EdTech industry’s layoff fiasco has observed a new development with Coursera CEO Jeff Maggioncalda’s email titled ‘Changes to the Coursera team’.
Through the email, Maggioncalda notified his employees of Coursera’s decision of downsizing to curb the company’s ‘slow growth.’
“During a recent Town Hall, I said that we, like many companies, are navigating lower growth rates and environmental uncertainty and need to make whatever changes are needed – including reducing headcount expenses. I’m sad to share that in order to slow our rate of spending, we have made the difficult decision to reduce the size of our team,” said the CEO in his mail.
Similar to Byju’s, Unacademy lays off 350 employees as edtech crisis heats up, Read letter by CEO Gaurav Munjal here
As a part of the severance, Coursera is to offer its employees ‘global separation packages’, which include healthcare coverage for up to four months(varying by country), 4 months of compensation (plus additional pay based on position and tenure), and job placement support through Randstad RiseSmart.
Although the precise number of employees being laid off is unknown, all organisations and areas across the company have been impacted to some level, as per the email.
Coursera currently has over 110 million learners, 275 partners, and 7,000 institutions in nearly every country.