GitLab's layoff has been announced. The open-core company's CEO Sid Sijbrandij confirmed that they will be terminating employees.

Once the layoff is complete, GitLab is expected to lose around 7% of its workforce. "I have made the decision to reduce the size of our team by 7%," said Sijbrandij via his official GitLab blog post. 

He added that the decision they made is very difficult, saying that he will understand if the layoff may be unexpected for many staff. 

GitLab Layoff to Reduce Employees by 7% 

According to TechCrunch's latest report, GitLab is just like other tech firms (Microsoft, Salesforce, Google, etc.); it is also affected by the ongoing economic crisis. 

(Photo : Photo by Pankaj Patel on Unsplash )
GitLab Layoff to Reduce Employees by 7% | Other Tech Firms That Laid Off Workers This February

Also Read: Uber Reports Better-than-Expected Financial Results Despite Economic Slump

GitLab CEO explained that the current macroeconomic environment is making it hard for companies to invest in software. 

He added that investors are taking a more conservative approach to software investments. This means that GitLab is experiencing financial issues. 

Sid further stated that he is hoping that the growing global economic downturn leaves them no choice but to take further steps and match their spending pace. 

The latest count for GitLab's employees is around 1,600. If the DevOps giant will lay off 7% of its staff, this means that more than 100 workers would be affected.

GitLab to Support Affect Employees

Just like Microsoft and other companies, GitLab said that they will also assist employees who will be affected by the latest layoff. 

Here's why GitLab plans to help affected workers: 

• Team members can keep their hardware and home office equipment subject to our security protocols.
• A single payout equal to four months' base salary, and payments will be made according to local processes and timing requirements.
• Continued payment to team members who are leaving through the transition period, which may vary by region.
• Accelerating vesting through 2023-03-15 and removing the vesting cliff for team members who have been granted equity and have been with us for under six months.
• Outplacement services with a third-party vendor, including coaching, resume building and guidance, and job-seeking support will be provided.  

These are just some of the assistance that GitLab will provide to its employees. If you want to learn more details about the latest GitLab mass layoff, you can visit this link. 

Aside from GitLab, we also covered layoffs of other companies. Here are the latest firms that decided to reduce their employees in February: 

• Disney Plus (lay offs over 7,000 workers after losing millions of subscribers) 
• Zoom (terminates more than 1,300 employees) 
• PayPal (lay offs over 2,000 staff due to macroeconomic slowdown) 

For more news updates about mass layoffs in the tech industry, always keep your tabs open here at TechTimes.  

Related Article: IBM to Lay Off 3,900 Employees Despite Surpassing Sales Projections