Recent reports suggest that the recent attempt of Evan Speigel to motivate his employees didn’t go down so well. The company has recently fired 12oo employees due to low revenue. Read the entire article to learn more about this news piece.
Statements given by Evan Speigel
Speigel reported gave a speech to his employees to boost their morale. “While we have built substantial capital reserves, and have made extensive efforts to avoid reductions in the size of our team by reducing spend in other areas, we must now face the consequences of our lower revenue growth and adapt to the market environment,” the statement from Spiegel said.”It has become clear that we must reduce our cost structure to avoid incurring significant ongoing losses,” the statement from Spiegel to employees reads.“Unfortunately, given our current lower rate of revenue growth, it has become clear that we must reduce our cost structure to avoid incurring significant ongoing losses,” Spiegel said.“We are restructuring our business to increase focus on our three strategic priorities: community growth, revenue growth, and augmented reality,” Spiegel added. “Projects that don’t directly contribute to these areas will be discontinued or receive substantially reduced investment.”
The employees of the company were not very happy with Speigel’s speech. The words of encouraged that were given with the intention to motivate the employees actually backfired. Recent reports said that Speigel said, “it’s time to prove the haters wrong”. this statement wasn’t considered very suitable and appropriate after Snap just fired 12oo employees from its firm. This is not what the employees needed to hear. “Kind creative and smart is the motto at Snapchat,” one laid-off worker after the cuts, according to the outlet. “Looks like that went out of the window right away when things started going bad.” The company has been facing a lot of losses. They have not been to adjust to the new policies introduced by Apple.
Snap is a company that deals with the camera. It tries to re-innovate the camera in such a way that people are able to express themselves better through the camera. The company believes that it is playing a major role in human enhancement by giving people an opportunity to express themselves in the best way possible along with having fun. The company is currently headed by Evan Speigel. He is also the co-founder of the company along with Reggie Brown and Bobby Murphy.