Introducing: the Layoffs.fyi Severance Tracker

The cumulative damage of startup layoffs has been severe: 500 tech companies have now laid off 64,000+ employees during the pandemic. I wanted to find out โ€” what have these companies been doing to mitigate the impact on laid-off employees?

I’m excited to announce the new Layoffs.fyi Severance Tracker, which tracks all known details of the severance packages offered, compiled from media reports and company announcements. You can see how much each company gave in severance pay and healthcare coverage, whether they made any adjustments to employee stock options, and more. You can also see which CEOs pledged to take a pay cut to show solidarity.

On the whole, the severance packages in COVID-19 layoffs have been more generous than in a typical employee termination, given that it was caused by reasons out of their control. 21 startups have offered over 8 weeks of severance pay, much more than the 2-week standard. Kitty Hawk tops the charts with a whopping 20 weeks of severance.

Many startups have also gone above and beyond in extending healthcare coverage, perhaps recognizing that in this environment, it will take longer than usual to find a new job. Insurance typically lasts through the end of the month of an employee’s termination, but 16 startups offered to extend benefits by at least 4 additional months. Airbnb and GoSpotCheck lead the pack with a full 12 months of extended healthcare benefits.

Other assistance commonly offered include outplacement services, help with resume preparation, and allowing employees to keep their company-issued laptop. As Layoffs.fyi has been highlighting, companies like Airbnb, Uber, and Samsara have also been launching official alumni talent directories to promote their ex-employees.

Which startups have been the most generous to laid-off employees? Of the 500 startups with layoffs, 10 of them offered more than 8 weeks of severance pay and more than 4 months of extended healthcare coverage: Kitty Hawk, Kickstarter, Airbnb, TrueCar, Carta, Glassdoor, Uber, Greenhouse, Brex, and Opendoor. Airbnb and Carta have also been praised for the transparency and empathy displayed in their layoff communication.

CompanySeverance PayHealthcare CoverageLayoff Date
Kitty Hawk20 weeksThrough 20206/3/20
Kickstarter4 months4-6 months5/13/20
AirbnbAt least 14 weeks12 months5/5/20
TrueCar13 weeks plus 1 week for every year of serviceThrough 20205/28/20
Carta3 monthsThrough 20204/15/20
Glassdoor3 monthsThrough 20205/7/20
Uber10 weeksThrough 20205/18/20
Greenhouse 8 weeksThrough 20204/17/20
Brex8 weeksThrough 20205/29/20
Opendoor8 weeks16 weeks4/15/20

There’s no denying the financial and psychological devastation felt by someone who suddenly loses their job. It’s nice to see that, at least in some cases, startup employers are trying to cushion the blow.

Check out the Layoffs.fyi Severance Tracker for full details of severance packages offered by company. Have info about a severance package? Let us know!

Brex

Brex laid off 62 employees to “prioritize building over growing”

๐ŸŒŽ San Francisco โˆ™ ๐Ÿ‘ฉ 62 employees (15%) โˆ™ ๐Ÿ–ฅ All departments

Brex, which provides credit cards to other startups, announced Friday that it laid off 62 employees (15%). Brex said it was “restructuring the company to prioritize building over growing over the next year” due to the economic fallout from the coronavirus pandemic.

The company’s customers are predominantly other startups. As startups reduce their spending or go out of business, Brex makes less money from the interchange fees on its credit card product.

Brex is providing laid-off employees with 8 weeks of severance pay and health insurance through the end of 2020. The company is also waiving its 1-year equity cliff and extending the exercise period on vested stock options. Employees will be allowed to keep their company-issued computer.

See link below ๐Ÿ‘‡ for an opt-in spreadsheet of employees laid off. 8 individuals were listed as of early Monday morning, but more may be added over time.

Source: Coda.io

Our live Layoffs Tracker has a real-time report of all startups that have done layoffs.