Wednesday, November 26, 2008

Technocrati lays off 6, cuts pay - PaymentGuy's Blog Profitable

This sucks. Fortunately, the PaymentGuys and Girls are profitable and growing:

"Technorati announced on Tuesday that it was laying off six employees and cutting pay for the remaining members of the blog search engine company. Richard Jalichandra, the president and chief executive of the San Francisco-based startup, a leading site used to track and index blogs, announced the moves in a posting on the company blog. "There's not much I can say about the economy that hasn't been said a hundred times already," Jalichandra wrote. "We're facing the worst crisis of our lifetimes, and no one can say with certainty what lies ahead or how long it will last." Jalichandra said that to allow the company to "weather the storm," six employees were being laid off and two others would not be replaced. He said management would be taking pay cuts ranging from 15 percent to 25 percent and remaining employees would have their pay cut by 10 percent. The number of people employed by Technorati was not immediately available. Despite the cost-cutting moves, Jalichandra was optimistic about the future. "In spite of these challenging times, Technorati's prospects haven't changed, and in fact, have never been brighter," he said. "In the long run, Technorati will emerge a stronger and more profitable place for us, and the bloggers we serve, to thrive personally, professionally and financially." Technorati is the latest Silicon Valley company to announce job cuts. Challenger, Gray & Christmas, Inc., a Chicago-based global consulting firm which tracks job-cut announcements, reported this month that the technology sector is on pace to lose 180,000 jobs this year, the most since 2003.

No comments: