Denver-based edtech unicorn Guild has announced to cut 12% of its workforce or 172 employees. The layoff comes as a part of a broader organisation, which the company is seeking for long-term and financial growth.
In an email to employees, Guild CEO Rachel Romer said that the layoffs were “incredibly painful” but necessary to ensure the company’s long-term success. She said that the company had “identified the go-forward structure, roles, and skill sets needed to enable our strategy and create a more focused, seamless way of doing work at Guild.”
According to a report by layoffs tracker, the affected employees will receive 12 weeks of severance pay, medical, dental and vision coverage through the Consolidated Omnibus Budget Reconciliation Act (COBRA) for up to 18 months, with Guild covering the premiums for the first six months and other benefits, the CEO added.
To further ease the transition, the equity exercise period has been further extended by two years, the report added. This will enable employees to continue accessing the company’s upskilling programs. The employees impacted by the layoff will retain access to the Beehive, which is a subsidised childcare program by Guild.
Romer, in his email, explained that the reorganisation process involved identifying the optimal structure, roles and skill sets necessary to enable Guild’s strategic vision. It also entailed reevaluating systems, roles, and processes that were suitable at the time of the startup but needed some adaptation as the company transitions to a scale-up stage. This led to the elimination of certain positions and teams were restructured.
Founded in 2015, Guild offers multiple educational and upskilling programs to employees of its corporate partners. The company has raised over $200 million in funding and was valued at $4.4 billion in 2022.
In an email to employees, Guild CEO Rachel Romer said that the layoffs were “incredibly painful” but necessary to ensure the company’s long-term success. She said that the company had “identified the go-forward structure, roles, and skill sets needed to enable our strategy and create a more focused, seamless way of doing work at Guild.”
According to a report by layoffs tracker, the affected employees will receive 12 weeks of severance pay, medical, dental and vision coverage through the Consolidated Omnibus Budget Reconciliation Act (COBRA) for up to 18 months, with Guild covering the premiums for the first six months and other benefits, the CEO added.
To further ease the transition, the equity exercise period has been further extended by two years, the report added. This will enable employees to continue accessing the company’s upskilling programs. The employees impacted by the layoff will retain access to the Beehive, which is a subsidised childcare program by Guild.
Romer, in his email, explained that the reorganisation process involved identifying the optimal structure, roles and skill sets necessary to enable Guild’s strategic vision. It also entailed reevaluating systems, roles, and processes that were suitable at the time of the startup but needed some adaptation as the company transitions to a scale-up stage. This led to the elimination of certain positions and teams were restructured.
Founded in 2015, Guild offers multiple educational and upskilling programs to employees of its corporate partners. The company has raised over $200 million in funding and was valued at $4.4 billion in 2022.
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