Chinese Internet giant Baidu announced in an internal memo last Tuesday (20 October 2015) that the company will undergo a temporary hiring freeze, reported the South China Morning Post (SCMP).
The move was "due to its current business situation" and any exceptions to the new policy would need to be approved by Baidu's Vice President of Human Resources Liu Hui and CEO Robin Li.
"Our focus on attracting and retaining top talent is very much intact... [but] we have grown very quickly over the past few years, [so] headcount additions are going to be moderate," said a Baidu spokesperson. The hiring suspension, however, will not apply to campus recruitment activities, said Baidu.
Besides Baidu, e-commerce giant Alibaba is also freezing its headcount, with its Chairman Jack Ma saying that the company had grown "too quickly".
Marie Sun, a senior equity analyst at Morningsun, told SCMP that such cost-cutting measure is "reasonable... as China's macroeconomy is on a downturn."
Sign up for CIO Asia eNewsletters.