Citing revenue declines, Airbnb cuts 25% of workforce

drwl wrote: post #3

nightshadetrie wrote: post #2

The most famous unicorn bleeds today.

A lot of tech is getting hit, it seems like Airbnb is more in the spotlight

FANG is surviving, if not thriving. A lot of famous companies will disappear in the next 9 months. This feels a lot like the dotcom bust to me.

Re: Citing revenue declines, Airbnb cuts 25% of workforce

#7

Post by hm8 » Tue, May 05, 2020, 7:27 PM UTC

I can only imagine how much it sucks to be laid off and what a difficult decision it must be for Airbnb executives.

To me, the severance and exit benefits do seem to strike an employee friendly tone. Kudos to the leadership to striking a good balance on keeping the business alive and doing right by their people.

Re: Citing revenue declines, Airbnb cuts 25% of workforce

#8

Post by monkeyfacebag » Tue, May 05, 2020, 7:27 PM UTC

14 weeks of pay + 1 week / year seems like a silver lining in an otherwise bad circumstance.

Re: Citing revenue declines, Airbnb cuts 25% of workforce

#9

Post by ryanwaggoner » Tue, May 05, 2020, 7:27 PM UTC

Separated employees will receive 14 weeks of pay, and one more week for each year served at the company (rounding partial years up). The firm is also dropping its one-year equity cliff so that employees who are laid off with under 12 months of tenure can buy their vested options; Airbnb will also provide 12 months of health insurance through COBRA in the United States, and health care coverage through 2020 in the rest of the world.

Layoffs always suck, no matter what, but this is laudable behavior on their part.

Re: Citing revenue declines, Airbnb cuts 25% of workforce

#10

Post by keiferski » Tue, May 05, 2020, 7:27 PM UTC

Separated employees will receive 14 weeks of pay, and one more week for each year served at the company (rounding partial years up). The firm is also dropping its one-year equity cliff so that employees who are laid off with under 12 months of tenure can buy their vested options; Airbnb will also provide 12 months of health insurance through COBRA in the United States, and health care coverage through 2020 in the rest of the world.

That strikes me as a pretty generous severance package.