If you have been following the news lately, then you should already be familiar with how the list of tech layoffs has been growing by the day.

Many notable companies have cut their workforce, citing one reason or the other. Because of this, many have been asking if there are any Podium layoffs in 2023.

Podium is a tech startup that has made a good name for itself in the industry. However, the company recently laid off about 12% of its workforce, causing great concerns among its employees and fans. But the twist is that Podium layoffs happened in 2022 and not this year.

Let’s cut the chase a bit more to help you see some things you need to know about the recent Podium layoffs and the reasons behind them.

Podium Layoffs – Is Podium Laying Off in 2023?

When it comes to layoffs, especially in the fast-paced tech industry, the rumor mill can run wild. But let’s set the record straight about Podium.

This year, in 2023, Podium is not on the layoff train. True, they’ve had a history of reducing their workforce, but the last significant layoff wave hit in 2022.

So, for those wondering if their jobs at Podium are secure this year – yes, they are! So, let’s relax a bit and take a closer look at what this company is all about.

A Closer Look at Podium – What Type of Company Is It?

Podium Layoffs 2023

Podium, a name that resonates with innovation in the tech world, is more than just a company – it’s a game-changer. Founded in 2014 by Eric Rea and Dennis Steele, Podium started as a humble tool to help businesses bolster their online presence through reviews.

Fast forward, and now it’s a tech powerhouse headquartered in Lehi, Utah. They offer a suite of cloud-based software solutions, including messaging, online reviews, customer feedback, and payment requests.

What sets Podium apart? Its ability to streamline online business interactions into one seamless tool. Users can text, chat, manage reviews, and handle payments with ease.

The company’s growth trajectory has been nothing short of stellar, with notable milestones like rebranding from RepDrive to Podium, moving from a spare bedroom to above a Provo bike shop, and a whopping $201 million Series D funding in 2021, shooting its valuation to $3 billion.

However, the journey hasn’t been without its bumps – like the layoffs in 2022 – but these challenges have only strengthened Podium’s resolve and focus.

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The 2022 Podium Layoffs

The most recent layoff at Podium, which happened in 2022, was a significant event for the company. It saw a reduction of 12% of its workforce. This decision didn’t come lightly. The company, which had grown to about 1,300 employees, had to make tough calls amidst an uncertain macroeconomic environment.

The layoffs were part of a broader strategy to tighten the belt. So, the company did not only cut down its workforce, but it also took some measures as part of the strategy. Some of them include slowing down hiring, subleasing office spaces, and cutting back on perks and software spending.

But why did Podium decide to lay off its employees? The reason behind the decision can be traced to factors such as macroeconomic uncertainty and overhiring. The management of the company also said they needed to take that route so they could refocus their business strategies.

They said they needed to adapt and make difficult decisions to steer the company toward sustainable growth in an increasingly competitive and unforgiving economic environment.

Notable Tech Layoffs in 2023

Now that we have addressed the rumor about Podium layoffs in 2023, we can take a step further to see what’s really happening in the industry at large.

Without any doubt, 2023 has been a turbulent year in the tech industry, with several notable companies making significant workforce reductions each month.

We thought the round would end in 2022, but we were wrong. 2023 has also witnessed lots of tech layoffs, which began to raise panic in the industry. Let’s take a closer look at some of these companies and the extent of their layoffs.

December 2023

  • Twilio: This cloud communications platform faced a tough decision, cutting 5% of its workforce. Twilio, known for its versatile API for messaging and calls, had to streamline operations amidst a challenging market.
  • Spotify: The music streaming giant also announced the elimination of about 1,500 jobs. This marked Spotify’s third round of layoffs in the year, showing how volatile the tech sector has become, even for established players.
  • Bending Spoons: Known for its popular video and photo-editing apps, Bending Spoons had to lay off the entire staff of Filmic following its acquisition in July.

November 2023

  • Zepz: The fintech unicorn, Zepz, reduced its workforce by 30 roles at the end of November. This followed an earlier cut of 26% of its workforce. Again, this is a clear indication of the pressures faced by fintech companies in the current economic climate.
  • Domo: In their Q3 earnings call, Domo announced reductions affecting 7% of its staff. The company had to make the tough decision to align with market demands.
  • Mojo: A-Rod and Marc Lore co-founded the sports betting startup Mojo. Despite raising $100 million, the company had to recalibrate its operations in the competitive sports betting landscape and lay off 20% of its staff.
  • Bungie: The game studio, now owned by Sony, announced layoffs affecting about 100 employees and delayed two of its upcoming titles.

