Reddit lays off staff and slows hiring
axios.com
axios.com
> The layoffs affect about 90 workers, around 5% of its 2,000 employees. It will also shrink its hiring plans from 300 new hires down to about 100 for the rest of the year.
We're not talking massive cuts, here. They're basically keeping headcount flat for the FY, whereas their previous plan aimed for a 15% growth target.
This'll probably be painful for some hiring managers looking to increase capacity but otherwise it seems like a bit of a non-event.
The fundamental structure of the product hasn't changed in a decade, except to add some superfluous UI garbage that everyone who knows better avoids by using the old UI anyway, or until recently the API.
2k people is a lot of people but I wouldn't underestimate how much there is to their business.
Think of it this way: Elon cut Twitter to the bone and they still have 1500 staff, IIRC, and I'd argue Reddit is at least as complex.
That said Elon Musk has not acquired reddit, and thus did not cut it to the bone similarly to Twitter. Had that happened perhaps it would be down somewhere around 500 staff. Which still feels subjectively about sufficient for what the product does.
But I suppose one of the enduring realities of tech hiring, or any corporate hiring is that above a certain size people's careers are not advanced by managing small, tightly run and efficient teams but rather by sitting atop as bloated a pyramidal hierarchy as possible, with a budget to match.
Likely submitted because Axios are paying for this article to be advertised on Twitter.