Over the course of previous years, Reddit has been widely recognized as the best social media platform on the web. Well, the current economic conditions are not just restricted to one sector of business or just one or two big companies. Previously, we have learned about the downsizing and restructuring of several companies like Meta, google, T-Mobile, Microsoft, and Disney.
Well, laying off employees and downsizing has become a common thing in the tech sector. Now the latest pieces of information suggest that Reddit is going to adopt the same strategy. Reportedly, the company is planning a restructuring. As per a report from The Wall Street Journal, the company is going to lay off 5% of its workforce.
It is quite obvious that the popularity of any company doesn’t indicate that the company is prone to economic challenges. The report indicates that Reddit’s chief has notified the employees via an email that almost 90 workers will have to leave the company. It accounts for 5% of the total 2,000 Reddit employees. Besides this, there is no information about the compensation or severance packages for the laid-off employees. There is no word about the relocation of these employees to other positions within the company.
In addition to job cuts, the company is also limiting its hiring efforts. Previously, Reddit declared that it will add 300 new workers to its team. However, the company has reduced that number to just 100 new employees for now. Well, all these efforts are to ensure the positive growth of the company in terms of profits. The company shared that it gained a strong response in H1 2023 and it plans a similar result for the second half of the year. For this reason, the company is going through some tough decisions. From this perspective, the company has recently changed its API policy as well.
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