By Anita Hamilton Thursday, Dec. 04, 2008
Even internet superstars fall to earth eventually. While recent reports of layoffs and other cost-cutting measures at Google have been greatly exaggerated, the search giant's culture of unbridled spending is finally coming to a halt. And that's probably a good thing. "Hard times have forced discipline on them," says Sanford Bernstein's Jeffrey Lindsay, who predicts, "They'll come back really powerfully. They can emerge as a much leaner and more competitive player."
It's not just afternoon tea that's falling by the wayside at the famously employee-friendly firm. Although Google hasn't handed out pink slips to any of its 20,000 full-time employees, it has cut about half of its additional 10,000 contract workers in recent months. And, previously one of the biggest recruiters of MBAs on college campuses, Google is eschewing such pricey new hires, although it is still bringing on new engineers.
Source: http://www.time.com
Even internet superstars fall to earth eventually. While recent reports of layoffs and other cost-cutting measures at Google have been greatly exaggerated, the search giant's culture of unbridled spending is finally coming to a halt. And that's probably a good thing. "Hard times have forced discipline on them," says Sanford Bernstein's Jeffrey Lindsay, who predicts, "They'll come back really powerfully. They can emerge as a much leaner and more competitive player."It's not just afternoon tea that's falling by the wayside at the famously employee-friendly firm. Although Google hasn't handed out pink slips to any of its 20,000 full-time employees, it has cut about half of its additional 10,000 contract workers in recent months. And, previously one of the biggest recruiters of MBAs on college campuses, Google is eschewing such pricey new hires, although it is still bringing on new engineers.
Source: http://www.time.com
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