Snap's head of engineering was asked about job cuts during a recent staff meeting. His answer has employees fearing the worst, according to insiders.
Spiegel said in a letter to investors that"a strict reprioritization of goals and initiatives" was coming"across the company." He did not speak on a call with analysts and the company did not provide an outlook for the third quarter, citing the"uncertainties" at play. It's stock has fallen 86% over the past year.
"We expect to emerge from this recalibration as a more focused and more productive organization that is well positioned to capture the long-term growth opportunity we see ahead," Spiegel added in the letter. Now, workers are waiting to see if they find themselves on a team or portion of the business that is being deprioritized. A period of performance reviews recently wrapped, one worker told Insider. Managers received a"recommendation" before the process started that at least 10% of their teams should be put on performance plans. A performance improvement plan, or PIP, is when a worker is identified for underperformance and put on a plan to improve their work.
However, it's the business reprioritization that would lead to layoffs, a person familiar with the situation said. Performance reviews and PIPs are not part of the process, this person added. Exactly what areas of the company will be affected is not known yet, but the reorganization is in the works, one employee said, so it's currently unclear the number of people who will be impacted.
Snap now employs more than 6,100 people, an increase of 52% in a year. Like nearly every other company in the tech sector, it
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Snap engineering head was asked about layoffs. His reply worried staffSnap's head of engineering was asked about job cuts during a recent staff meeting. His answer has employees fearing the worst, according to insiders.
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