Difficult financial situations are affecting corporations of all sizes, leading to job cuts. Storytelling platform Wattpad introduced Tuesday that it has laid off 42 of its 267 individuals workforce — that’s almost 15% of the workers. It can present at the least 12 weeks of severance and 6 months of continued advantages to the departing workers. Plus, they are going to be allowed to maintain office-allocated gadgets comparable to laptops.
In a weblog put up, the corporate blamed the financial setting for the cost-cutting measures and stated the layoff impacts all its divisions.
“As you all know, the worldwide financial actuality over the previous 12 months has basically modified – and like different companies, we aren’t immune. Regardless of our greatest efforts over the previous a number of months to restrict the affect of the altering financial setting, right this moment, we’ve made the tough however needed resolution to cut back our workforce,” The corporate’s interim president KB Nam stated.
“This doesn’t imply that these crew members haven’t been an essential a part of our work. It’s essential to notice that these choices are in response to altering enterprise realities and desires, and are under no circumstances a mirrored image of particular person contributions. Everybody at Wattpad has achieved an incredible quantity and had a constructive affect on our firm.”
Final 12 months, the corporate appointed Naver Webtoon’s Nam because the interim president after Jeanne Lam determined to go away. In 2021, Wattpad turned part of the South Korean firm Naver after a $600 million acquisition.
Final June, the corporate launched a brand new creator program that would pay writers as much as $25,000. It additionally launched a brand new measurement metric referred to as “Engaged Readers” for writers.
