Ryan Breslow, CEO of the fintech startup Bolt, has stirred controversy by abolishing the company's entire human resources department. Speaking at the Fortune Workforce Innovation Summit, he justified this drastic decision by stating that HR teams often create more problems than they solve. Breslow emphasized that the removal of HR has resulted in a more agile and efficient operational structure, which he believes is essential for the startup’s recovery and growth. He remarked, "We had an HR team, and that HR team was creating problems that didn’t exist. Those problems disappeared when I let them go."
Founded in 2014, Bolt initially soared to success, achieving a valuation of $11 billion in 2022. However, following Breslow's departure as CEO, the company faced a dramatic decline, with its value plummeting to nearly $300 million by 2024. After returning to the helm in 2025, Breslow described the current phase at Bolt as a 'wartime' scenario, where rapid decision-making and operational efficiency are paramount. To adapt to this environment, the company laid off nearly 30% of its workforce and dismantled its HR division entirely.
- Focus on Efficiency — Breslow believes traditional HR hinders startup agility.
- Introduction of People Operations — A new team will handle employee training and support.
- Critique of HR Culture — Breslow identifies a culture of inefficiency within HR teams.
In lieu of a conventional HR department, Bolt has opted for a streamlined "people operations" team that focuses on essential functions like employee training and support. Breslow has expressed skepticism towards traditional HR practices, suggesting they are more suited for larger, stable organizations rather than fast-paced startups. He stated, “We’re back in startup mode again, and those HR professionals have really important insights when you’re in a peacetime and when you’re at a larger company.”
Breslow's comments at the summit highlighted his belief that the current workplace culture within HR is often counterproductive. He criticized the inefficiencies that he perceives are prevalent, stating, “We need a group of people who are very oriented around getting things done.” This perspective aligns with his broader vision for Bolt, which aims to restore the company to its former high-flying status by fostering a more dynamic and responsive operational framework.
