Hootsuite and Robinhood CEOs explain layoffs, Chipotle settles workplace suit

Let’s explore some notable stories from August 8-12, 2022 — and pull out a few timely, tactical takeaways along the way:

Hootsuite eliminated 30% of its workforce this week, the latest in a series of layoffs affecting the tech sector including Robinhood, which laid off 23% of its workforce last week.

Hootsuite’s CEO framed the decision as a “refocus,” reports TechCrunch:

“We need to refocus our strategies to drive efficiency, growth and financial sustainability,” CEO Tom Keiser said in a statement sent to TechCrunch. The company offered no specifics on what exactly is changing about the business. It did not disclose the specific number of workers affected, nor would it say if they received any severance.

Robinhood’s CEO and co-founder, Vlad Tenev, took a more employee-focused approach and wrote a blog post explaining the specific departments the layoffs would affect and taking personal responsibility for the over-hiring that led to this moment: