Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
PayFit, a French unicorn specialised in payroll management software for SMEs has just announced a new redundancy plan involving 14% of its workforce in 2024. The global workforce will decrease from 1,000 to less then 750 employees. In France, PayFit will cut 110 positions in its customer services. Management has stated that it intends to support employees, either by redeploying them internally or by helping them to redeploy outside the company.
PayFit offers automated payroll and administrative management of company staff (social security declarations, leave, absences, expense reports, working time monitoring, integration of new employees) and has operations in France, the UK, Spain and Germany.
After shedding 20% of its workforce last year – i.e. 200 people including 100 in France (PayFit 2023 - FR, 50 job cuts in Germany and 30 in Spain – PayFit claims to have halved its losses by 2023, and hopes to be ‘in a position to create a very fine European company and move towards profitability in 2026’.
Eurofound (2024), PayFit, Internal restructuring in France, factsheet number 201139, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/201139.