Paypal, another tech company disclosed its intention to lay off 7% of its workers due to the uncertainties of the world macroeconomics.
While the online payment company has over the past years made significant progress in strengthening and reshaping their company with lots of investment to meet their customer’s needs. The intention to keep the standard and remain in the business no matter the challenges of the economy require them to make some hard decisions. One of the decisions revealed to the public is to dismiss some of its workers.
Paypal’s Reaction
Reacting to world macro economies, Paypal said;
‘Addressing these changes requires us to make hard decisions that will impact some of our colleagues. Today, I’m writing to share the difficult news that we will be reducing our global workforce by approximately 2,000 full-time employees, which is about 7% of our total workforce. These reductions will occur over the coming weeks, with some organizations impacted more than others.
The Chief Executive Officer of Paypal, Dan Schulman however expressed his heart to the employees while delivering the message, saying;
“We will treat our departing colleagues with the utmost respect and empathy, provide them with generous packages, engage in consultation where required, and support them with their transitions. I want to express my appreciation for the meaningful contributions they have made to PayPal,” Schulman said in the memo sighted by Nairametrics. ‘
Meanwhile, the Paypal announcement came as the latest in the series of layoffs by tech companies like Twitter, Amazon and so on which have affected thousands of tech workers globally.
Furthermore, PayPal’s CEO also made it known in his speech to the workers about the difficulties and how the decision is going to affect all workers by drawing on the unparalleled scale of its global platform until they can scale through the period as a team.
“Over the next days and weeks, your leaders will share the specific impacts within your business units and teams. Our leadership team will communicate regularly and openly. This will be a challenging period for our community, but I am confident we will come through it together with compassion for each other, our values at the fore, and a shared commitment to the future of PayPal,” he added.
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