SurveyMonkey’s holding company Momentive Global cut 11% of their headcount
Some tech companies are not out of the woods yet, they’re still going through a tough time. One of those companies is SurveyMonkey’s parent company Momentive Global, they decided to lay off 11% of their staff members as part of a restructuring process.
“In an 8-K filed on October 13, we announced plans to reduce our headcount by 11%. We are undertaking this difficult change as part of a strategic shift as we streamline our focus and align our resources to our top priorities,” said Hillary Wilson, senior communications manager at Momentive Global.
Some of the staff members in departments such as business development, customers supports, sales and recruitment are the ones sadly affected.
“The setbacks we’ve faced are transient. We compete in a massive market and we maintain a valuable portfolio of products that address specific challenges our customers face, in small and large companies alike,” said Zander Lurie, chief executive officer of Momentive.
“Our sales-assisted business is strong, and our team is committed and inspired to drive value for our customers and shareholders.”
The web-survey portal SurveyMonkey’s parent company lays off is not the first firm to make such a move, earlier this year we saw a number of companies cutting a lot of fat in order to keep their staff lean in terms of head count.
“We expect that the majority of these costs will be incurred and paid during the fourth quarter of 2022 and that execution of the restructuring plan, including cash payments, will be substantially complete by the end of fiscal 2022,” said the company.
