Bolt boss defends sacking entire HR team, claiming staff 'invented problems that didn't exist'

Bolt’s CEO defended sacking the entire human resources department, claiming the HR team created problems that vanished after their departure. The CEO linked the decision to restoring “start-up mode” and accelerating a turnaround after multiple rounds of layoffs. Bolt reduced its workforce by about 30% in April, marking the fourth redundancy round in as many years. The company replaced traditional HR with a lean “people operations” function focused on training and day-to-day employee support rather than policy-making. The CEO argued that HR suited to mature “peacetime” companies does not fit the intense conditions of a startup reset. He also cited entitlement and a lack of execution culture among inherited staff.

"“We had an HR team, and that HR team was creating problems that didn't exist,” Breslow told delegates. “Those problems disappeared when I let them go.”"

"He argued that traditional HR professionals were better suited to the “peacetime” rhythms of larger, more mature businesses than to the bare-knuckle conditions of a turnaround. In their place, Bolt has installed a leaner “people operations” function, charged with employee training and day-to-day support rather than policy-making."

"“We need a group of people who are very oriented around getting things done,” Breslow said. “There is just a culture of not getting things done and complaining a lot.”"

"Bolt's valuation has plunged from $11 billion at the peak of the 2022 fintech boom to just $300 million, according to The Information, a humbling reset for a business once held up as the future of one-click commerce."

Read at Business Matters