Why It’s Now Harder Than Ever To Get A Job With Uber
Uber is becoming more selective than ever about the people they bring aboard, here's why.
This article is more than 2 years old
Uber has been one of the leading rideshare companies in America since its inception. Though it’s widely popular here in the states, the company has had many controversies with staffing issues. According to Uber’s CEO, a shift has occurred in demand and forced the business to restructure its interests. One of these interests is slashing training and any beneficial hiring programs, focusing away from the drivers that have allowed the company to profit.
In a recent email to employees, Uber CEO Dara Khosrowshahi stated that a considerable change occurred for investors in the company. He said he must act according to this shift in needs, the catalyst for removing necessary hiring programs. A crucial part of his email to current employees is that Khosrowshahi wants to treat getting hired at the company as a “privilege.” Even though he didn’t go into detail about reframing the employment process, it’s clear that the company wants to focus on retaining investors.
Khosrowshahi’s sudden, convoluted email could come from stresses around plummeting stock shares. Tech stocks worldwide have experienced a drastic change in monetary value. During the pandemic, tech stock shares were rising considerably every month. Now, companies like Nasdaq are declining each week at considerable rates. This repositioning of industry importance has galvanized many tech companies to switch their internal focus. For Khosrowshahi, incentivizing investors is more important than the wages and training of Uber’s employees.
For Uber, hiring this year might be more complicated than in years prior. Khosrowshahi was transparent in his email about being more conservative in adding new employees, stating that the company would slash spending on “marketing and incentives.” This could mean restricting bonuses for employees or limiting their raises for repeated years at the company. Khosrowshahi ended the email by reiterating that the company would be cautious about superfluous spending in every demographic.
Uber is not the only tech company reducing positions and the overall hiring rate. Meta, the parent company of Facebook, made a statement last week that it would decelerate its hiring process. The company stated that it would slow down or halt the addition of new mid-level or senior positions.
Robinhood, an online stock-trading company that gained massive success during the pandemic, faces similar setbacks. The company announced publically it would reduce its whole workforce by 9% this year. Just like Uber, the tech company wants to focus on how to retain its investors instead of its employees.
Even though Uber established it would slash costs and appeal to its investors, the company is still sinking in the stock market. As of Monday, Uber stocks went down by 8%. This follows a downward trend for the company, where Uber shares have considerably dropped from last year’s figures. Stocks for the rideshare company are down 40% more than in 2021.
Though Uber is a successful company in the United States, its continuous marketplace devaluation might threaten its longevity. After a year of plummeting stock prices, Uber has to do more than appeal to investors to stabilize the company’s yearly revenue.
