Elastic is an open source search and data analysis engine The parent company behind Elasticsearch.Today the CEO of Elastic announced the layoff plan, saying thatwill downsize the company by approximately 13% of employees.
Elastic CEO said in an email to all employees that the current global macroeconomic environment is forcing their customers to tighten their budgets and review investments more carefully. This is especially true in certain parts of the market, such as SMEs, which have limited willingness to spend during times of uncertainty. To get through this stage, companies need to focus on those areas of the business that are most critical to the future and find more efficient ways to serve certain parts of the company’s business.
Elastic provides the following programs for laid-off employees:
- Severance pay:A minimum of 14 weeks’ compensation will be paid to all laid-off employees, plus an additional week’s compensation after one full year of service.
- PTO:All unused PTO time (Pay Time Off) is paid accordingly.
- medical insurance:For employees participating in Elastic’s corporate health care plan, pay 6 months of existing health care premiums, or will be paid cash equivalent based on job location.
- RSU stock:Layoff employees will receive RSU stock as of December 8th.
- Career Support:Provide resume and job search support to affected employees.
- Immigration Support:Provide immigration support to those in need.
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