Bad times at Snap: Employee sentiment, hiring, and stock all sinking
If you work for Snap ($NYSE:SNAP), chances are you're having a bad week, month, or more.
As the company continues to struggle to find its way in a competitive social media environment crowded by Instagram, Facebook, YouTube, and upstarts like Snow, it's having a rough go as of late.
Just this week, the company lost CFO Tim Stone who left the company after only 7 months. Snap stock took a dive in the shadow of the news.
Stone's departure (and several other key executives' exits before him) is emblematic of larger, internal problems at the company.
Hiring is down
At its height of growth in September 2017, Snap was hiring for 200 positions. Today, it lists 141 openings at its careers site, down from a post-Thanksgiving high of 171 on November 29. To be fair, hiring at Snap saw an appreciable uptick over the summer of 2018.
Employee sentiment is stagnant
According to anonymous workplace reviews via Glassdoor, employee ratings put Snap at a mediocre 3 out of 5, down from 3.1 in December 2018. In 2017, Snap was at a positive 4.2 rating. It saw its lowest overall sentiment rating last summer, when it sunk to 2.5.
Meanwhile, Snap CEO Evan Spiegal's rating currently sits at a sub-average 44%, down from 46% in December. For comparison, he had nearly unanimous 93% approval rating in 2017.
Employee "business outlook" ratings — how they feel the company will fare over the next 6 months — is moving in the wrong direction for Snap. It sits at 36% right now, down from 39% in December and way down from a 78% rating in 2017.
As for whether or not employees recommend Snap as a place to work, just 44% do. This is down from December's 46% and 2017's 83%.