Adwerx lays off 40 employees as company slows new initiatives

Digital marketing company Adwerx is the latest company to announce layoffs, with 40 employees losing their jobs on Thursday. Adwerx said the layoffs are the result of a reduction in new initiatives.

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Adwerx is the latest real estate company to cut staff, laying off 40 employees on Thursday as the company scales back its “new initiatives”, according to a spokesperson for the digital marketing platform and a series of Linkedin posts from departing employees.

Dan London | Credit: LinkedIn

Each outgoing employee received a severance package, Adwerx marketing director Dan London said. No further layoffs are expected and the company plans to retain its current workforce of approximately 150 employees as it focuses on growth.

“Like many companies around the world, we made these changes to improve profitability in the face of macroeconomic uncertainty,” London told Inman. “We have chosen to scale back some initiatives that were focused on new non-core verticals, and unfortunately this has impacted a number of positions across the business.”

“We believe the current market environment requires us to focus on our core real estate and mortgage markets,” he added.

By Friday afternoon, only seven employees had spoken publicly about the layoffs. Onboarding technical specialist Maria Fitzpatrick said Adwerx human relations managers briefed everyone in one-on-one meetings Thursday morning.

Gina Trask | Credit: LinkedIn

“[Three] years ago this month I walked through the doors of Adwerx and literally cried with joy as I started an amazing new chapter in my life,” said Gina Trask, a former Markets Executive which was among the first to publish on the layoffs. “Today there were tears again, just a different kind. I never thought I’d hear those dreaded words: ‘We’re downsizing, and today will be your last day. But alas, we we are there.

“I enjoy every moment of these [three] years,” she added. “I grew up in ways I never thought imaginable and worked with some of the most amazing, talented and inspiring people.”

Sharonda Doster | Credit: LinkedIn

While the downsizing seemed like a surprise to most employees, senior corporate recruiter Sharonda Doster said the writing had been on the wall for several months as executives slowly backtracked on hiring. Adwerx’s last recruitment post on LinkedIn was in March 2022, and there are no job postings on his company’s homepage.

“I am sad to share the news of my layoff from Adwerx with my Linkedin family. I felt heard and appreciated during my time there, but was not surprised to learn that the layoff was arrival,” she said. “My work [had] turned down and the roles I was hiring for were no longer approved and I found myself deleting phone screens from my schedule day after day.

“I want to say to the people who were also made redundant at Adwerx today that you are appreciated and I can truly say that these are the people who really made Adwerx what it is,” she added. .

Over the past month, a growing number of property companies have announced layoffs amid growing economic uncertainty. Redfin, Compass, Better, Blend, First Guaranty Mortgage Corp. and HomeLight are the most notable examples of companies bracing for rougher waters, having weathered the early days of the pandemic when rock-bottom mortgage rates, remote working and stimulus funding encouraged buyers to plunge headlong into the market.

“A layoff is always a terrible shock, especially when I said we would do anything to avoid one and raised hundreds of millions of dollars to avoid having to lay off after just a few months of uncertainty. But mortgage rates have risen faster than at any point in history,” Redfin CEO Glenn Kelman said in June. “We could be looking at years, not months. , fewer home sales, and Redfin still expects to thrive.If going from $97 per share to $8 doesn’t strain a company, I don’t know what does.

The impact of those layoffs was reflected in the latest jobs report from the U.S. Bureau of Labor Statistics, which found that job growth in the sector fell 50% from a month earlier. on the other, from 7,100 new jobs in May to 3,700 new jobs in June.

“A month before [five] years with Adwerx,” Jessica Haskins, a former client and account management employee, wrote on Linkedin. I didn’t expect to start the morning with a conversation with HR: “We’re downsizing, and your last day is today.” Layoffs are never easy for either party.

“I am in shock for those who lost their jobs today in addition to those who need to stay and make sense of the consequences,” she added.

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