AM I NEXT? NO LOVE AT GETAROUND

San Francisco, California-based Getaround, an online car sharing or peer-to-peer carsharing service that connects drivers who need to reserve cars with car owners who share their cars in exchange for payment, has announced a 30% reduction in its American workforce.

CEO Sam Zaid noted...

Team

2023 was a challenging year for Getaround, but we’ve come out of it stronger. It was our first full year as a public company, and – as many companies have also experienced, both public and private – it was a year filled with tremendous challenges, and successes.

One area on which we continue to focus is the profitability of the company, keeping the long-term success of the business in mind. In that regard, we have made the difficult decision to further reduce costs and our workforce, effective immediately. This decision is part of our plan to better meet the global nature of the carsharing business and will affect approximately 30% of our North American staff.

The Reason for This Decision

It is never easy and always a difficult decision to part with our valued, amazing team members. The team at Getaround is like none other. This decision was especially difficult as we’ve worked so closely together to overcome the challenges the company faced through 2023.

Getaround is committed to achieving profitability and long-term business success while staying true to our mission, keeping the best interests of our community and stakeholders in mind. This decision is expected to reduce costs and further accelerate our path to profitability. We anticipate this reduction in our workforce will result in savings of approximately $7 million on an annualized run-rate basis.

The Road Ahead

While this is challenging news, we believe the future is bright for Getaround. We have made considerable progress over the past year, including:

Steady and meaningful improvements in revenue growth, unit profitability, and in our overall adjusted EBITDA profile

Launched new A.I. systems to improve our business, such as our TrustScore A.I.

Restructured to lower our fixed costs, and improved our operating efficiency

Deployed a powerful new global app that unifies and enables seamless trip coordination across the U.S. and Europe.

Consolidated and expanded our leadership in carsharing for the gig economy, enabling gig workers across the U.S. to rent cars to drive for services like Uber and DoorDash.

As the only carsharing marketplace that is truly global, connected, and delivering a digital user experience, and as the leader in gig carsharing, we believe Getaround is increasingly well positioned for the future.

How We Move Forward

I want to thank all those teammates who contributed to the progress we’ve made at Getaround. While we believe this is the right decision for the business, it does not diminish the challenge of letting talented colleagues go, or the gratitude we have for the dedication and professionalism of the team.

These decisions are difficult but in the best interest of Getaround and our long-term success. I take full responsibility for this decision, and I do apologize for the heartache and disruption it will cause.

Thank you again to our current and former teammates for their invaluable contributions to Getaround and our mission to empower people to carshare everywhere.

- Sam

“We own too many cars,” Zaid said. “We park them 22 to 23 hours a day, so there’s a vast amount of underutilization.”

Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. We see good people being laid off through no fault of their own. Just because something bad hasn't happened yet doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?

AM I NEXT? NO LOVE AT INDEED (05/12/24)

MAY 12, 2024 — 8% OR 1,000+ EMPLOYEES TARGETED

A Message from our CEO, Chris Hyams…

I am sad to share the news that we have made the difficult decision to reduce our headcount through a layoff. Unlike last year, where our reduction was driven by cost savings, we are taking this action because we need to simplify our organization to make it easier and faster for us to make decisions, and help us to more effectively grow revenue and hires.

We anticipate that we will be letting approximately 1,000 people go, representing ~8% of the company. While the reductions touch many groups and regions, they are not across the board like last year; rather they are mostly concentrated in the US, and are more focused on R&D and some Go-to-Market teams. We worked closely with the HR, Legal, and DEIB+ teams to ensure objectivity and equity in the decision-making process. The final selections have had no measurably disproportionate impact on women and under-represented genders or the under-represented minority population in the

I am responsible for how we got here, and the entire SLT is responsible for making the difficult decisions necessary to help set us up for the future. We know these decisions will have a significant impact on people’s lives. I’d like to share some context for why I believe it’s necessary.

Last year we were facing a global slowdown in hiring, which led to multiple consecutive quarters of revenue loss. We reduced our headcount, instituted multiple cost-saving measures, and instilled investment discipline across the company. These measures worked, and we are now operating with stable profitability.

However, while the global economy has improved in several areas over the past year, we are not yet set up for sustainable growth. Despite our efforts so far, our organization is still too complex, we still have significant duplication of effort and too many organizational layers that slow down decision-making. We have been working to simplify every aspect of our business, but without meaningful change, we can’t get where we need to go.

