The We Company, formerly known as WeWork, has laid off around 3% of its employees following a sign-on of funding. The company says that the employee cuts do not mean We Company is in any immediate danger, but is part of an annual performance review.
The We Company is a platform for creators that transforms buildings into dynamic environments for creativity, focus, and collaboration. The company transform buildings into beautiful, collaborative workspaces and provide infrastructure, services, events, and tech so their members can focus on doing what they love.
The layoffs were first reported by The Real Deal. Though a small fraction of the We Company’s 10,000 person employee base, it is the largest number of people who have been laid off from the company. The last notable cuts came in 2016, when the company laid off 7% of staff.
The We Company expects to add 6,000 new employees to its rosters this year and plans to have hired back the number of employees lost by the end of the month.
In a statement, a company representative said:
Over the past nine years, WeWork has grown into one of the largest global physical networks thanks to the hard work and dedication of our team. WeWork recently conducted a standard annual performance review process.
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