This message was sent to all Mironeers on February 2, 2023.
Team:
There’s no good way to share this news. After careful consideration, we plan to reduce our global headcount by 119 people (7% of total, full-time Mironeers), letting many really talented and dedicated people go.
People will be leaving from all areas of the business, but some teams will feel the impact more than others. This is absolutely not a reflection of these teams’ hard work and dedication but simply reflects the needs of our business going forward.
Since we plan to moderate our hiring in FY24, we no longer require as large of a team to support our needs. And so, our Recruiting team will be disproportionately impacted.
We are also making necessary structural changes in our GTM model to better align with our go-forward strategy, which will result in a number of departures from those teams.
For those of you leaving, I’m incredibly disappointed to take this step. It’s always been an honor that people chose to work for Miro, and I feel a great deal of responsibility for all of you. I know that this isn’t the Miro experience you hoped for, and for that, I am sorry. But, our commitment to you remains, and we will do our best to make sure you get the resources and support you need through this transition.
I’ve always said that our decision-making is based on the long-term vision of creating a durable, multi-generational company. Because of this principle, our business model is profitable and we have the ability to fund our own growth, which puts us in a stronger position than many.
Over the past three years, we’ve grown significantly and hired to scale during a unique moment in time. That said—like many companies across a number of industries—we’re not immune to the macroeconomic environment. As we’ve discussed in recent company All Hands and AMAs, we’re watching these dynamics closely. We’ve taken a hard look at our spending and operating efficiency across the business and realized that we needed to make adjustments to meet our go-forward strategic priorities. Ultimately, it’s imperative our investments and spending match the changing realities around us. That means reducing expenses to give us the flexibility to invest in areas that are critical to our future.
Beyond making adjustments to the team, we’re tightening prioritization and spending, particularly in areas like hiring, travel, certain program budgets, and large-scale internal events.
We came to this decision after careful consideration, having explored the possible options for quite some time. We understand the impact this will have on a number of our colleagues, and we take full responsibility for the decision.
What happens next?
There’s no easy or comfortable way to let people go, but we’re committed to doing everything possible to treat those leaving with respect and empathy and to give support and resources to help them land as softly as possible. If you are impacted by this action, you can expect the following:
Notification and individual meetings
- Within the next 30-45 minutes, impacted employees will receive a notification to your Miro and personal email accounts outlining what to expect.
- You will also receive an invite for an individual meeting with your leader and a member of the People team. During this meeting, you will get the details of your separation package, and you can ask any questions you have.
Systems access
- Given the amount of sensitive information available across our systems, we’ve made the decision to discontinue access for most people leaving the company, effective today. We understand that this may seem abrupt, but we will provide limited access to Slack and email for a short period of time today to allow you to say goodbye to your teams and share contact information if you choose to do so. There may be exceptions to this based on local laws.
We’re providing the following general support, subject to employment laws and local practices in each country, to help those impacted navigate this difficult transition:
- Severance: We’ll offer all impacted employees a 14-week base pay as separation pay. Adjustments may be made to align with local legal requirements. Those eligible for bonuses will receive the final FY23 payment, and we will pay FY24 Q1 sales commissions at target and FY23 Q4 sales commissions as earned.
- Health insurance: In the US, for employees currently enrolled in Miro’s health insurance plan, we will pay an additional lump sum payment equivalent to six months of healthcare premiums. Outside of the US, we will align with the local employment practices of each jurisdiction.
- Equity: We will remove the cliff for employees who haven’t reached their one-year vesting, meaning they will receive one full-year vesting for both RSUs and options. Additionally, the exercise period on options will be extended to three years for those impacted.
- Immigration support: We know this situation is particularly tough for those on visas. We will provide 1:1 immigration counseling support and any incurred visa costs will be forgiven.
- Equipment: To help support job searches and next steps, impacted employees may keep Miro-issued laptops, subject to security protocols.
- Career support: We’ll provide career support services, including CV/resume development and interview preparation, and do our best to connect departing employees with other companies and opportunities. We have also signed an agreement with a coaching provider, BetterUp, to offer 3-month access to on-demand coaching and wellbeing services for all of our impacted employees.
I know there’s little we can say to comfort those of you who are impacted by this decision, but I want you to know that we care deeply about you as colleagues. People come to Miro because they believe in our mission and want to do amazing work—and for that I’m grateful. You are incredibly talented and hard-working individuals who will no doubt go on to do great things. Thank you for investing your time and energy into Miro.
Our path forward
I firmly believe in our mission: To empower teams to create the next big thing.
We are focused on delivering the visual workspace platform of choice and bringing teams together to drive greater levels of collaboration, productivity, and innovation. We’ve built a transformational product that more than 45 million people use and love. And, we’re committed to supporting teams bringing ground-breaking new products and services to market every day.
While the next few days may be bumpy as we work through this change, I ask those not impacted to lean into our shared values and find ways to support our departing colleagues [#empathy]. In particular, challenging times mean we need to work together—even more closely than before—in the service of our mission and our customers. The only way through this is to play as a team. [#collaboration]
- Tomorrow (February 3), we’ll hold a company AMA. Mironeers who are not impacted should receive an invitation later today. We expect that you have a lot of questions, and we will try to provide as much clarity as we can. There will also be time to gather in teams to reflect and talk about how we move forward.
- Early next week, we’ll have the opportunity to come together for our FY24 All Hands, where the Leadership Team will lay out our strategy and priorities for the coming year.
I’m confident in our team’s resilience and in our ability to adapt to achieve our FY24 goals. There are many opportunities in front of us—we need to embrace change, be creative in the face of constraints, disciplined in all of our execution, and committed to delivering innovative products to our customers.
Thank you for everything you’ve invested in Miro thus far, and for everything you’ll do to move us forward from today.
—Andrey Khusid
