Layoffs have become an everyday news during the ongoing coronavirus pandemic. There have been numerous reports from the talent ecosystem about companies handing over pink-slips to employees to survive the crisis and conserve cash.
Though most of the job cuts so far were only limited to medium or junior level employees, in a very surprising move HRtech platform Namely has terminated its Chief Financial Officer Daniel Murphy.
According to a report by the news website TechCrunch, the recent decision to terminate the serving CFO by the company is a part of an ongoing restructuring process.
The company has additionally laid off about 40% of its workforce or around 400 employees. The decision of downsizing was taken because of the impact of coronavirus on the business.
Namely had appointed Murphy as their CFO only two years back in March 2018. He moved to Namely from LivePerson where he served as the CFO for a period of six years.
However, Murphy’s termination has not yet been notified by the company.
Layoffs have become a common news nowadays with many new-age startups struggling to meet ends. According to Layoffs.fyi, site that’s trying to track industry layoffs as they happen, at least 356 startups have now laid off 34343 employees.
The International Labour Organization had earlier predicted that the world will see a loss of about 25mn jobs. In the US alone about 4mn people have filed for unemployment benefits signaling towards a job crisis like never before.
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