At a high level, we are significantly restructuring the R&D team to align with our marketplace strategy, and we are reducing layers of management. We are also restructuring and aligning some Go-to-Market teams, and will be eliminating most of the Sales and CS roles in Foster City, California. Across the business we are making additional changes to simplify decision-making and create clarity.

For those who are staying, I know you will need time to absorb this news. Tomorrow we will have a global town hall where I will share more about the overall org structure. This will be followed by org-specific town halls led by SLT, with opportunities to get answers to your questions. On Wednesday, we will share the updated organization chart for everyone to see.

As difficult as these changes are, our new structure will help us to simplify and work more effectively as one team, reignite growth in revenue, and drive toward our 2030 goal to help 100 million people get jobs.

But today, our focus will be on those who are leaving.

Our mission is vital. Helping people get jobs is a profound privilege. Our work is driven by the deep understanding of just how important a job is in a person’s life. We all know what it means to lose that. For those of you who are leaving, this is incredibly hard. We are committed to bringing as much support to you as possible in the days and weeks ahead. You helped millions of people get jobs, and helped Indeed to be a better place. Thank you.

Chris

APRIL 7, 2023 — Original blog post…

Stamford, Connecticut-based Indeed, a worldwide employment website for job listings, has announced a major 15% reduction in force.

The personnel realignment will impact 2,200 employees.

CEO Chris Hyams noted,

"I am heartbroken to share that I have made the difficult decision to reduce our headcount through layoffs. This is a decision I truly hoped I’d never have to make.

Leading a company whose mission is to help people get jobs, every single day I think about how important a job is in a person’s life. Losing a job is extraordinarily hard, financially and emotionally. For those who will be leaving, we are working to bring as much support as possible to each of you.

We anticipate we will be letting approximately 2,200 people go. This is roughly 15% of our team. The cuts come from nearly every team, function, level and region at Indeed and Indeed Flex. The specific decisions on who and where to cut were extremely difficult, but they were made with great care.

We focused on preparing the organization for the future, aligning with our strategy and priorities, and reducing duplication of effort and inefficiency. We worked closely with the HR, Legal, and DEIB+ teams to ensure objectivity and equity in these decisions. The final selections have had no measurably disproportionate impact on women and under-represented genders or the under-represented minority population in the US."

As we shared at the last Quarterly Update meeting, it is clear the job market will continue to cool after the recent post-COVID boom. It is becoming increasingly likely that HR Tech revenue will decline in FY2023 and potentially again in FY2024. Last quarter, US total job openings were down 3.5% year over year, while sponsored job volumes were down 33%. In the US, we are expecting job openings will likely decrease to pre-pandemic levels of about 7.5 million, or even lower over the next two to three years.

People who work here love Indeed. You pour your hearts and souls into your work. Some of you have been here for more than a decade. It is heartbreaking to see so many incredible people go, through no fault of your own. For those who are leaving, I want to thank each and every one of you for your contributions. You made Indeed a great place to work. You helped millions of people change their lives. We are better because of you.

For those who are staying, I know this will deeply affect all of you. We are incredibly fortunate to have an organization of people who care for each other and will support each other in the days and weeks ahead.

We will need time to process this. But we have so much to do to fulfill our mission of helping people get jobs. We will continue to accelerate our strategy of getting closer to the hire, we will deliver more value to employers through pay for performance, and we will make it even simpler and faster for everyone to get hired. While we’re facing challenging times ahead, I am confident that we will manage through it, and we will come out stronger on the other side.

Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. We see good people being laid off through no fault of their own. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?

AM I NEXT? NO LOVE AT SERVICETITIAN

Glendale, California-based ServiceTitan, a cloud-based software company that provides scheduling dispatch marketing and financial management services to contractors and other home service businesses. has announced an 8% reduction in its workforce.

It is estimated that the reduction in force will impact between 225 and 500 employees although the company declines to provide further details.

According to a company spokesperson, The layoffs were a result of the ongoing impact of the COVID-19 pandemic which has hit the home services industry particularly hard Many homeowners have postponed nonessential repairs and upgrades leading to a significant decline in demand for Service Titans services. According to CEO and cofounder Ara Mahdessian the company is well positioned to weather this storm and emerge even stronger He has emphasized that the company is investing in technology that will and remote services which could help maintain its competitive advantage and stay ahead of the curve as the industry continues to evolve."

Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. We see good people being laid off through no fault of their own. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?