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Friday, January 22, 2021

Dropbox to Cut 11% of Global Workforce

Dropbox would lay off 11 percent of its workforce worldwide, citing that such a move is “necessary to implement new strategies” that the company came up with in the recent months to endure the painful effects of the pandemic crisis.

Dropbox announced on Wednesday that it would lay off 11 percent of its workforce worldwide, citing that such a move is “necessary to implement new strategies” that the company came up with in the recent months to endure the painful effects of the pandemic crisis.

In the 8-K filing released Wednesday morning, the file hosting service provider said the move would reduce the global workforce of the company by 315 people. The individuals that would be affected would be notified by the end of the business day.

Last year, the company discussed the significance of getting itself ready “for the next stage of growth,” as it attempts to focus on its objectives that would be aligned to its strategic priorities.

Taking into account this concern, the company would be required to lay off some of its employees to achieve its goals.

“I realize this is incredibly hard on the Dropboxers and their families who are impacted, and I take full responsibility for this decision,” Dropbox CEO and co-founder Drew Houston said in the employee memo on Wednesday. “This is one of the toughest decisions I’ve had to make in my 14 years as CEO.”

According to Houston, the company’s “Virtual First policy” would only require it to have “fewer resources” to operate and use its in-office environment, enabling Dropbox to scale back its investment and redeploy those resources to propel its “ambitious product roadmap.”

Houston said the changes would help the company evolve the core Dropbox experience, invest in new products designed for distributed work and attain operational excellence.

He also apologized to the workers who would be affected by Dropbox’s decision and thanked them for their contributions to the company.

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