Snap just laid off about two dozen employees, sources have confirmed with Fast Company. The layoffs hit many on the company’s content team, although eight teams were impacted in total. The company is now consolidating this team to California, which had members in New York as well. The layoffs were first reported by the Information (paywall). People with knowledge of the situation told Fast Company that many Snap content employees were asked to either move to California or be cut. Snap has considered content one of its main revenue drivers. But recent headlines have pointed to severe headwinds. According to a report from last week, engagement has suffered. Only 20% of its users engage with Discover, and other new highly anticipated features–like Maps–are also seeing adoption problems. Meanwhile, many publishers aren’t seeing the results they hoped to with Snapchat content. CNN announced that it would cancel its show on the platform because its … [Read more...] about Snap layoffs hit dozens of employees amid reports of lackluster engagement
Layoffs
Snap’s stock takes a beating after reports of another huge round of layoffs
Snap is reportedly about to lay off even more of its staff. According to a new report from Cheddar, which cites anonymous sources, the planned layoffs will be its biggest to date. Though an exact number wasn’t given, one source told Cheddar the cuts affect less than 10% of the company’s engineering staff. Meanwhile, after rising steadily throughout much of the day, Snap’s stock is now falling. Shares are trading at $18.10 after a high of $18.49. In January, Snap laid off nearly a dozen employees–predominately from the content team. At the time, this was said to be part of a general consolidation. Now it seems the company is continuing to downsize as it trudges through 2018. I reached out to Snap for comment and will update this post if I hear back.CGW … [Read more...] about Snap’s stock takes a beating after reports of another huge round of layoffs
Take These Steps To Boost Morale After Layoffs
You might think that employees who survive layoffs feel lucky or valued, but a study by outplacement provider RiseSmart finds that surviving team members have unique challenges that can hurt their productivity, and 43% of companies are not prepared for the impact. “Most of the focus is on the employees who are leaving, and that’s understandable,” says Dan Davenport, president and general manager of RiseSmart. “Not enough attention is paid to the impact on the surviving employees by companies.” Anxiety and a drop in morale are commonly felt, says Davenport. “Employees wonder what’s going to happen next,” he says. “They’re also worried about their former coworkers who are leaving the organization, wondering if they’ll land on their feet. This can lead to a loss of productivity.” Companies need get in front of the potential impact by putting a plan in place, says Davenport. “You can’t eliminate the … [Read more...] about Take These Steps To Boost Morale After Layoffs
Recovery in labour market last year sees fewer layoffs
[SINGAPORE] After six years of rising layoffs, there was some relief for workers last year as retrenchments dipped.There were 14,340 retrenchments last year, down from 19,170 in 2016, with improvements coming from the manufacturing and services sectors, according to preliminary full-year data released by the Manpower Ministry (MOM) on Friday.The unemployment situation also improved over the second half of the year as economic conditions brightened, though the unemployment rate for the whole year was still higher on average than in the year before.The annual average unemployment rate for 2017 for Singaporeans was 3.3 per cent, higher than the average of 3.1 per cent in 2016. Overall, the rate was 2.2 per cent, higher than the 2.1 per cent seen in 2016.The unemployment rate measures the share of the labour force aged 15 and above that is able and willing to work, but is jobless.But the quarterly rates came down towards the end of the year, with the turnaround in the economy over the past … [Read more...] about Recovery in labour market last year sees fewer layoffs
Recovery in labour market last year sees fewer layoffs; lower unemployment towards year-end
[SINGAPORE] After six years of rising layoffs, there was some relief for workers last year as retrenchments dipped.There were 14,340 retrenchments last year, down from 19,170 in 2016, with improvements coming from the manufacturing and services sectors, according to preliminary full-year data released by the Manpower Ministry (MOM) on Friday.The unemployment situation also improved over the second half of the year as economic conditions brightened, though the unemployment rate for the whole year was still higher on average than in the year before.The annual average unemployment rate for 2017 for Singaporeans was 3.3 per cent, higher than the average of 3.1 per cent in 2016. Overall, the rate was 2.2 per cent, higher than the 2.1 per cent seen in 2016.The unemployment rate measures the share of the labour force aged 15 and above that is able and willing to work, but is jobless.But the quarterly rates came down towards the end of the year, with the turnaround in the economy over the past … [Read more...] about Recovery in labour market last year sees fewer layoffs; lower unemployment towards year-end