Unicorn Gong to Cut 7% of Its Workforce.

Unicorn Company Gong is one of the companies with layoff stories; some months ago, it laid off 15 employees and has decided to go for more job cuts. Gong, a conversation analytics company, is about to lay off 80 employees, which is about 7% of its workforce. The set of employees that will be affected in Israel is just 5.

Gong CEO's Statement

The CEO of Gong, Amit Bendov, said he sees that the company will not need to cut more jobs this year. “The company is fast growing, but lower than we forecasted last year. The macroeconomic conditions are still difficult, and we are adapting to our expected income,” said Bendov. “The workers being laid off are basically part of our support and administration teams but are not part of the company’s core R&D. 

We will not sack any more employees this year, even though there is a lack of clarity. We are looking ahead and experiencing an excellent quarter with new prospects joining, but the growth is still not as we foresaw and will be slower than expected.”

More words from Amit Bendov

“I’m sure your first question is, why? The short response I will give is that while we expect to keep growing this year and continue to see healthy new customer adds, and our growth will be at a lower rate than we have wished for and have employed in recent years. We need to make some changes to the size of our team to showcase our actual anticipated growth. This is a hard decision, and we did not rush into it. We took a “wait and see” approach for the possibility that we might not need to. It is challenging to talk about how the market in the years ahead, but our planning assumption is that the macro environment will continue to have impact on our customers, partners, and us. Consequently, we need to reduce the size of our team in certain areas.”

The Affected People and Sectors of the company

Bendov, in his mail, said this is a message I am sad to share with you. I have made this difficult situation today to reduce our workers by 80 roles, which is about 7% of our workforce. It will affect Customer Success, Sales, and General & Administrative functions. I know this decision hurts, and it is the hardest I have to make at Gong.

We say goodbye to those affected, as you are not just colleagues but have become friends. We shall be helping the affected ones, as we will also provide comprehensive severance packages and resources to help them during this period.

In conclusion

Gong raised about $250 million in Series E funding which Franklin Templeton led. This was done at a valuation of $7.25 billion as of June 2021. This layoff will once again see some people of work for sometime. We will keep bringing to your reach any news about layoff. But in the main time, check here for some job updates and apply for them.