Article: Web survey portal SurveyMonkey lays off 11% of the workforce

Technology

Web survey portal SurveyMonkey lays off 11% of the workforce

The layoff, initiated by the parent company Momentive Global, describes the move as a part of the strategic shift to align focus and growth. Due to the lateral decision, the 13-year-old company would incur between $4 million and $5 million in charges, the firm said.
Web survey portal SurveyMonkey lays off 11% of the workforce

Web survey portal SurveyMonkey, popular amongst professionals for easy-to-use polling and data collection services, has laid off 11% of its workforce.

SurveyMonkey’s parent company Momentive Global has initiated the move at a time when many big tech companies are downsizing their workforce in anticipation of the recession winter. Meta, Google, Twilio, Peloton, Byju’s and more firms have disbanded their teams and relieved their workers from their duty over the last six months.

According to multiple sources, people across divisions — including those handling the business development, customer support, recruitment and sales at the San Mateo, California-headquartered company — have been impacted.

“We announced plans to reduce our headcount by 11%. We are undertaking this difficult change as part of a strategic shift as we streamline our focus and align our resources to our top priorities,” Hillary Wilson, senior communications manager at Momentive, said in an 8-K filing statement.

The firm described its layoff move as part of a restructuring plan to “improve operating margin and create efficiencies.” 

“Due to the lateral decision, the 13-year-old company would incur between $4 million and $5 million in charges, which include employee severance, employee benefits and related facilitation costs,” the company said in its filing.

The statement added that Momentive expects the majority of these costs would be incurred and paid during the fourth quarter of 2022. The execution of the restructuring plan, including cash payments, will be substantially complete by the end of fiscal 2022.  

The expected cost is estimated to be between $119.5 million and $122.5 million in sales for the quarter that ended September 30 2022.

The statement also noted that the process impacting its global workforce might extend into the first quarter of 2023 or beyond in certain countries. 

Momentive Global was founded in 1999 by American businessmen Finley Brothers - Ryan and Chris. 

The layoff season is taking its toll on employees and employers alike as companies with tech giants such as Meta, Google and Snap have reduced employee numbers while freezing their hiring process. The layoff winter has impacted Indian companies too with Byju’s, EPAM and some other firms having also laid off their workforce recently. 

 

Image credit: Office Snapshots

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Topics: Technology, Employee Engagement, #Layoffs

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