According to CNBC reports, The technology company, Google will promote fewer employees to senior roles in 2023 to align with the company’s slow growth.
Google is planning for lesser promotions of L6 and above grade employees. The promotion process will be similar to the last year and will be manager-led. The employees are reviewing the rating according to the performance rating system Google Reviews and Development (GRAD).
The company is promoting fewer employees to senior roles so that the number of employees in leadership positions is in proportion. The employees are required to self-nominate between March 6 and March 8 for promotions.
Additionally, Google’s China division has also started laying off employees. According to the Reports, the current round of layoffs at the China office will mainly affect high-paid senior employees. The layoffs will reset the salary standard and reduce operating costs while improving overall work efficiency.
Recently, Google laid off 453 employees from various departments in India. In January, Google parent Alphabet announced to sack 12,000 employees. The company CEO took responsibility for the layoffs.
Earlier, Google’s CEO admitted that the future is unpredictable. The development of either layoff or hiring slowdown comes after IT companies, crypto exchanges, and financial firms cut out jobs and slow down the hiring process due to slow global economic growth caused by higher interest rates, and rising inflation. The CEO Sundar Pichai & Senior Executives took pay cuts as part of the company’s cost-cutting measures.
Google CEO Sundar Pichai clarified that the supposed cut would be a very significant reduction in their annual bonus. The company also delayed the Year-end bonus checks for employees due to the transition to a new performance management system.
