It was only in April that Snapchat made some key hires for its India team. Gaurav Jain, the former head of India growth at Meta joined as head of Asia Pacific business expansion to lead partner and direct sales teams.
Now, Evan Spiegel, CEO, Snap, the parent company of the messaging app, has indicated a slowdown in hiring in the times to come.
In a memo, Speigel has reportedly communicated to the employees that the Company will continue to hire new team members, but the pace of hiring will be slow, especially for unopened roles.
While appreciating employees for their hard work and efforts, he drew attention to the surging interest rates and inflation, supply chain difficulties, tight labour market, the Ukraine war and other disruptions. According to him, given the conditions and atmosphere of uncertainty, Snap will have to manage its finances and expenditure responsibly in order to remain a strong business.
Snap expects to hire over 500 new team members by the end of the year. It has already made more than 900 offers this year, a 41 per cent jump compared to the offers made during the same time last year.
He also admitted that while the revenue is growing for Snap, it is doing so at a rate slower than was expected. Therefore, budgets for the rest of the year will need to be reassessed and leaders will need to relook at ways to cut costs.