Apple Becomes a Victim of Economic Recession, Tim Cook Discusses Slow Hiring
According to CEO Tim Cook, Apple, the most valuable company in the world, has slowed some hiring amid a wave of layoffs in Silicon Valley and an uncertain economic future. Tim Cook joined CBS News for an interview this week to discuss the company’s philosophy in the wake of reports that Apple has implemented a general hiring freeze. In the interview, Cook admits that Apple has halted recruiting and talks about the contentious decision to reinstate in-person interviews.
In an interview with CBS News that was broadcast on Monday morning, Cook went into further detail about what Apple is doing. The CEO of Apple said that the business “continues to hire,” but “not everywhere in the organization.”
What we’re doing as a consequence of being in this period is we’re being very deliberate on our hiring. That means we’re continuing to hire, but not everywhere in the company are we hiring.
We believe strongly in investing for the long-term. And we don’t believe you can save your way to prosperity. We think you invest your way to it.”
Cook stated why he thinks in-person cooperation is essential to creativity and teamwork in regards to Apple’s decision to resume in-person work. However, he did point out that Apple staff don’t work five days a week, and that Fridays in particular are “a ghost town” at the workplace.
“We make product, and you have to hold product. You collaborate with one another because we believe that one plus one equals three. So that takes the serendipity of running into people, and bouncing ideas off, and caring enough to advance your idea through somebody else because you know that’ll make it a bigger idea.
That doesn’t mean we’re going to be here in five days [a week]. We’re not. If you were here on a Friday, it would be a ghost town.”
In the complete interview on Tuesday, Cook will provide additional commentary, including details on some of the most recent additions to the iPhone 14 lineup.
Apple now has a very distinct recruiting approach than other tech organisations. For instance, Meta, the parent company of Facebook, recently let go of 11,000 staff members due to diminishing ad revenue and other economic worries. Mass layoffs have also occurred at Twitter as a result of Elon Musk’s takeover. In recent weeks, several digital firms like Snap, Lyft, Salesforce, Shopify, Coinbase, Amazon, and Stripe have all decided to lay off workers.
When compared to prior performance, Apple’s method for surviving recessions has been outstanding. Now that it has a greater cash reserve, we anticipate it will stick with this plan for whatever long this slump lasts.
