles” (12.5% of their company). Later in the statement he says that the company is pivoting and recalls Google “to be AI-first years ago led to groundbreaking advances across our businesses and the whole industry.”
Alphabet Inc. announces their intent on “Bringing Google to Chicago’s Thompson Center.” The company announcement posted on July 27, 2022 under Google’s Company News section, conveyed the company’s plan to purchase the Thompson Center and “support (their) engineering work in Chicago,” in effort to “advance the growth of Google’s partners and customers across the Midwest and nationally”.
While Google, and their parent company “Alphabet Inc.” (both mostly known for their Search Engine Console) are both headquartered in the same Mountain View, California corporate complex, known as the “Googleplex.” The Googleplex has been reported to possesses roughly 2 million square feet of office space, the Thompson Center is not far behind with approximately 1.5 million square feet, spread across 17 floors of office and retail space.