Trending - Hiring Slowdown Across Top Companies
August 10, 5:21 pm
During the past few weeks, we have been observing a trend of hiring freezes across multiple industries. It indicates a labor market slowdown due to several factors, including 40-year high inflation, uncertain consumer demand, interest rate hikes, and a debatable recession.
According to our data, many companies have dropped their open positions. Some companies with the highest hiring freeze percentages since June include Shopify, Pinterest, DoorDash, and NVIDIA, with more than a 70% decrease in open job posts today since June. Canadian e-commerce giant Shopify recorded the most significant drop of roughly 90% job openings, falling from 342 average openings in June to 36 positions today.
| Company | Avg. job posts in June | Job posts today | Change % | |
|---|---|---|---|---|
 |
Shopify SHOP |
342 | 36 | -89.5% |
 |
Pinterest PINS |
273 | 51 | -81.3% |
 |
SAP SE SAP |
3844 | 726 | -81.1% |
 |
DoorDash DASH |
11963 | 2413 | -79.8% |
 |
Canoo GOEV |
107 | 24 | -77.8% |
 |
Taskus TASK |
1562 | 352 | -77.5% |
 |
Assurant AIZ |
949 | 214 | -77.4% |
 |
Ally Financial ALLY |
549 | 135 | -75.4% |
 |
Roku ROKU |
498 | 130 | -74% |
 |
NVIDIA NVDA |
2699 | 793 | -70.6% |
It appears that the decrease in hiring is widespread among top companies. Pronounce names such as Oracle, Google, Meta, Micron Technology, TelaDoc Health, and Twilio are also slowing down hiring. Tech companies are exhibiting more recognizable patterns of employee layoffs amid recession concerns. Google CEO Sundar Pichai sounded alarms when he publicly remarked: "Google has too many employees, but too few work".
Similarly, 76% of all companies we track at DilliBits, have decreased their number of job postings since June.
Companies that have Increased Hiring since June
Quantifiable hiring drops can indicate the company's economic downturn or financial stress. Conversely, growth in hiring percentages can suggest a good spell in the company's fortunes, opening up an excellent investment opportunity.
A few companies have resisted the labor market uncertainty. They have shown growth in hiring rates during the past few weeks. Most notably, Netflix, Ford, and Dropbox have yielded such growth. Semiconductor company QUALCOMM and baby clothing company Carter's returned an enormous 185% and 407% respective increase in open jobs since June. Perhaps a strong indicator of growth for their businesses?
About DilliBits
At DilliBits, we download and analyze information on 500 of the most popular public companies in the United States. We gather and process data for all these companies from several sources such as job boards, employee ratings at Glassdoor and Indeed, and LinkedIn. We use alternative data to assist our readers in making more informed and data-driven investment decisions. According to our analytics, most companies displayed a percentage decrease in open job postings. Still, some showed signs of growth as well.
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