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On Deck, a San Francisco-based technology company that helps connect entrepreneurs with one another, has laid off about a third of its employees, TechCrunch reports.
The round of layoffs comes after On Deck laid off a quarter of its workforce in May, according to TechCrunch. The company announced that it is laying off 73 full-time employees, who will receive 8 weeks’ pay, 3 months’ accelerated optional coverage and 3 months’ health care coverage. Employers looking to hire any of the laid-off employees can request a list of former employees looking for new jobs.
CEOs David Booth and Eric Thorenberg announced their departures in a blog post Thursday, writing that the company is making significant changes to operations.
“This milestone ensures our teams and resources are aligned and puts us on a clear and sustainable path with a three-year runway in a changing market,” they wrote. “As a result of this restructuring, we are parting ways with many of our talented teammates today.”
It’s not the only Bay Area tech company on deck to cut workers. A spate of layoffs — including at Twitter, LinkedIn and, most recently, Robinhood — has disrupted San Francisco’s tech industry. A recent study found that the Bay Area is bleeding tech jobs, losing 800 between May 2019 and May 2021.
As part of the restructuring, On Deck will form a new company focused on growing mid-career professionals looking to accelerate their careers.
“By designing our founding and career programs to work under separate entities led by people who are passionate about these communities, we ensure that each team can focus on the needs of their core customers and ultimately drive better results,” wrote Booth and Thorenberg.
Emma Talley is a staff writer for the San Francisco Chronicle. Email: emma.talley@sfchronicle.com Twitter: @EmmaT332
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