3y
Thank you for taking the time to share your perspective with us. A core component of our high-performance culture is continually assessing the outcomes we are delivering for our customers, and quickly making changes when we find opportunities to accelerate progress toward our mission.
The recent organizational change we made was not a layoff. Layoffs are reductions in team size made to reduce costs. We made this change to improve the customer experience, not to reduce costs. We are not reducing headcount as part of our new team structure. In fact, we will be adding new roles to every team.
The new structure will have many benefits for our customers, including a more holistic service experience throughout the lifecycle of their 401(k) journey. Unequal access to retirement benefits is a big problem for our society, and we are committed to solving it. Making this level of societal change isn't easy, especially when you're growing as fast as we are.
While change is a constant in any fast-growing company, our turnover rate is far below the technology company average (3.6% vs. an industry average of 13.2%). Our talented team is the lifeblood of the company – it is through everyone’s hard work that we will achieve our mission. When considering any organizational change, we are always careful to consider whether existing staff may be able to fill other open roles. Unfortunately, that is not always possible.