US Rideshare Firm Lyft Plans Major Staff Cuts

Lyft, the popular ridesharing company, has announced that it will be cutting approximately 17% of its workforce in an effort to reduce costs and streamline operations. The company has been hit hard by the COVID-19 pandemic, which has led to a significant drop in demand for ridesharing services.

The staff cuts will affect approximately 982 employees across various departments, including engineering, product, and design. The company has also announced that it will be furloughing an additional 288 employees.

Lyft CEO Logan Green stated in a letter to employees that the decision to cut staff was a difficult one, but necessary to ensure the long-term viability of the company. "We are moving forward with a smaller team, and a refocused mission," he said.

The company has also announced that it will be reducing salaries for remaining employees, with executives taking a 30% pay cut and other employees taking a 20% pay cut. In addition, the company will be implementing a hiring freeze and reducing spending on marketing and other non-essential expenses.

Despite the staff cuts, Lyft remains committed to its mission of providing affordable and accessible transportation options to people around the world. The company has also announced that it will be expanding its delivery services to include essential items such as groceries and medical supplies.

Overall, the staff cuts and other cost-cutting measures are a necessary step for Lyft to weather the current economic downturn and emerge as a stronger and more sustainable company in the future.

https://www.lifetechnology.com/blogs/life-technology-technology-news/us-rideshare-firm-lyft-plans-major-staff-cuts

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