Block Implements Gradual Job Cuts Amid Tech Industry Layoffs Block Implements Gradual Job Cuts Amid Tech Industry Layoffs

Table of Contents

• Key Takeaways
• Job Cuts Already Underway
• Streamlining Operations
• Actions Align with Tech Industry Trends

Key Takeaways

Jack Dorsey’s payments firm Block is reducing its staff count through gradual job cuts.

The company, formerly known as Square, aims to decrease its workforce of 13,000 by up to 1,000 employees by the end of 2024.

The layoffs come as Block looks to streamline operations and increase efficiencies.

Job Cuts Already Underway

According to a recent report by Business Insider, Block has commenced a gradual reduction of its workforce, aiming to decrease its current staff count of approximately 13,000 by up to 10%.

The report states that job cuts have already started impacting teams within the Cash App, Foundational, and Square divisions. However, the exact number of affected employees has not been disclosed, though estimates place the figure close to 1,000.

Streamlining Operations

Dorsey notes that the decision to reduce staff came after teams had come to a consensus on their direction and next steps.

The layoffs are part of Block’s efforts optimize costs and streamline operations to improve efficiency. Dorsey tweeted, “We decided it based on the fact that, teams evolved to have overlaps, needed flexibility, and we learned how to be much more efficient.”

Actions Align with Tech Industry Trends

The gradual job cuts follow an earlier round of layoffs in December 2021 when Block cut around 40 employees from its Tidal music streaming division.

Dorsey advocates for making decisions promptly rather than delaying. He tweeted, “You have to take action, make decisions, move quickly and iterate. You can’t hold it back or it will be too late.”

The reductions align with broader trends of layoffs and cost-cutting in the tech industry amid economic uncertainties.

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