October 2023

  • Karat: After raising a $70 million Series B round, the financial startup for creators had to cut an estimated 10% of its workforce, highlighting the difficulties faced by startups in sustaining growth post-funding.
  • Hippo: The home insurance company planned to eliminate 120 roles, as revealed in an SEC filing. Like many other companies in the sphere, Hippo has faced a lot of pressures fueled by the high competition in the industry.

September 2023

  •  IronNet: IronNet ceased all business activities as it prepared for Chapter 7 bankruptcy, resulting in laying off its remaining staff. This marked a significant downturn for a company once prominent in cybersecurity.
  • Naughty Dog: This is a company well known for blockbuster video games with a good growth trajectory. But in September 2023, the company reportedly cut at least 25 contract developers to join the list of tech layoffs for the year.
  • Epic Games: The Fortnite maker laid off 16% of its workforce, totaling 870 people. This move by Epic Games, a major player in the gaming industry, is no doubt a huge one!

August 2023

  •  Malwarebytes: This company, specializing in antivirus and security software, announced layoffs affecting 100 employees, mainly impacting corporate staff.
  • Twiga: Twiga also laid off 283 employees — about 33% of its workforce. They said the company was facing tough times maintaining growth and profitability like many other companies in the field.
  • SecureWorks: Announced it would let go of 15% of its workforce, impacting about 300 employees. This marked the company’s second round of layoffs in the year.

How Do You Know If More Layoffs Are Coming?

Predicting layoffs isn’t an exact science, but there are telltale signs. But in an industry where layoffs are becoming the order of the day, one might want to get this prediction right to know when they are likely going to be hit, too.

Some of the things that signal that layoffs are coming are un-replaced departing employees, hiring and spending freezes, delays in new projects, company mergers or acquisitions, top executives leaving, and previous layoffs.

These indicators can often signal that a company is tightening its belt, potentially leading to workforce reductions. If you notice your company exhibiting any of these, you might need to sit tight because a season of layoff might be around the corner.

Podium Layoffs 2023 – Final Note

To wrap it up, while the term ‘Podium Layoffs 2023’ might cause a stir, the reality is that Podium is not laying off employees this year. The tech industry, as a whole, is facing its challenges, but Podium is holding steady for now.

So, let’s stay optimistic and keep an eye on how the industry evolves. Here’s to hoping for a smoother sail ahead in the tech world!

FAQs

Is Deloitte Laying Off Employees in 2023?

Yes, Deloitte did initiate layoffs in 2023. Specifically, in April 2023, Deloitte laid off about 1.5% of its workforce in the United States, translating to approximately 1,200 jobs.

The cuts were predominantly in the financial advisory sector. The reason? They said it was due to a downturn in merger and acquisition activities.

How Do Companies Choose Who to Lay Off?

When companies face the tough decision of layoffs, they typically consider several factors:

  • Performance: Employees who have consistently underperformed or not met expectations are more likely to be considered for layoffs.
  • Skills and relevance: Companies may target positions or roles that are no longer as crucial to their current operations or future direction. This could be due to technological advancements, shifts in business strategy, or market demands.
  • Tenure and seniority: Sometimes, decisions are influenced by the tenure of employees, with newer employees being more vulnerable in some cases.
  • Cost considerations: Higher-paid employees might be targeted for layoffs as a cost-cutting measure, although this is balanced against the value they bring to the company.
  •  Legal and ethical considerations: Companies also have to consider legal requirements and ethical implications, ensuring that their decisions do not discriminate against any group or individual.

What Month Do Most Layoffs Occur?

Historically, January is the month when most layoffs occur. This trend can be attributed to several factors. Companies often review their annual performance and make strategic decisions for the new fiscal year. Budget reassessments at the year’s beginning may lead to cost-cutting measures, including layoffs.

What Happens When You Get Laid Off?

When you get laid off, a series of events typically unfolds. Firstly, many companies provide severance pay, which may be a lump sum or calculated based on your tenure. You might also continue to receive certain benefits like healthcare for a limited period.

You become eligible for unemployment benefits, with specifics varying based on your location and situation. Some organizations also offer support in the form of career counseling or job search assistance. And of course, you will receive your final paycheck, often inclusive of compensation for any unused vacation or sick days.

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