Credit Karma limits hiring
Based on information obtained by Coverager, Credit Karma is limiting hiring.
An email by Credit Karma’s chief people officer Colleen McCreary, which we reviewed, was sent to employees earlier this week announcing the new policy. In the email, McCreary writes that the company will pause “almost all new hiring.” It’s worth mentioning that over the past five quarters, the Intuit-owned company hired 500 new employees.
The email states that Credit Karma, which offers various financial products, including insurance, continues to see revenue challenges due to the uncertainty of the macroeconomic market. “Our partners worry about lending products among high inflation, potential for rising unemployment and possibility of recession, which results in fewer opportunities for us to provide products for a broader range of members.”
Based on web traffic data, Credit Karma has seen a sharp decline over the past few months, going from ~71M visits in April to 47M visits in September.
We reached out to the company and received the following comment from a Credit Karma spokesperson:
“Like most companies, Credit Karma is keeping a close eye on the current economic conditions and we have gotten more conservative with our hiring. We are still hiring for some open roles but this move allows us optionality as a business. We always prioritize people. Back in 2020, when our business took an immediate hit from the pandemic, we made the decision to instill pay cuts instead of taking the easier route of layoffs. When business bounced back a few months later in 2020, we returned everyone to their full pay and even provided our employees with an extra paycheck. Over the past five quarters, we have hired over 500 people in high-paying professional full-time roles. Our decision today gives everyone a chance to get fully engaged and have opportunities to do more.”