“You will see staffing changes,” Monetate CEO Lucinda Duncalfe said on Monday, when we talked to her about news of the company’s relocation to New York City. And here the changes are: a round of layoffs hit the company’s Conshohocken office on Thursday.
No official numbers were released, but the CEO told the Philadelphia Business Journal the total number of layoffs was “less than 15 percent.” Considering Monetate has declined to share an official tally of employees, that number could be somewhere between 12 to 25 staffers. Sources told Technical.ly the layoffs struck marketing and sales departments the hardest.
“It’s not a huge number for the company, but it’s a big deal for us culturally,” Duncalfe told the PBJ. “It’s a sad day, and it’s a very big deal for the people who are affected. We want to do everything we can to support [them.]”
Per Duncalfe, the move to NYC was about tapping into the NYC environment, ripe with marketing agencies, and that several employees were offered relocation to the new office. The Conshohocken office will remain, though, she said.
“The reasoning behind this is: we want to be closer to our clients who are sitting in the midst of the marketing ecosystem,” Duncalfe said. “And it’s all in NYC. We want to make NYC our spiritual head.”
Reminds us of how a handful of tech companies have their engineering staffs in Philly, while their business side is in New York (Drama Fever, Vistar Media and Moven, though layoffs have hit its Philly office).
Knowledge is power!
Subscribe for free today and stay up to date with news and tips you need to grow your career and connect with our vibrant tech community.