Here’s why a San Francisco tech firm laid off a third of its staff
[ad_1]
On Deck, a San Francisco-based tech company that helps connect business founders to each other, has laid off around a third of its employees, TechCrunch reported.
The round of layoffs comes just three months after On Deck laid off a quarter of its staff in May, according to TechCrunch. The company laid off 73 full-time employees, who will receive 8 weeks of pay, 3 months of accelerated option vesting and 3 months of healthcare coverage. Recruiters looking to hire any of the laid-off employees can request access to a list of former staff looking for a new job.
Co-CEOs David Booth and Erik Torenberg announced the cuts in a Thursday blog post, writing that the company is making significant changes to the way it operates.
“This pivot ensures our teams and resources are aligned, and puts us on a clear, sustainable path with three years of runway in a volatile market,” they wrote. “Due to this restructure, we are unfortunately parting ways with a number of talented teammates today.”
On Deck isn’t the only Bay Area tech company cutting its staff. A number of layoffs — including at Twitter, Linkedin and most recently Robinhood — have jolted San Francisco’s tech industry. A recent study showed the Bay Area is hemorrhaging tech jobs, losing 800 between May 2019 and May 2021.
As a part of the restructuring, On Deck will be forming a new company focused on growing communities for mid-career professionals who want to accelerate their careers.
“By setting up our founder and career programs to operate under separate entities, led by people who are passionate about these communities, we will enable each team to focus on the needs of their core customers and ultimately lead to better outcomes,” Booth and Torenberg wrote.
Emma Talley is a San Francisco Chronicle staff writer. Email: emma.talley@sfchronicle.com Twitter: @EmmaT332
[ad_2]
Source link
