Israeli Tech Giant Monday.com Cuts 20% of Global Workforce Amid AI Shift
Translated & summarized from Behadrei Haredim by baba
Monday.com announced global layoffs cutting 20% of its workforce, including 350 employees in Israel, to restructure around AI-driven growth. The company emphasized the move is to realign resources for future expansion and support affected employees with financial and emotional aid.
The story in 6 lines · by baba
- Monday.com will cut 20% of its global workforce, about 620 employees worldwide.
- Approximately 350 employees in Israel will be laid off as part of the restructuring.
- The layoffs align with a major product shift focusing on AI-driven work platforms.
- The company stresses the move is not just cost-cutting but resource reallocation for growth.
- Co-CEOs promised support packages including financial aid and continued health coverage.
- Monday.com views AI as creating new market opportunities and changing customer expectations.
Monday.com, a leading Israeli high-tech company, announced on Wednesday a significant global layoff affecting approximately 20% of its workforce. The company will let go of around 620 employees worldwide, including about 350 in Israel. This restructuring is part of an organizational change aimed at aligning the company with its evolving focus on artificial intelligence (AI).
The company stated that in recent months it has undertaken its largest product transformation ever, redesigning its platform around an AI-driven work vision. Monday.com emphasized that the advent of AI has fundamentally changed customer expectations and opened new market opportunities, which the company aims to capitalize on for future growth.
Monday.com clarified that the layoffs are not merely cost-cutting measures or a replacement of workers with AI but are intended to reallocate resources toward investing in employees, new product development, AI engines, and continued expansion. Co-CEOs Roy Man and Eran Zinman addressed employees in a letter explaining the rationale behind the move and assured that departing staff will receive support packages including financial assistance, accelerated stock vesting, continued health coverage, and emotional support.
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