A company owned by Tencent plans to lay off 503 people, reducing the total number of employees by 11%

Riot Games, an American online game developer owned by Tencent, recently stated that it plans to lay off 530 people, accounting for about 11% of its total employees.

Riot said it has more than doubled its headcount over the past few years. "Today, we are a company without a clear enough focus. Simply put, There are so many things we’re doing.”

The company will prioritize League of Legends, Valorant, TFT and League of Legends Mobile, while scaling back Legends of Runeterra. of Runeterra), admitted that the game was not performing as expected and halted development on the game Bandle Tale.

Riot stated that it will provide laid-off employees with at least 6 months of salary compensation (old employees will receive additional compensation), as well as an annual performance equivalent to each person in 2023. Bonus (APB) target 100% cash bonus (even if you just joined last year), other benefits include:

Health benefits: In areas where Riot provides medical insurance, departing employees can still enjoy the medical insurance provided by the company on their last day . In addition, Riot will provide an additional stipend to cover their health benefits (medical, dental, and vision insurance) based on the length of their severance package, rounded up to the nearest full month. Game Fund, Health Fund, etc.: Leaving employees may have planned expenses in the future, so Riot will provide an additional $1,000 (or local currency equivalent) to cover these and other types of expenses. Equity: Employees who have received Riot stock from single-vesting RSUs may retain those shares according to their terms. This also applies to other vested interests (such as stock options, or cash-settled SARs in some jurisdictions). If a buyback opportunity arises in the future, Riot will also allow these former employees to participate. Riot employees who hold dual-vesting equity will also be able to legally exercise their equity upon the occurrence of a qualifying liquidity event within the next 12 months, provided that the conditions for the service-based vesting component are met upon exit. Computers: If the departing employee does not have a home computer, ask the IT department for a laptop. Additionally, they can keep their existing peripherals such as headsets, mice, and keyboards. Career support: Resigning employees will immediately receive six months of employment assistance services, including career guidance, network development, resume writing and revision, etc., to help them successfully find a new job. Riot Assistance Program: Former employees will still have 24/7 access to RAP for three months after leaving Riot, and they can find Riot-related counselors to help them resolve emotional, legal, and financial issues. In addition, enhanced employee assistance programs, including mental health benefits, will be available in multiple regions around the world, subject to information provided by local HR business partners on a case-by-case basis. Visa support: For employees on work visas, Riot will provide support to those in need, including transitioning these departing employees to non-work visas where possible, which will be handled by Riot’s global mobility team and external immigration consultants connect. Riot Email: Riot will continue to provide affected employees with access for a limited time (exact times vary by region), ensuring that departing employees have time to review and cancel any personal information or accounts that may be tied to a Riot email address. .

In addition, Riot Games also announced great progress in its Project L. Season 2 of "League of Legends: Battle of Two Cities" is expected to be broadcast in November 2024, so stay tuned.

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