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Microsoft announced that it would slow down its hiring of new staff and cited the difficult economic condition as the reason. It was revealed that the company’s share price also slid down by one percent in the extended trading after the reports of its job listing cancellation were released.
According to CNBC, other major tech firms have also done the same move of decelerating the pace of their job hiring for the same reason as Microsoft. Meta, Google’s Alphabet, and Apple have also slowed down the pace of their new hires to better manage their finances that were affected by the rising costs and inflation.
With inflation recording the highest number in about four decades, there are fears of a recession, and this is why companies, even the big ones, are being very cautious with their moves, especially if they involve money. The companies today were described as “getting more conservative” to prevent or at least lessen the effects if the recession happens.
“As Microsoft gets ready for the new fiscal year, it is making sure the right resources are aligned to the right opportunity,” the company’s spokesman told CNBC via an email sent on Wednesday, July 20. “Microsoft will continue to grow headcount in the year ahead, and we will add additional focus to where those resources go.”
Last month, Microsoft also lowered its quarterly income and revenue estimates and explained that the adjustment was linked to the changing foreign exchange rates. Bloomberg reported that Microsoft’s Azure and security software are included in the business units where the company canceled some job listings.
With the weakening economy, Microsoft said the hiring freezes may continue for some time. Then again, the company declined to say which other departments and businesses were affected by its decision.
Meanwhile, Microsoft clarified that it will still be honoring some job offers that had already been made for open roles before the latest decision was announced. It will also be making some exceptions for important job posts, so there will still be new hires despite the easing up of job recruitment across the company.
