Social media giant Snap, the parent company of Snapchat, has unveiled plans to reduce its workforce by approximately 10%, signaling the second wave of mass redundancies in recent times. With around 5,000 employees as of November 2023, this move implies that approximately 500 individuals may be facing redundancy, adding to the 20% reduction in staff that occurred in August 2022.
The decision to cut jobs is part of Snap’s strategy to “reduce hierarchy and promote in-person collaboration,” according to the company. A spokesperson emphasized their focus on supporting departing team members and expressed gratitude for their hard work and contributions to Snap.
Snap Announces Second Wave of Job Cuts Amid Industry Trends
While Snap has not specified the geographical distribution of the job cuts, the company has more than 500 employees in the UK, as indicated by its most recent annual report. The impact on the UK workforce remains unclear at this time.
This move by Snap aligns with a broader industry trend where major tech companies, such as Meta and Google, grapple with finding a balance between cost-cutting measures and the imperative to stay competitive. Job losses in the tech sector have been a prevalent theme, with over 232,000 job cuts recorded in 2023, as reported by layoffs.fyi, an entity that tracks job losses in the industry.
As Snap navigates these changes, the company aims to streamline its operations while adapting to the evolving dynamics of the tech landscape. The latest job cuts underscore the challenges faced by tech companies in an ever-changing market and highlight the broader implications for the industry’s workforce in the coming years.