In the era of tech startups and digital companies, one of the most successful companies of recent times has been Chipper Cash. It is an African fintech startup that allows people in Africa and the world to send and receive instant money transfers at no cost. This remarkable startup was founded in 2018 and has grown rapidly ever since.
However, it has recently joined the tech layoff party. The company recently announced its decision to reduce its workforce by 50 percent. According to the company, this decision was made in order to adjust to the current market conditions.
One reason for this layoff was that the company experienced a decrease in demand due to the pandemic. Another reason was that the move was meant to help it become more agile and in line with the new market conditions that have recently arisen.
It is noteworthy that this is one of the few tech startups not to have implemented a wage freeze as part of its layoff. Instead, it is offering assistance packages to those affected by the cuts. These packages include financial assistance, job assistance, and other benefits. The company is also giving its employees access to a job board that will help them find alternative employment opportunities.
Chipper Cash joins a list of other big names in the tech industry that have recently implemented layoffs. These include Uber and Airbnb, who together have laid off thousands of workers.
Layoffs of this kind are unfortunately becoming a commonplace occurrence in the tech sector. While it is undoubtedly a tough time for those affected by such news, it is also an indication that the sector is experiencing massive changes. Companies are having to adjust to the changing landscape and make difficult decisions in order to remain viable.