Google is the most recent tech giant to slow hiring

After a particularly cruel market slump in Silicon Valley, tech corporations are starting to reassess staff levels. Google is the latest to announce that it will lower its hiring pace for the remainder of the year. This comes as a direct result of the market downturn in Silicon Valley.

Sundar Pichai, CEO of Google and Chairman of Alphabet, made the announcement on Tuesday via an internal memo. He cited “the uncertain global economic outlook” as the reason for the decision. Google has confirmed that the letter in question is genuine, but the company has declined to comment further on the matter in a statement that was provided to CNN Business.

“Moving forward, we need to be more entrepreneurial, working with greater urgency, sharper focus, and more hunger than we’ve shown on sunnier days. In some cases, that means consolidating where investments overlap and streamlining processes.” According to the Wall Street Journal, Pichai said in a memo to the company.

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A regulatory filing indicates that as of the end of March, Alphabet had a total workforce of 163,906 people. This represents an increase of more than 20,000 employees from the previous year.

The Google memo is the latest sign that the once-high-flying tech sector is now facing a new reality check after having only lately enjoyed a boom in demand from shifting consumer behavior during the pandemic. Inflation, rising interest rates, and fears of a potential recession have driven a number of tech companies to lately announce that they are either reducing or halting employment.

In recent weeks, an increasing number of digital businesses, including Netflix and Coinbase, have announced job cuts. Earlier this month, GoPuff, an ultra-fast delivery business, informed investors that it planned to reduce its global workforce by 10% and close dozens of its facilities in the US. Microsoft also stated this week that it was reducing a limited number of positions but that it still intends to hire.

Uber, Lyft, Snap, Twitter, and Apple, just to mention a few, are just some of the companies that have signaled their intention to reduce prices in the near future.