HackerRank Fires 53 Employees: Calls it Economic Uncertainty

Amid the continued economic uncertainties, HackerRank, a significant technology employment platform, has laid off 53 people worldwide. Vivek Ravisankar, Co-founder and CEO of HackerRank issued an email to staff last week, which IANS obtained, stating, "We notified 53 people today that we are going to part ways."

Reason for HackerRank's layoff

According to Ravisankar, the company's financial performance "has not been good for quite some time," and "every one of us is trying super hard to turn it around, and it's been a frustrating endeavour." 

"Given the uncertainty, the only reasonable financial plan is to disproportionately shift our investment dollars to protecting our customers rather than new business while continuing to innovate to capture the upside when the market does recover," Ravisankar said. 

Compensation includes 12 weeks of base salary

Severance compensation includes 12 weeks of base salary plus one week for every completed year of employment for individuals who have been with the firm for less than four years and two weeks for those who have been with them for more than four years. The package includes six months of COBRA health insurance for employees in the United States and a six-month extension to execute vested options.

Is HackerRank helping its laid-off employees?

"We want to help them with their job search." As a result, we request permission to divulge their identities, and we will construct a list," Ravisankar stated in an email.

According to Ravisankar's LinkedIn page, the platform has helped 2,000 businesses revamp their hiring process, assessed more than 7 million engineers globally, and "10% of the developers who changed jobs went through our platform" since its introduction in 2022. The organisation has been redesigned "from the ground up."

HackerRank praised all of their employees

"As a result, new roles were added, roles were eliminated, and the reporting structure was altered." As a result, we were forced to split ways with several of our colleagues today. It is not the fault of those who have been affected. "Every one of them has contributed to our mission and worked extremely hard," the Co-founder remarked. NIT Trichy alumni Ravisankar and Hari Karunanidhi created HackerRank as InterviewStreet Inc. HackerRank is a Y Combinator-backed startup that was the first Indian business to be admitted.

Susquehanna Growth Equity led a $60 million round of funding for HackerRank last year. So far, HackerRank has raised approximately $115 million in investment. HackerRank purchased Mimir, a cloud-based business that provides tools for teaching computer science courses, in December 2019.