Home / SmartTech / Unicorn layoffs are causing more startups to consider an acquisition – TechCrunch

Unicorn layoffs are causing more startups to consider an acquisition – TechCrunch

Alex Zajaczkowski was Just months after joining Toast, a software company for restaurant POS restaurants, when she was laid off during the COVID-19 layoffs. Toast, most recently valued at $ 5 billion, cut 50% of its workforce through layoffs and vacations.

Zajaczkowski said she started applying for a job within a week.

“I think I got on the boat a little faster than others because I wanted that security a little faster,” she said. She and former Toast coworkers formed a Slack to communicate about layoffs, job hunting, and upcoming tasks. Toast created an opt-in table for recruiters that lists employees who have been laid off.

The paper brought Zajaczkowski to an interview with Stavvy, an online mortgage startup based in Boston. Today, a large part of Stavvy̵

7;s team is made up of ex-toasters, including Zajaczkowski.

“I think one of the benefits of recruiting from an organization that is sort of a cult company in Boston is that you know their hiring practices,” Ligris said. “There has been some review.”

Stavvy’s involvement with former Toast employees suggests the layoffs that rocked startups in March could be an opportunity for smaller startups to attract star talent who already have chemistry. Hiring is not a new concept, but it has new weight in an environment characterized by mass layoffs and a shift to remote first work.

However, Stavvy’s co-founders Kosta Ligris and Josh Feinblum say that hiring a group of employees without proper care can backfire.

Source link