The We Company dismisses 3% of its workforce on performance grounds

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The New York-based co-working hub, The We Company (formerly known as WeWork), dismissed 300 employees across its three divisions WeWork, WeGrow and WeLive last week, which is roughly three per cent of its total workforce.

The layoffs were described as a routine dismissal of under-performing staff after the annual performance reviews.

The company revealed its move as a prelude to a massive hiring project. It plans to create about 6,000 positions in the near future. It currently employs 10,000 people worldwide.

“Over the past nine years, WeWork has grown into one of the largest global physical networks thanks to the hard work and dedication of our team,” a WeWork spokesperson said.

“WeWork recently conducted a standard annual performance review process. Our global workforce is now more than 10,000 strong, and we remain committed to continuing to grow and scale in 2019, including hiring an additional 6,000 employees.”

The last round of layoffs were conducted in 2016, where 7% of its 1,000-person workforce were sacked.

In October 2018, WeWork announced its plan to extend its offices in Asia where it will open more shared workspace locations in Hong Kong.

The story was first reported by Bloomberg.