Monday, November 28, 2022

Spotify reduces hiring by 25%, CEO says

In an email to employees on Wednesday, CEO Daniel Ek said that Spotify will be hiring 25% fewer people. It’s the latest sign that technology companies, many of which grew a lot during the early stages of the pandemic, are slowing down on hiring as economic uncertainty looms in the future.

In the last few months, there have been a number of high-profile layoffs and slowdowns in hiring 25% in the technology sector Spotify. These include layoffs at Coinbase and a slowdown in hiring at Meta, which owns Facebook. Even though job growth has been strong across the economy as a whole. There have been a number of high-profile slowdowns or cuts in the tech sector.

The future of the economy is still uncertain

A number of businesses have stopped running and are reviewing their current staff. A bear market area is when stocks drop at least 20% from their recent highs. The S&P 500 fell into a bear market this week, and the Fed said it would hike interest rates to battle inflation.

Adam Grossberg, a Spotify representative, talked about what CFO Paul Vogel had said at the company’s investor day. Vogel said in those statements, “We are well aware of how uncertain the world economy is becoming”. Even though we haven’t seen any big changes in how our business works yet. We are keeping a close eye on the situation and deciding if we need to hire more people soon.

Ek told staff via email that going forward, Spotify would “limit recruiting growth by 25%”. He did say, though, that the company would “continue to hire and grow. We’re just going to slow down and be more careful about how many people we hire over the next few quarters”.

Grossberg chose not to go into more detail about what it would mean for job growth to slow by 25%.

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Realtorspk
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June 17, 2022 4:57 pm

Excellent article!

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