By Skye Milburn
There are several tech companies that have been conducting mass layoffs during October 2024. These layoffs impacted hundreds of employees in the industry and will surely make it hard for them to get back up on their feet, especially in places in California being as expensive as they are. Here are some of the companies that conducted these layoffs, and the reasons they did so.
Coursera Inc. is an American global open online course provider that offers classes from universities all over the world. In late October, Coursera announced that they will be laying off around ten percent of their employees, which results in roughly 150 workers. They said the layoffs were part of a strategy to help align their costs with their business goals. Along with these layoffs, Coursera plans to reduce their overall spending and focus more on essential initiatives that support long-term growth.
A quote from the chief financial officer of Coursera, Ken Hahn, states that, “Our strong bottom-line performance continues to demonstrate our commitment to driving sustainable growth while expanding profitability, no matter the environment in which we operate.” This quote shows that the company thinks they will be unaffected by these layoffs, and they will remain profitable.
Kraken is a United States cryptocurrency exchange founded in 2011. On October 30, 2024, Kraken also announced they will be laying off employees–this time closer to 15 percent after the company got a new co-CEO. In a post, co-CEO’s Arjun Sethi and Dave Ripley expressed their need for the company to become “leaner and faster.” They stated, “Making organizational changes is never easy, and we understand their profound impact on people’s lives.”
Upwork Inc., formerly Elance-oDesk, is an American freelancing platform headquartered in Santa Clara and San Francisco, California. Upwork announced plans to release over 20 percent of their workforce. While the exact number of employees affected is unclear, it is estimated that 160 workers will be laid off. The company also filed a WARN notice with California on the 30th, which is generally required in the event of mass layoffs. The WARN documented 67 layoffs at Upwork’s Palo Alto office, which also included eight vice presidents and many other directors and managers.
“For a company with a mission centered around creating economic opportunity, reducing our workforce is a painful step to take, and I know it is hardest for those who will not be a part of our next chapter,” announced Hayden Brown, the current Upwork CEO.
Finally, Miro, a digital collaboration platform that is designed to facilitate remote and distributed team communication and management, announced it will be laying off a portion of its workforce, right around 18 percent. Iin Miro’s case, this is about 280 employees. The company itself is valued at over 17 billion dollars, but the company is now facing challenges as tech businesses become more selective on their spending on software solutions. The business gained substantial attention from companies during the pandemic, but has since fallen off as most employees have returned to their offices.
Overall, these mass layoffs have heavily impacted the tech industries workforce, and hopefully they were really in the companies’ best interests. Even so, these laid off employees will find it really hard to recover and might even need to start selling personal belongings to survive. For most, finding suitable and sustainable work after being let go has truly been a nightmare.
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