San Francisco: Based in the US nomad healtha new health care staffing company, has laid off 17 percent of its workforce this week amid difficult macroeconomic conditions.
Co-founder and CEO alex nazem confirmed that the company’s headcount had gone from 691 to 572 employees, a reduction of 17 percent, reports Forbes.
“Nomad, like so many other companies around the world, is facing a major shift in the post-pandemic economy, with inflation, slower demand and the prospect of a recession. The healthcare workforce market is restarting from pandemic-driven highs in both volume and price, and is now slowing at a faster rate than anticipated,” Nazem said.
“Nomad’s leaders, starting with me, were overly optimistic about the trajectory of our market. This means, unfortunately, that we built our team for an economic reality that no longer exists,” he added.
Nazem further stated that the minimum severance package for employees would be 6 weeks of base salary and one month of paid health insurance coverage, but that there would be a variety of severance packages based on seniority.
The company will allow employees to keep their laptops and will provide job placement services, according to the report.
“We have worked hard to avoid this outcome. We have cut non-personnel expenses,” Nazem wrote in his email to employees.
“Everyone on Nomad’s management team has also taken a pay cut. But ultimately, the changes in the environment around us were too big to address without reducing the size of our staff,” he added.
