Block (NYSE:SQ), the parent company of Square, may be slashing its employee headcount, according to Job Community Blind.
In recent days, a posting was made inquiring about layoffs as a Block recruiter was apparently let go – leaving an aspiring hire in the lurch. Other posters confirmed that Block was cutting employees, with one claiming that “around half of the talent team” was let go.
Another claimed that Block has whacked a “massive amount of their talent team across all BUs.” With others chiming in to confirm. One commenter confirmed that employees were being notified via Slack as opposed to emails (which are easier to forward).
Of course, there have been many firms that have cut their headcount during a difficult economic environment, which is expected to get worse before it gets better.
A recent post by Square referencing their internal data culled from their users, said that hourly earnings have fallen since the peak of 2022 and is now below the 2019 average. While the job market is said to be strong, the “post-pandemic job market boom” is no longer.
ADP numbers from earlier this week reported tepid job growth. Tomorrow (Friday), government numbers will be revealed which markets will be watching keenly.
