Doma didn't only lay off people who were hired recently. They laid off some of the people who've been here for over a decade and know this place better than anybody. I'm not sure they realize how much institutional knowledge this decision lost them. I think they'll find out soon enough, though.
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Except not all companies operate this way. It's ruthless. This company has gotten so many people to invest so much money into it, but the employees are still laid off. That's not happening throughout the industry.
Layoffs are not usually meant to clear deadwood or 'last hired' as a primary goal. The usual goal being to reduce costs and streamline... the primary target is often going to be high salaries. Yes, that usually means some long-timers will get the axe along with a few of the deadwood and the newly hired. Hope that helps you understand it. And make no mistake, it doesn't go over anyone's head that it sucks to lose those long-timers, in a lot of cases, but when you look at the numbers it just generally makes more sense to take out a few of those who have been around the longest. Not sure why this is always so hard to understand. It's not like any of them would stick around for a 25% pay cut... so it leaves a company with little choice in the matter.