Microsoft is slowing hiring for its Windows, Office, and Teams software units, joining a growing list of tech companies that have slowed hiring in the wake of the economic slump, according to a report by Bloomberg.

All new hires must be approved by executive vice president Rajesh Jha and his leadership team to ensure it's making the right hires at the right places.

According to the report, the slowdown is not firm-wide, and the software maker plans to continue hiring, noting that such caution is typical of economic volatility.

“As Microsoft gets ready for the new fiscal year, it is making sure the right resources are aligned to the right opportunity,” the company said in a statement. “Microsoft will continue to grow headcount in the year ahead and it will add additional focus to where those resources go.”

Microsoft said earlier this month that it will nearly double its budget for wage raises and expand stock awards to help retain key employees.

As stocks tumble and fears of an economic recession escalate, many other big technology companies have been slowing or freezing hiring in recent months. 

Nvidia Corp. has said that it expects to slow hiring in the second half of fiscal 2023, and other companies have followed suit, including Snap Inc., Meta Platforms Inc., and Salesforce Inc.