TripAdvisor lays off 900 as coronavirus stalls travel.
The measure affects about 25% of TripAdvisor's global workforce, including more than 600 employees in the U.S. and Canada whose roles are being eliminated. Outside of the U.S., CEO Stephen Kaufer said in a memo to employees, 300 workers "will be engaged in specific country-by-country notification and consultation processes to determine their future employment status."TripAdvisor previously let go 200 employees,.
In addition to the layoffs, TripAdvisor is furloughing an undisclosed numbers of employees and closing its San Francisco and downtown Boston offices, allowing remaining employees to work remotely or from the Needham, Mass. office, respectively. TripAdvisor is also pausing 401K matching in the U.S. and asking salaried employees in most markets to work four days a week and take a 20% pay cut. Kaufer said the temporary reduction will save close to a hundred jobs. TripAdvisor is also closing open roles that aren't deemed an immediate, essential need..
Kaufer said the company has moved beyond its initial phase of the coronavirus response and is now in cost-cutting mode. It had already cut discretionary spending and furloughed hundreds of workers based on European subsidy programs. But Kaufer said the measures were not enough to sustain the company.
"We had hoped cutting discretionary expenses and furloughs would be enough, but as the pandemic worsened, it became clear that the company needed to take additional cost saving measures," he said in the memo to employees.
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