E-commerce delivery startup Pandion Pro said that 15% of its 65 new employees hired in the past year were executives laid off from Meta, Tesla, Amazon, Google, and other large tech firms.
In recent weeks, the firm hired three executives that Meta laid off.
- Startups are offering bigger paychecks, permanent remote working options, and higher equity stakes to potential joiners.
- Pandion Pro's founder and CEO, Scott Ruffin, said, "We've been able to attract some pretty high-quality talent because what we're doing is different."
- Employees are opting for early-stage startups where they can take on higher responsibilities and play a more significant role in the company's direction.
- BCG's partner Ruth Ebeling estimates that roughly 40% of tech workers laid off in the past nine months are working at startups now.
- The jobless rate dropped to 3.4% in April as U.S. employers added 253,000 jobs, of which tech firms, including startups, added more than 18,000.