FAAMNG tech giants — Facebook (Meta Platforms), Amazon, Apple, Microsoft, Netflix, and Google in India have drastically reduced their hiring, with a 90% drop in active job postings in 2023 compared to the previous year.

What Happened? This hiring slowdown, as reported by the Economic Times citing data from staffing firm Xpheno, shows these companies at their lowest hiring activity, with current numbers down by over 98% to just 200 active hires.

This near hiring pause reflects the broader challenges facing the tech industry, including a global economic slowdown, project scale-backs, and sluggish revenue growth. Prasadh MS, head of workforce research at Xpheno, notes that this trend will impact the tech talent movement, particularly among experienced professionals, and serves as a cautionary signal for smaller companies.

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As of December last year, demand from these tech giants had already fallen by 78% since July 2022, hitting an 18-month low. Globally, these companies have cut hundreds of thousands of jobs, with total active openings now under 30,000.

2024 might be different: In India, these Big Tech firms employ nearly 1,50,000 people. A gradual hiring pickup is expected in 2024 as the sector rationalizes overcapacity from 2023.

However, the sector’s growth outlook remains uncertain, and significant changes in investment strategies are unlikely until at least March 2024, coinciding with expected rate cuts. The era of inflated salaries and numerous job offers seems to be over, marking a new phase of cautious growth in the tech sector.

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