White-collar workers, beware.
CEO Jack Dorsey is departing from the classic tech layoff playbook — and it could be a sign of what’s to come.
In a post on X on Thursday, the billionaire declared he’s slashing nearly half of Block’s workforce, cutting its over 10,000-person staff to just under 6,000. He declared that he is doing this despite the business being strong and profits growing.
In the tech indusattempt’s hardcore era, many companies have pared down teams through repeated rounds of layoffs. Dorsey’s massive chop stands alone.
In his memo, the cofounder and CEO declared repeated rounds of layoffs are “destructive to morale,” focus, and to the trust of customers and shareholders. He declared he’d rather do the cuts in one fell swoop.
Read more on Business Insider about how this could be our first glimpse at how doomsday layoffs could work in the AI era: https://lnkd.in/eqSa72gG
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