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San Francisco firm Thumbtack lays off its personnel workforce

Thumbtack

Home service provider Thumbtack is cutting 14 percent of its headcount. 

The San Francisco firm sent an email informing the layoffs hit its global personnel across all teams and levels.

It added the company “will be providing a severance package to everyone impacted.”

READ MORE: THE WASHINGTON POST WARNS EMPLOYEES OF MORE JOB CUTS IN THE NEW YEAR

But, it did not give more details on the pay and benefits staff might receive.

Many tech companies in Bay Area have seen workforce reductions due to a worsening economic climate.

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A company spokesperson said: “The decision was made due to macroeconomic impacts on the economy and was a necessary step in ensuring our long-term viability.”

READ MORE: MOTOR VEHICLE MANUFACTURER FORVIA CUTS 268 STAFFERS IN ILLINOIS

Corporate giants Twitter, Meta, and Amazon had also laid off a significant number of employees.

Thumbtack has secured almost $700 million in funds to date.

The cuts were not the first time the firm has been forced to reduce its workforce in recent years.

When the pandemic took hold in early 2020, CEO Marco Zappacosta told staff about the low demand for services on the site.

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It had then fallen by 61 percent, and overall revenue had plunged by more than 40 percent, due to a steep decline in in-person services during lockdowns.

That resulted in the layoff of 250 people at the time.

Zappacosta assured workers at the time that they would get severance packages that had both cash and equity compensation.

Source: San Francisco Chronicle

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