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The tech leader and retail giant both went on hiring frenzies during the pandemic. Now they have bigger workforces than they actually need.
When the pandemic hit and lockdowns took hold, Apple and Amazon went on hiring sprees to meet the frenzied demand for online shopping and technology. However, as restrictions have subsided and shoppers return to stores, the companies have workforces that surpass current demand.
Three sources close to the matter told Insider that Apple has paused nearly all new hiring, and the freeze could extend into September 2023. One of the sources said that Apple has “no budget” for new hires in the coming year.
Apple has not announced an official freeze but has said it’s taking a more intentional approach to hiring. “We are continuing to hire, but given the economic environment we’re taking a very deliberate approach in some parts of the business,” an Apple spokesperson told Insider. “We are very confident in Apple’s future and are investing for the long term. We want to be thoughtful and make smart decisions that enable us to continue fueling innovation for the long term.”
Related: Apple Is Now Valued More Than Alphabet, Amazon and Meta Combined
Amazon announced an official hiring pause for its corporate workforce in a memo on Thursday. The ecommerce giant stated that it intends to keep the pause in place for several months as it monitors economic conditions and business growth.
“While we have had several years where we’ve expanded our headcount broadly, there have also been several years where we’ve tightened our belt and were more streamlined in how many people we added,” the memo, written by Amazon’s HR chief Beth Galetti, reads. “With fewer people to hire this moment, this should give each team an opportunity to further prioritize what matters most to customers and the business, and to be more productive.”
Related: National Labor Board Files Complaint About Amazon CEO’s Union Comments
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