JANUARY 5, 2023 — ANOTHER ROUND OF LAYOFFS. 10% OF EXISTING STAFF OR 350 TARGETED FOR LAYOFFS.
From Robert Reffkin, the CEO of Compass…
Compass Team,
As entrepreneurs you are no strangers to managing your business and expenses to ensure your long-term success, especially in difficult economic times. As I have mentioned to you and shared publicly over the past few months, we have been doing the same things here at the company level. Like you, we've been focused over the last year on controlling our costs. As part of that work, today we reduced the size of some of our employee teams.
While decisions like these are always hard, they are prudent and allow us to continue to build a long-term, successful business for all of you. Our teams are going to continue to be focused on goals that are directly tied to helping you grow your business and create a better experience for your clients.
All responsible industry leaders are addressing these challenges, including many of our competitors. I want you to know that I am committed to your success and making sure this company does everything possible to support your growth and help you realize your potential.
I am so grateful to be working for you all.
Robert
SEPTEMBER 23, 2022 — 271 LAYOFFS IN SEATTLE, WASHINGTON
Continuing with its cost-cutting initiative, the company has announced that 271 employees, including 84 “local employees” and 187 “virtual” employees, mostly within the technology department and based in Seattle, Washington, will be laid off commencing on November 19, 2022. Virtual employees may be based anywhere, including other states, but report to the Seattle, Washington office.
According to CEO Robert Reffkin, “These reductions are difficult but ultimately necessary to ensure we can confidently navigate the current market. A significant portion of the workforce reduction involves reductions in headcount on the company’s product and engineering team. The Company believes it is in a position to reduce its go-forward investment in technology given the maturity of the Company’s technology platform.
JUNE 30, 2022 — Original post…
New York, New York-based Compass, Inc., a technology-driven residential real estate brokerage specializing in high-end properties, has announced a major reduction in force.
The reduction in force will impact 450 employees, said to be mostly recruiters of independent real estate agents and support staff.
The company's CEO, Robert Reffkin, noted that the decision was driven by rising interest rates, 8.6 percent inflation, and an impending recession, further noting the “economic environment has consistently worsened over these last few months.”
“I have been through three of these economic cycles in my career so far, and I believe that in challenging times, companies that move quickly and decisively emerge stronger and better than those who take half-measures or no action at all,”
"As an innovative residential real estate firm, we empower our agents so they have more time for advising their clients. With the solutions-driven mindset of a startup and the sophistication of a luxury brand, Compass is the future of real estate."
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. 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?
