Thredup laid off a lot of people this week! What’s unique about this layoff is that they have kept it out of the media and this is their 2nd layoff in two months(Thredup laid off 15% of their workforce in June) They laid off another 10% of their workforce including high level middle management(senior directors, etc) Is this normal for a company to do multiple layoffs in a short amount of time? TC: 195k (yeah it’s peanuts) Yoe: 13 Note: I do not work at thredup. I worked at thredup for several years before, but moved on before they did their first layoffs. I got the impression they will start layoffs after their stock tanked from 30 to 2 dollars after their ipo. ##severance #layoff
$195k is not peanuts. The the average salary in the United States is $56,310, with a median wage of $20.17 an hour. People will kill for your TC. I’m sorry - this just irritates my soul
For companies that don't know how to do layoffs, this is typical. First they prune the leaves, then consolidates the trunk. (Ie ICs first, then Ms) Companies that have done a bunch do it in the opposite way and the whole process is one week. Like Monday your D and an M disappear paid off to be quiet and the broad layoff comes by Thursday.
Excellent points.
Now thredUP did another layoff. 25% of its people got laid off!!!
It’s pretty common at the moment. My company has done 3 rounds of layoffs since June
Holy cow! Are you looking for a new job? How do people stay motivated after 3 rounds of layoffs?
Yeah, attrition is super high now. I wouldn’t be surprised if half the company is interviewing elsewhere. Myself and several folks that I’ve spoken with directly are. If I’m ever in a position where I need to do a layoff, I’m going to do a large one rather than a bunch of small cuts. The small repeated cuts are SO damaging to morale