WeWork ($PRIVATE:WEWORK) is looking to eliminate 13% of its workforce soon, which is roughly 2,000 employees, The Guardian reported this week. After shelving plans to launch an IPO, sources told The Guardian more layoffs could follow, which puts 15,000 more staff in danger of losing their jobs.
But instead of rumors and speculation about potential firings (which the very solid reporting is definitely not), we turn to the alternative data to see that WeWork has slammed the brakes on hiring. The freeze can be seen in several different places where WeWork posts listings for new jobs.
At the start of October, the total number of job postings WeWork had online was over a thousand. A few days ago, it was 883. Now it's 649. That's a decline of 37% in two weeks.
The same thing happens across the board various WeWork job categories. At the start of October, the total number of Sales postings was over 164. Three days ago, it was 147. Now it's 95. That's a slide of 42% in two weeks.
Once again, at the start of October, the total number of Building Design job postings was over 121. Mere days ago, it was 99. Now it's 77. That's a decrease of 36% in two weeks.
Finally, at the start of October, the total number was over 72. Days ago, it was 65. Now it's 40. That's a 44% decrease in two weeks.
About the Data:
Thinknum tracks companies using information they post online - jobs, social and web traffic, product sales and app ratings - and creates data sets that measure factors like hiring, revenue and foot traffic. Data sets may not be fully comprehensive (they only account for what is available on the web), but they can be used to gauge performance factors like staffing and sales.
Further Reading:
- Topgolf plans an IPO - and its alternative data is to die FORE!
- Comparing Chuck E. Cheese, Round1, Dave & Busters and Main Event
- Flagging social engagement spells trouble at Six Flags
