Layoffs and Startups that can’t let them go
Is this the way out?
Happy 😊 Post Valentine 💝
How's your weekend going 💞?
Ours is so bright 🌄😎 already as you might have guessed. Why?
Cause, it's time to do what keeps us alive 😀
We'll dive straight into what we have for today, as promised in our Midweek Check-in.
What did we promise?
(Hint: Check newsletter title. )
Today's edition is a shout-out to all the startups who can’t let go of layoffs as a means to keep afloat.
…but just before we start…
Let's laugh 😂 off that hectic and eventful Valentine's Day.
Just in case you didn't get food trays, boxes, or calls from delivery 🚚 riders, atleast now you get jokes.
You can be certain that you are not the only one who experiences this 😂
Fireside 🔥 Chat with Co-founder of Klas
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OGs know 😉!
It's now time for a captivating Fireside Chat with the Co-founder of Klas! Lekan Adejumo
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…
Just when we thought we were going to get a break…
Jumia slashes staff after exiting food delivery business…
This year’s layoffs come one year after Jumia fired 900 staff as part of attempts to cut costs and guide the company toward profitability. Some other employees were moved to different roles within the company, the company told TechCabal… (Catch the full gist on our ‘Notable Reads For The Week’ section)
This right here are the issues…
Why bite more than you can chew? Why not hire according to capacity, cause what exactly are the ambiguous goals intended to achieve?
This can be likened to leading someone on till it's Valentine's Day 💔. In this case, it's using someone till it's payday 🙂 with the workers as the jilted lovers 🤷.
Ouch 😬
Lol 😂
Layoffs by Amazon
As a shocker last year, Amazon's Alexa business laid off "several hundred" employees, including those on its recently launched artificial general intelligence team.
Amazon's VP of Alexa and Fire TV Daniel Rausch told his team about the layoffs, saying it's intended to shift the company's resources to focus on generative AI.
Atleast this is different from cutting down on costs.
In the latest round of layoffs last month, Amazon is laying off less than 5% of its workforce in the Buy with Prime unit. The Buy with Prime program launched in 2022 to equip retailers with fulfillment and delivery services.
This is only a two month timeline, and a walk back in time reveals that this is a way of life for Amazon.
Obviously Amazon can't let layoffs go 🤷
Cellulant lays off... again
(Source - Techpoint)
Kenyan payments startup, Cellulant, has disclosed that it recently laid off employees for the third time in 2023, citing “strategic operational adjustments” to improve efficiency and support growth.
Following these changes, the company's operations fell into three core business units: banking, collections, and payouts, in December of last year. (Catch the full gist on our ‘Notable Reads For The Week’ section)
Consonance Club’s Guide to avoid Layoffs in your Startups or getting Laid off as an Innovator
Maintain Financial Health: Ensure that your startup maintains a healthy cash flow and reserves for unexpected downturns or challenges.
Diversify Revenue Streams: Relying on a single source of income can make your startup vulnerable. Explore multiple revenue streams to spread the risk.
Monitor Expenses: Keep a close eye on expenses and prioritize spending on essentials that directly contribute to growth and sustainability.
Tips for Workers:
Continuous Learning and Skill Development: Stay relevant in your field by continuously upgrading your skills and staying updated with industry trends.
Show Initiative and Innovation: Be proactive in suggesting new ideas, solutions, and improvements. Show your willingness to take on additional responsibilities and challenges.
Have a Backup Plan: While nobody wants to think about layoffs, it's essential to have a contingency plan in case of unexpected job loss. Maintain a strong professional network, update your resume and LinkedIn profile regularly, and be prepared to explore new opportunities if needed.
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Notable Reads For The Week