Block, the parent company of Square, may be facing layoffs as it could be looking to reduce its employee headcount, according to Job Community Blind. A recent posting on the platform revealed that a Block recruiter was let go, leaving a potential hire in a difficult situation. Other commenters on the post confirmed that Block was indeed cutting employees, with one person claiming that about half of the talent team had been dismissed.
In addition, another commenter mentioned that Block had let go of a significant number of employees across all business units. Several others chimed in to confirm this information. Interestingly, one commenter noted that employees were being informed about the layoffs through Slack rather than email, which makes it more difficult for the news to be forwarded.
Given the current economic climate, it is not uncommon for companies to reduce their workforce. However, the situation is expected to worsen before it improves. According to Square’s internal data derived from user information, hourly earnings have declined since the peak of 2022 and are now below the average of 2019. While the job market is said to be strong, the “post-pandemic job market boom” seems to be fading.
Earlier this week, ADP released job growth numbers that showed a lackluster performance. Market watchers will be eagerly awaiting the government’s job data, which will be released tomorrow (Friday), for further insight into the employment landscape.
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