Tech Companies: Who’s Hiring and Firing Right Now?

As the global economy continues to sputter, many technology companies are putting a freeze on hiring. Meanwhile some others are hiring aggressively. This article highlights 6 different tech companies representing both sides of the firing versus hiring spectrum. 

Which tech companies are firing?

Snap – 20% reduction in workforce 

Despite attracting over 300 million active users every day, Snap Inc. – the company behind Snapchat, Bitmoji, and other popular social media products – has decided to reduce staff to stay afloat. In late August, the 11-year-old tech company publicly announced plans to release roughly 20% of its 6,400-person workforce.

These layoffs come after a brutal year for the social media giant. Since the start of 2022, Snap’s stock price has precipitously plunged to near all-time lows. At the time we’re writing this article, Snap’s price is below $10.00 after reaching an all-time high of $83.11 just one year ago.

 

The company’s poor performance is partly due to multiple failed product launches, including a $230 “selfie drone” called Pixy that was canceled after only a few months on the market. Another reason for the tough times is a strong decline in ad revenue, which Snap blames on global economic conditions and increased competition from other social media platforms like Instagram and Tik Tok.

Robinhood – 23% reduction in workforce

Robinhood is one of the biggest tech companies to announce layoffs this year. In a blog post from CEO, Vlad Tenev, he says Robinhood plans to let go of 23% of its staff. All functions throughout the company will be impacted, but marketing, operations, and the program management department will be hardest hit, according to the post.

The company announced this latest round of cutbacks in early August 2022. An earlier round took place in late April that saw some 300 workers lose their jobs. 

While the company has remained tight-lipped about the exact figures, a bit of back-of-the-napkin math suggests approximately 1000 of the 3400 employees Robinhood started the year with have been or will be let go.

Meta (Facebook) – hiring freeze and silent layoffs

Meta is a massive social media conglomerate with over 3.6 billion monthly average users. However, despite nearly half of the world’s population using its platforms, the company isn’t able to avoid downsizing in the face of uncertain economic conditions.

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According to the official narrative pushed by Meta, the company is not firing people, it’s simply “restructuring.” They claim any reduction in staff is a decision left to individual team leaders and not a reflection of a company-wide policy.

Nevertheless, several media reports and leaked memos suggest Meta is significantly slashing budgets and ending several projects across its many platforms. This has resulted in a muted reduction of staff as managers “quietly” nudge out workers by suggesting they apply for new positions in different departments. 

Analysts say Meta’s restructuring is far from surprising. Early this year the company reported a decline in revenue for the first time in its history after investing billions and billions into metaverse R&D as well as failed undertakings, such as its dual camera smartwatch.

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Which tech companies are hiring?

Binance and Kraken

As dramatic as the stock market looks, the crypto market is taking an even harsher beating as big names like Bitcoin and Ethereum are down roughly 60% year-to-date. And while some players in the crypto market are cutting expenses by reducing staff, others including Binance and Kraken are opting to increase hiring despite the impending crypto winter.

 

In June, the CEO of Binance, the world’s largest crypto exchange, said his company is hiring for 2000 open positions across various departments including engineering, business development, and marketing.

Kraken, a popular exchange in the US, also announced a hiring push in June. And while not as far-reaching as Binance’s plan for 2000 new additions, their goal of 500 new staff is certainly nothing to balk at, especially with all things considered.

 

Airbnb

During an interview earlier this year, Airbnb CEO Brian Chesky was asked whether his company would follow other tech companies and put in motion a hiring pause or start layoffs. According to the interviewer, Chesky’s reply “was vehement: no way.”

The CEO said after two years of lockdowns and restrictions he believes there’s so much pent-up demand to travel that people are going to take trips and vacations regardless of whether a recession impacts their budget. He says he expects the travel industry to go through a post-pandemic revolution after coming to an abrupt halt in 2020.

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With about 5,000 employees and $2.5 billion in free cash flow, Chesky says his company is prepared to navigate an economic recession. He went on to add that since Airbnb implemented a new policy allowing employees to permanently work from remote locations, his company has seen a spike in interest from applicants. 

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Crowdstrike

Crowdstrike is yet another tech company with plans to hire additional workers despite everyone around them choosing to do the opposite. That’s according to Pete Clark, the company’s director of engineering in a recent LinkedIn post. 

Crowdstike is an American cybersecurity firm based out of Austin, Texas. In recent years, the company has made a name for itself by helping governments and corporations investigate high-profile cyber attacks.

Presently, an estimated 6,000 people are employed by the company, but Clark says they’re still looking to hire additional talent. This probably isn’t too surprising, especially when you stop to consider the scale and pace of cyber attacks continue to rise year after year. 

		

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