Tech giant Apple plans to slow hiring and spending in some units in 2023 to cope with a potential economic downturn, Bloomberg reported. Thus, fewer people will have a chance to get hired to work at the legendary corporation. In addition, current Apple employees are likely to face a pay cut.
The tech behemoth is always one step ahead of others. So, by slashing employment and expenditure growth, the company is preparing for a future economic slowdown. Every year, Apple allocates a certain amount of money to each major division for spending on research, development, resources, and hiring. Next year, a selected number of teams will get a lower-than-expected budget. Above all else, the company will not backfill the roles of retired employees.
Apple CEO Tim Cook believes the company should be particularly careful during periods of uncertainty. Still, changes will not affect all teams. He also mentions inflation, the negative effects of the coronavirus pandemic, and rising shipping costs as one of the main factors weighing on gross profit and operating expenses.