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In an effort to overcome escalating cost-of-living pressures, one of Australia’s most successful startups will provide laid-off staff 11 weeks’ salary, mental health treatment, and free laptops.
Alex Zaccaria, the chief executive officer of Linktree, disclosed the drastic personnel reductions in an emotional blog post on Tuesday morning.
The firm, which employs around 300 people, is anticipated to lay off 50, with HR, design and marketing, and talent acquisition departments being the most hit.
The layoffs affect both the Sydney and Los Angeles headquarters.
Linktree is one of the world’s top 300 most popular websites, with 1.2 billion monthly page views. To the contrary, all former workers will get very substantial severance packages that include 11 weeks of salary, little under three months of health insurance, mental health care, and free Apple computers.
Mr. Zaccaria wrote: “All Linktree Macbooks will be given with all bought work-from-home equipment, regardless of tenure.”
Mr. Zaccaria said, in reference to the company’s expansion in 2021, “I thought the favorable economic situation would continue into 2022.”
“Instead, circumstances changed more rapidly than anticipated, and the assumptions I made were incorrect.”
According to him, the “next phase” of the organization requires “narrowing our emphasis on our long-term plan by cutting jobs that are no longer aligned with our road map.”
Linktree prides itself on being an innovative business with a strong emphasis on social ties.
Mr. Zaccaria said that the firm will organize weekly meetings for the following four weeks during which workers may raise questions regarding the layoffs and get mental health days.
Friday will be mental health awareness day at Linktree, he added.
This will be bad news for a business like ours, which places such an emphasis on culture and camaraderie. No one is expected to be their typical selves.
We will also provide you with an extra mental health day that you may use at your convenience.
All terminated employees will get outplacement assistance, and Mr. Zaccaria will post their availability on LinkedIn.
In March, Linktree secured AUD157 million from prominent investors, including millionaire Afterpay co-founder Nick Molnar.