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Zenefits Shows Harsh Reality Behind Trump's Effort to Create More U.S. Jobs
Zenefits, the maker of human resources software, is laying off almost half of its U.S. workforce – 430 employees. At the same time, the company is building engineering teams in Vancouver and Bangalore.
That should not endear the start-up company to Donald Trump, even though outgoing CEO David Sacks is good friends with Trump adviser Peter Thiel - they co-founded PayPal and Thiel is a Zenefits board member.
A company spokesperson said that Zenefits is not eliminating U.S. jobs to hire elsewhere, but is restructuring the company so that "once we can hire again, we'll hire where we have operations in the U.S., Vancouver and Bangalore."
It turns out that Trump's demand that companies "buy American and hire American" is an expensive proposition, one that's too costly for emerging start-ups. Zenefits was among the many Bay Area software businesses that raised a ton of cash at sky-high valuations in recent years before being forced to downsize. The company is now about a third of the size it was a year ago.
Related Stories: Terminations/Cost Cutting
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Deutsche Bank Plans to Cut Up to 20,000 Jobs Globally
June 28, 2019 -
A BNY Mellon Internal Struggle Pits DB Vets v. BNY Vets
June 6, 2019 -
‘Dreaded Bloodbath’ Has Begun at Goldman Sachs
March 14, 2019