PayScale cuts 10 percent of staff |
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Add PayScale to the list of Madrona-backed companies cutting staff. Over the past 30 days, the Seattle company laid off 10 percent of its staff due to the economic conditions.
“The economic climate of the last number of months has forced us, like all companies, to adjust our business outlook,“ said Chief Executive Mike Metzger in a statement.
Despite the layoffs, the company remains optimistic, saying it attracted more than 3 million unique visitors last month. PayScale, which competes against Salary.com, GlassDoor and other, offers tools to help job seekers figure out how much they should be paid. it also sells business-to-business services to companies such as Dole Foods, Merck and Zappos.com.
“We regret having to say goodbye to some great friends and colleagues,” said Metzger. “These are unprecedented times and, like so many companies, we’re being forced to take measures to accommodate a totally new business environment. We know these were the right changes to put the company in a stronger position to succeed going forward.”
Founded in 2002, PayScale raised a $10.3 million venture round last year from SAP, Madrona Venture Group and others.
In the past month, a number of startup companies in the portfolio of Madrona have trimmed staff. They include Avelle, AdReady, Intrepid Learning and Redfin.
At a panel earlier this week, Madrona's Matt McIlwain predicted that the economic climate would get far worse before rebounding.
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