Is WeWork a Good Company to Work for?

The startup landscape is ever-evolving, and WeWork has certainly been a name making waves. However, the question of whether WeWork is a good company to work for is not as cut-and-dry as it may seem. In my experience, working at WeWork and reflecting on various aspects of the company, I have compiled a comprehensive analysis.

Introduction to WeWork

WeWork, known for its co-working spaces and unique approach to office sharing, once offered a highly desirable workplace environment. With a valuation of $47 billion at its peak, it seemed like the future was bright. However, the company's financial troubles have been starkly visible, leading to layoffs and a significant loss of revenue.

The Company Culture and Employee Experience

My time at WeWork spanned just over a year, and despite the challenges, it can't be denied that I left on good terms. This satisfaction is largely attributed to the people I worked with; the camaraderie and support from colleagues were top-notch. However, the project structure at WeWork is top-heavy, which can create a challenging environment for advancement and recognition.

Facts and Figures

The financial performance of WeWork has been nothing short of alarming. According to The Financial Times, the company was losing approximately $2.19 million every hour from March 2018 to March 2019. This staggering loss, substantiated by the fact that WeWork had a valuation of $47 billion, raises significant concerns about the company's long-term sustainability.

External Financial Support and Future Projections

WeWork was kept afloat by massive cash infusions from SoftBank, but this support is short-term. The company's survival without consistent investor support appears unlikely. In my prediction, upon the company's Initial Public Offering (IPO), the stock price is projected to drop as early investors seek to recoup their capital.

The Layoff Decision

In the midst of these financial woes, the company decided to lay off 20% of its workforce earlier this year. While this was a difficult decision for the company and affected many individuals, it underscored the harsh realities of the company's financial situation. It's a testament to the pressures that the company was under.

Advice for Job Seekers

Given the current and projected financial challenges, my recommendation is that prospective employees should exercise caution when considering a job at WeWork. It is crucial to weigh the potential benefits of working at this innovative company against the risks of joining a company with uncertain financial stability.

Conclusion

In conclusion, while WeWork has historically represented an exciting place to work with a vibrant culture and supportive colleagues, the company's financial crisis cannot be ignored. As a former employee, I find it wise to approach a job at WeWork with a critical eye. It is a company to stay away from if one is risk-averse and seeking financial stability in the long run.