Wattpad lays off 15% of its workers, blames altering financial setting

Difficult financial circumstances are affecting firms of all sizes, leading to job cuts. Storytelling platform Wattpad introduced Tuesday that it has laid off 42 of its 267 individuals workforce — that’s practically 15% of the workers. It’s going to 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 comparable to laptops.

In a weblog submit, the corporate blamed the financial setting for the cost-cutting measures and stated the layoff impacts all its divisions.

“As you all know, the worldwide financial actuality over the previous yr has essentially modified – and like different companies, we aren’t immune. Regardless of our greatest efforts over the previous a number of months to restrict the affect of the altering financial setting, at the moment, we’ve made the tough however crucial choice to cut back our workforce,” The corporate’s interim president KB Nam stated.

“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 selections are in response to altering enterprise realities and wishes, and are on no account a mirrored image of particular person contributions. Everybody at Wattpad has achieved an amazing quantity and had a constructive affect on our firm.”

Final yr, the corporate appointed Naver Webtoon’s Nam because the interim president after Jeanne Lam determined to go away. In 2021, Wattpad grew to become part of the South Korean firm Naver after a $600 million acquisition.

Final June, the corporate launched a brand 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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