Are layoffs going to start picking up again in tech with companies announcing second, third rounds? -- SecureWorks said Monday it will let go of 15% of its workforce, the cybersecurity company’s second round of layoffs this year. In a regulatory filing, SecureWorks said that it would incur about $14.2 million in expenses due to the layoffs, mostly related to employee termination benefits and real-estate costs. SecureWorks chief executive Wendy Thomas cited the need to “simplify and scale our business and to deliver profitable growth” in an all-hands company email to employees justifying the cuts. The company announced an earlier 9% workforce reduction in February, as it aimed to prioritize its higher margin Tageis cloud security products. The company said in a filing at the time it had 2,149 full-time employees globally. That puts the number of affected employees at around 300 for this round of layoffs. SecureWorks said the departing employees’ last day will be August 25. https://techcrunch.com/2023/08/14/secureworks-second-round-layoffs-this-year/ #layoff #layoffs #laidoff #rif #jobcuts #cybersecurity #security #tech
Any secureworkian to comment??? How is the enthusiasm?
Management has very little clue on how to scale up new product line and Dell ownership kills us by holding majority stock with little leeway to raise more cash. TBH Secureworks had a better tech workforce but transition to new product line with no way to rise funds has cost us. Cybersecurity companies who have similar revenue to us had 2-3 times our valuation and more cash in hand. Time is critical in this saturated space whereas we have been laying off employees to sustain our operations is the hard truth
As far as I know there is one main moneymaker product XDR and one lossmaker - VDR. What's the new product line up?
Secure
Looks like job is not secured there
I noticed people at the top got promoted right after last round of layoffs. Did anyone raise any voice?
No but definitely noticed that. Not good.
This is potentially ground for legal action?
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Work is not secure