Nearmap Layoffs
April 2020
Nearmap announced a layoff affecting 0 employees (10% of its workforce) in April 2020. The company operates in the Construction sector.
0
10%
Apr 22, 2020
About
Nearmap, an Australian aerial mapping technology company, implemented cost-saving measures in April 2020 to achieve positive cash flow by June, despite being deemed an essential service during the pandemic. These initiatives included executive pay cuts, a temporary 20% reduction in employee salaries, deferred bonuses, and redundancies affecting approximately 10% of its workforce. While the exact number of layoffs wasn't specified, the 10% reduction was part of a broader strategy to neutralize cash burn as the new fiscal year began. The company focused on maintaining its resilient cloud-based subscription model, delaying new camera systems, and continuing sales efforts in key sectors like insurance and government.
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