US-Based Firm Pie Insurance Lays Off 14% Of Workforce
U.S.-based small business insurance company Pie Insurance has laid off 14 percent of its employees. The decision was made as part of the wider budget revision process that the company undertook over the last few months.
Amidst the current economic uncertainty and the ongoing funding winter, layoffs at Pie Insurance are marked by a need to cut down on expenses. The company's leadership team revised its plan to ensure profitability and liquidity. Even after identifying over $25 million in annual expenses that required elimination, there was a need to cut down on headcount expenses too.
"I’m incredibly proud of what we’ve built together over the last six years, and what this amazing team has accomplished. I’m grateful and humbled by your commitment to fulfilling Pie’s mission of enabling small businesses to thrive. Unfortunately, our assessment of the current funding environment requires us to reduce our expenses and extend our runway to ensure we achieve profitability without additional investment", said Pie CEO John Swigart.
Exiting employees will be receiving a comprehensive separation package including severance pay and health benefits along with career placement and coaching services.
