Employer rating website Glassdoor has said it will slash its 15% workforce due to a shift in the macroeconomic environment.
The outcome is also a result of declines in revenue trends and retention rates, company said in the official statement.
“From the start, we said that layoffs would be a last resort. Unfortunately, we have reached that point. It is with a heavy heart that I share that I have made the difficult decision to reduce our workforce,” Glassdoor CEO Christian Sutherland-Wong said in a memo.
The company is extending a support for those leaving by offering them a minimum of 16 weeks of base pay, healthcare coverage for 4 months, 100% payout of the spring 2023 bonus. It will also assist with job searches, Sutherland-Wong said.
He further added that, “This outcome is devastating, and please know that we made all attempts to control costs to avoid this. We paused hiring. We cut programme costs. We cut travel and events. Unfortunately, this was not enough.”
The US-based company allows its users to anonymously submit and view salaries, as well as search and apply for jobs on its platform.
Before this round of layoffs, Glassdoor laid off about 300 people in May 2020. The cuts accounted for 30% of the company’s workforce at the time and half of its Chicago office.
In 2018, it was bought by the Japanese multinational Recruit Holdings for $1.2 billion, and continues to operate as an independent subsidiary.
