Bolt laying off employees
Bolt is a fast-growing online payments startup that was valued at $11 billion earlier this year. However, the Silicon Valley-based company recently instituted a hiring freeze and laid off employees among the souring fund-raising environment or startups.
In a message to the employees, Bolt's chief executive Maju Kuruvilla attributed the layoffs to "structural changes" amid "macro challenges". Mr.Kuruvilla wrote "The leadership team and I have made the decision to secure our financial position, extend our runway, and reach profitability with the money we have already raised." This adds to the already building pile of problems faced by the company including a lawsuit filed by one of their biggest customers. Bolt is said to have overestimated its capabilities in search of a higher valuation. Bolt has about 900 employees. However they aren't alone, Bolt just merely joined a long list of companies that have let go of employees. According to sources some 100 young startups have initiated a hiring freeze or let go of employees amid a worsening outlook for young companies.
Bolt employees were not informed beforehand how many of their colleagues were fired or from which department but according to former and current employees, as and when people were informed that they no longer had a job, the number of participants on the company's main Slack channel kept falling which gave a fair idea.
Source: The New York Times
Category
Employment Law & Compliance
Business Acumen
Health Savings Accounts
Retaliation
Recruiting
Organization & Employee Development
Technology
Fiduciary Duty
Workplace Wellness
Communicable Diseases
Leave Management
Employee Handbooks
Cybersecurity
Labor Relations
Retirement & Recognitions
Global Mindset
Time Worked
Contemporary Issues
Retention
Educational Assistance
HR Careers
Learning & Development
Succession Planning
Ethnicity
Emergency Response
Compensation & Benefits
Hiring & Firing
Promotion
Privacy
Employment Offers
Leadership Development
Sexualy Harassment
Background Checks
Open Enrollment
Inclusion, Equity & Diversity
Organizational Structure
Employee Engagement
Talent Acquisition
Closing
Termination
Teamwork
Intellectual Property
Executive Compensation
Gender Identity
Disaster Preparation & Response
Opening & Closing
Investigations
Social Media
Risk Management
Job Applications &
Tags
Article
COVID-19 - 6 Challenges Staffing Firms Are Likely to Face
Most industries have severely suffered in the ongoing pandemic with a few exceptions, like healthca ...
Know the Work Habits of Highly Effective Employees
The employees are the most valuable assets of any organization. It’s their credibility, efficiency, ...
10 Tips to Help You Ace an Online Interview Amidst COVID-19 Crisis
Online interviews have been rising in popularity for quite some time now. It has increased by 49% s ...
With Remote Working Being the New Norm, How to Hire the Best remote Workers
Before the advent of the COVID-19 pandemic, about 7 million people in the US alone were working rem ...
Comments