In Wednesday's all-hands meeting, executives addressed employees' concern about potential layoffs. In May, the company announced it would overhaul its performance evaluation process that will result in increased salaries while hoping to reduce the bureaucracy around compensation and raises. Highlighting a 7% dip in views about Google’s execution, executive Prabhakar Raghavan at the time wrote “that means we need to bring more attention to busting bureaucracy." Raghavan is among the most important and influential execs at the company, overseeing search, ads, mapping and other areas. The request also comes as the company tries to ease tensions between employees and executives after an annual “Googlegeist” survey showed staffers gave the company particularly poor marks on pay, promotions and execution. Questions in the survey include “What would help you work with greater clarity and efficiency to serve our users and customers? Where should we remove speed bumps to get to better results faster? How do we eliminate waste and stay entrepreneurial and focused as we grow?” The survey, which was viewed by CNBC, shows it may also be used to cut back in certain areas. It’s an attempt for the company to “get better results faster," Pichai said during the meeting.
It also comes after Pichai recently announced that it would slow the pace of hiring and investments through 2023, asking employees to work “with greater urgency” and “more hunger” than shown “on sunnier days." ‘Simplicity Sprint’ CFO Ruth Porat said she expected some of the challenges to continue in the near term but the company doesn't give formal guidance. Revenue growth slowed to 13% in the quarter from 62% a year earlier, when the company was benefiting from the post-Covid pandemic reopening and consumer spending was on the rise. It comes after the company on Tuesday reported its second consecutive quarter of weaker-than-expected earnings and revenue. We should think about how we can minimize distractions and really raise the bar on both product excellence and productivity.” He added, "There are real concerns that our productivity as a whole is not where it needs to be for the head count we have." He asked employees to help "create a culture that is more mission-focused, more focused on our products, more customer focused.
"It’s clear we are facing a challenging macro environment with more uncertainty ahead." “I wanted to give some additional context following our earnings results, and ask for your help as well,” Pichai opened, referring to the company's second-quarter earnings report Tuesday.
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