Spotify is cutting 6% of its staff

Across the tech industry, countless companies are laying off workers. In 2022, companies like T-Mobile, Verizon, Meta, Amazon, and Netflix have laid off large numbers of workers, and the trend is unabated. Shortly after Google announced massive layoffs, Spotify announced it would lay off his 6% of its workforce.

The global economy has not been in good shape for some time. This is having a devastating effect on the entire industry. Major tech companies are laying off workers to deal with all the rising costs. I don’t know how long this trend will last.

Spotify lays off 6% of employees

Spotify is one, if not the most popular music streaming platform in the world, but that doesn’t mean it’s immune to financial hardships. According to a memo sent to Spotify staff via CEO Daniel Ek, the company is undergoing a major restructuring. Unfortunately, this comes with some headcount reductions. He didn’t share exact numbers, but we do know that Spotify will lay off 6% of its staff.

Before the layoffs, the company had about 9,800 employees, according to its earnings report. So, doing some simple math, we can expect just under 600 people to lose their jobs. Of course, that’s just speculation.

Spotify is a big company, so laid off employees receive post-retirement benefits. First, about 5 months of severance pay will be paid. This is calculated based on “local notice period requirements and employee tenure.” The company also pays his PTO outstanding for the worker.

Employees whose immigration status is work-related work with their HRBP by: Employees can maintain wellness and receive two months of career support during retirement.

Company restructuring

In addition to news about layoffs, Ek also told employees about the company’s ongoing restructuring. First, there are some changes at the top. Chief Content Officer Dawn Ostroff is stepping down. She helped the company grow its podcasting presence to what it is today, and she moved into her Senior Advisory role to help with this transition.

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