monday.com cuts 20% of staff to fund AI push

Work platform monday.com has announced significant workforce reductions, cutting approximately 20% of its global staff. This move impacts hundreds of employees across the company.

The company stated the layoffs are intended to refocus resources and investments towards advancing its artificial intelligence strategy. monday.com has recently been integrating AI capabilities into its platform, aiming to enhance user experience and introduce new automation functionalities.

The scale of these cuts reflects broader trends in the software industry, where companies are under pressure to improve profitability and efficiency amid market volatility. Several technology firms have recently undertaken cost-cutting measures and staff reductions.

These layoffs affect multiple departments within the organization. monday.com has committed to providing departing employees with a support package, including severance pay and outplacement services. The company intends to continue its focus on AI product development while streamlining operations.