Wattpad lays off 15% of its employees, blames altering financial atmosphere

Difficult financial situations are affecting corporations of all sizes, leading to job cuts. Storytelling platform Wattpad introduced Tuesday that it has laid off 42 of its 267 folks workforce — that’s practically 15% of the employees. It’ll present at the least 12 weeks of severance and 6 months of continued advantages to the departing staff. Plus, they are going to be allowed to maintain office-allocated gadgets akin to laptops.

In a weblog publish, the corporate blamed the financial atmosphere for the cost-cutting measures and mentioned the layoff impacts all its divisions.

“As you all know, the worldwide financial actuality over the previous yr has basically modified – and like different companies, we aren’t immune. Regardless of our greatest efforts over the previous a number of months to restrict the impression of the altering financial atmosphere, immediately, we’ve made the troublesome however crucial resolution to cut back our workforce,” The corporate’s interim president KB Nam mentioned.

“This doesn’t imply that these crew members haven’t been an vital a part of our work. It’s vital to notice that these choices are in response to altering enterprise realities and desires, and are by no means a mirrored image of particular person contributions. Everybody at Wattpad has completed an incredible quantity and had a constructive impression on our firm.”

Final yr, the corporate appointed Naver Webtoon’s Nam because the interim president after Jeanne Lam decided to leave. In 2021, Wattpad turned part of the South Korean company Naver after a $600 million acquisition.

Final June, the corporate launched a new creator program that would pay writers as much as $25,000. It additionally launched a brand new measurement metric known as “Engaged Readers” for writers.

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