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Israeli workplace software maker Monday.com is laying off hundreds of employees as part of a restructuring plan to refocus its investments around AI projects.<\/p>\n
The company said<\/a> it is reducing its headcount by 20%, or about 630 staff, to \u201csupport a leaner, more focused operating model\u201d as it concentrates on its AI Work Platform.<\/p>\n Monday.com earlier this year pivoted<\/a> hard towards making its AI platform a core offering, redesigning its entire product around the belief that its enterprise customers increasingly want AI agents to work together with their employees. The AI Work Platform currently comprises a no-code app builder, a customizable AI agent, a workflow automation tool, and a chatbot that can do tasks like generating reports and updating dashboards. <\/p>\n The company joins a host of large tech firms<\/a> that have laid off hundreds of thousands of people as they seek to invest more in AI. Tech layoffs in May hit a monthly high<\/a> unseen in years, and a record 78% companies have blamed a need to refocus their efforts around AI as a reason for letting people go this year, according to Layoffs.fyi.<\/p>\n