![]() ![]() It is not just a matter of losing a job, but also the loss of income, benefits, and a sense of security and stability. “We recognize that layoffs can have a big impact on the individuals affected and their families. Read more: 11 Bulgarian Gen Z Startups That Want to Solve Global Challenges Startup founders themselves explain that there are various factors to consider, such as the financial health of the organization, performance metrics of the employees, and the strategic direction of the business. Making the tough call when it needs to be made ![]() However, what do startup founders and CEOs take into consideration when it comes to making the tough decisions? The Recursive talked to founders in the region on what is their approach towards this issue and whether they have any strategies when it comes to the painful topic of layoffs. Thus, in the face of difficult decisions and challenging circumstances, leaders still have to step up and do what is right for their businesses. Тhere is also the added pressure of maintaining investor confidence and the company’s reputation, which can be damaged by poorly handled layoffs. Moreover, startups may have less cushion to absorb the financial impact of layoffs, which can make it even harder to navigate the decision-making process. One major difference is that startups often have smaller teams where everyone feels a sense of ownership and pride in the company’s success – and as a result, layoffs can be particularly challenging and emotional, especially for smaller companies where every employee is a valuable contributor. While startups are often in a very different position from big tech companies when it comes to massive layoffs, startup founders and CEOs can also feel the heat when it comes to making such decisions, albeit on a smaller scale. The beginning of 2023 has shown that layoffs in the industry are becoming increasingly common, with tech giants like Google, Amazon, and Microsoft topping the unpopular charts, as more than 100 thousand tech workers have been laid off during the past couple of months. The rapid growth of the technology industry has been the envy of other sectors for years, but the economic downturn has hit the industry hard. ![]()
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