Upwork

Upwork, a global freelance marketplace, announced on October 23, 2024, a significant workforce reduction as part of organizational changes aimed at driving profitable growth. The company is laying off 21% of its employees, which translates to approximately 300 people based on its total workforce of around 1,400. This move is expected to generate about $60 million in annual cost savings, advancing Upwork toward its five-year profitability target. The restructuring focuses on streamlining operations, optimizing R&D spending, and sharpening its Enterprise strategy to increase efficiency and accelerate innovation in the competitive hiring and staffing industry.

Upwork laid off 137 employees representing approximately 15% of its workforce on 2023-05-03.