After revealing the Spotify year unwrapped for all its users, Spotify is planning to unravel something different but this won’t be as appreciated as your yearly unwrapped. Spotify is planning to lay off 17 percent of its employees and its CEO said that all employees will be receiving schedules for their one to one meeting with the HR.
The music streaming giant hasn’t been able to utilize the full potential of the platform and it is getting more and more costlier to maintain operations. The layoffs will be a part of the plan to turn the company into the right size for operational benefits.
CEO Daniel EK said that he understands that the layoffs are going to affect a lot of families. Around 1500 employees are going to lose their jobs. The company has already laid off 600 employees in January and 200 in June this year.
The laid off employees will receive a severance for five months and will continue to avail health insurance during the severance period. The company has managed to report positive earnings, the move was termed necessary in order to reach company goals.
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