Jack Dorsey’s Block is preparing to embark on a major lay-off exercise as it plans to let go of over 1000 workers. This large number of workers will come from the firm’s various businesses in a bid to reduce staff. According to the CEO, the firm has plans to reduce worker headcount and this isn’t the first lay-off it’s embarked on over the past weeks.
If you aren’t already aware, Block is the parent company to services that you might use such as CashApp, Tidal, Square, Spiral, and TBD. As of the closure of 2023, these firms collectively had a worker headcount of 13,000. Well, there are now plans in motion to reduce that number by 1000.
You’ll agree that this number of employees losing their jobs is on the high side. Well, reports are pointing out that not only will 1000 Block employees lose their jobs, they might lose their jobs on the same day. In the memo sent out to staff it reads “We decided it would be better to do [it] at once rather than arbitrarily space them out, which didn’t seem fair to the individuals or the company.”
Going on, the memo says that it’ll be better to take this drastic action immediately “rather than let things linger on forever.” This change will be a hard pill to swallow for most workers, as it’ll greatly impact their lives as they leave their current offices. So in the coming days, we might see the massive playoff of 1000 Block workers from the firm’s various establishments.
Lay-offs have become a common feature in the tech industry, with firms trying to cut costs and reduce headcount. Block is not the only one planning a major lay-off this period, as more big tech firms are doing the same. In the coming days, more details on this sad turn of events that’ll affect workers will become available.