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Announces plan to hire 15,000 despite reports of downsizing

  • Alibaba Group Holding Limited (NYSE: BABA) shared plans to hire 15,000 people by 2023, strongly contradicting reports of layoff plans.

  • The Chinese e-commerce platform issued a demand of 15,000 recruits for its six major business divisions.

  • The company said it would recruit 3,000 college graduates.

  • Read also: Navigating Alibaba’s Bumpy Road: Analyst Remains Positive, Adjusts Price Target Down

  • Alibaba dismissed reports of layoffs as “rumours” and said employee departures are part of the “normal flow”.

  • Alibaba pointed to its hiring system as proof that the company is still hiring.

  • Earlier this week, reports suggested that Alibaba planned to cut its cloud division’s workforce by 7% as it prepared for a spin-off and eventual IPO.

  • In March, Alibaba announced plans to reorganize its businesses into six independently run entities: Cloud Intelligence Group, e-commerce under Taobao-Tmall, Cainiao’s smart logistics operations, Local Services group, Global Digital Business Group and the Digital Media and Entertainment Group .

  • The company said each business unit could seek its initial public offerings (IPOs).

  • Price action: BABA shares traded 3.20% lower at last check Thursday at $78.60.

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This article Alibaba’s strategic growth: Announces plan to hire 15,000 people despite downsizing Reports originally appeared on Benzinga.com


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