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Deck, a tech company that helps people start and build businesses, has laid off a third of its workforce, TechCrunch reports. These layoffs come three months after the company laid off a quarter of its workforce in early May.
In an Aug. 4 blog post, On Deck announced a company restructuring that resulted in the elimination of several roles.
A spokesperson told SFGATE: “The unfortunate consequence of this decision is that we are parting ways with a lot of talent.
On Deck told TechCrunch that 73 full-time employees were laid off. Those 73 people will be given 8 weeks of pay, 3 months of health care coverage and 3 months of “accelerated alternative vesting.” On Deck, employers looking to hire laid off employees can request a list of people looking for new positions.
“We’re returning to our roots by refocusing Deck solely around our core founding communities, products and marketplaces,” the company’s blog post says.
Deck launched in 2019. Since then, the companies it has worked with have generated more than $8 billion in assets and raised more than $800 million, according to a spokesperson. This rapid growth was part of the company’s decision to reduce its workforce.
“Our team has worked tirelessly to expand and cover a wide area. However, this broad focus has created significant tensions. What we always envisioned as a strength – serving multiple user groups and building flywheels across them – has broken our focus and brand,” the blog post reads.
OnDeck also plans to split into two companies, saying it will “move our top professional communities into a new company led by a small number of OnDeck employees and alumni.” Other communities within the company will be disbanded.
The company’s layoffs are the latest in a string of mass tech layoffs that have rocked the industry in the past few months.
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