Dropbox joins others in shedding workers.
Cloud storage large Dropbox introduced on Thursday that it’s shedding 16 per cent of its workforce, or about 500 workers, attributable to slowing progress.
Cloud storage large Dropbox introduced on Thursday that it’s shedding 16 per cent of its workforce, or about 500 workers, attributable to slowing progress.
Dropbox CEO Drew Houston mentioned that he takes full possession of this choice.
“If you’ve been impacted, you’ll be despatched a calendar invitation for a one-on-one with a pacesetter in your group and a member of the People group to undergo particulars of your departure, package deal, and to ask any questions you will have,” he informed.
Houston said that while the business is profitable, “our growth has been slowing”.
“Part of that is because of the pure maturation of our current companies, however extra lately, headwinds from the financial downturn have put stress on our clients and, in flip, on our enterprise,” he mentioned.
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As a consequence, some investments that used to ship constructive returns are now not sustainable, the corporate knowledgeable.
In January 2021, Dropbox had laid off 315 employees amid the Covid-19 pandemic.
The impacted employees will be eligible for 16 weeks of pay, with one additional week of pay for each completed year of tenure at Dropbox.
“All impacted employees will receive their Q2 equity vest. All employees will be eligible for up to six months of COBRA in the US, and similar equivalents where applicable internationally, as well as Modern Health support,” mentioned the corporate.
The impacted workers can be eligible to maintain firm units (telephones, tablets, laptops, and peripherals) for private use.
“These transitions are by no means straightforward, however I’m decided to make sure that Dropbox is on the forefront of the AI period, simply as we have been on the forefront of the shift to cell and the cloud. We’ll want all palms on deck as machine intelligence provides us the instruments to reimagine our current companies and invent new ones,” the CEO mentioned.
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