Last updated on August 8th, 2023 at 05:19 pm
Estimated reading time: 2 minutes
Around 90 of Freshworks’ employees, or 2% of its total workforce, have been laid off across teams, particularly sales, marketing, and engineering. The software industry is suffering from tight macroeconomic pressures, which Freshworks cites as the reason for the layoffs.
Girish Mathrubootham founder and chief executive said in an email to the employees, founder, and chief executive that this is not a company-wide layoff but rather a structural change.
Mathrubootham said in an email that Moneycontrol has seen that in all the changes they undertook, they have deployed and retained the majority of their teammates. However, a few around 2% of 5,200 people, or approximately 90 employees, for whom they do not have a readily available open position.
He added that they are doing everything they can to help impacted employees with transition support including extended healthcare coverage and outplacement services.
Many employees on the sales team were kept on a Performance Improvement Plan (PIP), in which an employee is given a warning and a time period to improve performance, another source said.
Some people were kept on PIP while others were asked to move to different teams. “I think,” the person said, “mainly those employees were laid off.” The person said that the severance differs across teams but that they were all promised it.
Approximately 2,000 employees will be laid off by Salesforce in order to cut costs, as announced in November. Approximately 300 employees were laid off by Zendesk last month.
“Freshworks is not hiring aggressively due to the US Fed’s stance and a concern about a global recession,” Mathrubootham previously stated. He said that all companies, not just SaaS, are staying very cautious.
Freshworks reported a 37 percent increase in consolidated revenue year-over-year, totaling $128.8 million for the third quarter that ended September 2022.
Although we reported a strong quarter, we are not invulnerable to this slower economy. He said that even though new businesses picked up, they reduced their growth forecasts and headcount needs, which caused expansion to slow down.
Despite the slow economic growth, the firm witnessed steady growth in markets like North America and the mid-market in the enterprise segment, Mathrubootham added.
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