Slowing Down Hiring has become a Normal.. Microsoft is Now "Normal"
Microsoft becomes latest tech giant to slow hiring...
Even though companies are using laying off and the slowing down of hiring as a last resort to inflation woes, Microsoft has become to the latest victim. The company said it would slow down the pace of hiring employees in software groups that develop Windows, Office, and other teams applications. Belive it or not, this is one of the fastest growing groups for Microsoft.
Economic uncertainties have been the reasoning as the company approaches the end of the 2022 fiscal year. Rajesh Jha, the Executive Vice President at Microsoft, in an email to the employees, said that new hires will have to first be approved by upper management even as the company plans to expand its overall headcount.
On the flip side of things, those who stay have been told they would receive better pay. It’s obvious why this occurs: Raises in pay are cheaper than entire agents of hire.
The company's move to delay the hiring process in one sector as the Federal Reserve raises interest rates and raises concerns about a potential economic slowdown. Other big tech companies such as Meta, Twitter, and Uber Technologies, have also announced that they will reduce their hiring plans.