Sundar Pichai gave information, jobs in Alphabet will be cut by 20%
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New Delhi: Hedge fund billionaire and investor Sir Christopher Hawn has asked Alphabet and Google CEO Sundar Pichai to downsize the workforce to 150,000, which would require cutting 20 percent of overpaid jobs. Google’s parent company Alphabet has fired 12,000 i.e. 6 percent of its employees. In a letter going viral on social media, Hohn told Pichai that the decision to cut 12,000 jobs was a step in the right direction.
“I believe management should aim to reduce the workforce to about 150,000, which is the number of employees that Alphabet will have at the end of 2021,” wrote Hahn, founder of The Children’s Investment Fund Management (TCI), which owns a $6 billion stake in Alphabet. commensurate with the number of employees. This would require a 20 per cent reduction in the total workforce. The billionaire further added that management should also take this opportunity to address excessive employee compensation.
The average salary at Alphabet in 2021 was about $300,000, he argued, and the average salary now is much higher. Competition for talent in the technology industry has decreased significantly, allowing Alphabet to materially reduce pay per employee. Over the past five years, Alphabet more than doubled its workforce, adding more than 100,000 employees, of which more than 30,000 were added in the first nine months of 2022 alone. Last week Pichai said he deeply regrets laying off nearly 12,000 employees in the workforce, but that move is what got us here.
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