A new report reveals that larger technology giants, known as FAAMNG firms (Facebook (Meta Platforms), Amazon, Apple, Microsoft, Netflix, and Google), are experiencing a significant decline in employment activity in India due to macroeconomic challenges and global cutbacks. According to data collected by specialized recruitment firm Xpheno for the Economic Times, these companies have seen a staggering 90% drop in active job offers compared to the previous year. Current employment figures have reached an all-time low, declining by over 98% and leaving only 200 available positions, significantly fewer than the typical employment volume in India.
The hiring slowdown is a result of global economic slowdown associated with cost-cutting measures and slowed revenue growth in the technology industry. Prasadh MS, Head of Workforce Research at Xpheno, states that the hiring slowdown by these technology giants will have a significant impact on talent movements, particularly in the case of experienced lateral positions. This serves as a warning signal for smaller firms to approach recruitment cautiously. The demand for jobs in these large technology firms is steadily declining, having already decreased by 78% compared to July 2022, reaching the lowest level in 18 months by December 2023. Worldwide, these companies have laid off hundreds of thousands of positions, with the total number of available job offers currently below 30,000 worldwide. In India, the total number of employees in these firms is just under 150,000 across their core operations and facilities.
Rishi Jhunjhunwala, Vice President of Information Technology at IIFL Securities, believes that employment may gradually increase in 2024 once excess workforce in the industry is streamlined. However, cautious investment strategies and the absence of inflated salaries and numerous job offers are expected to persist until at least March, when the first round of interest rate cuts is predicted. While there is hope for improvement in the sector’s situation, it is clear that large technology firms in India are currently downsizing their workforce amid challenging economic conditions. [Source: Economic Times](https://economictimes.indiatimes.com/tech/ites/tech-giants-experience-hiring-slump-in-india/articleshow/94198564.cms)
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