Technorati, a San Francisco-based startup site that tracks and indexes blogs, is the latest of the Silicon Valley companies laying off employees and cutting pay for their remaining staff.

President and chief executive, Richard Jalichandra said to “"weather the storm” of the current economic crisis, they will lay off six employees and two other positions within their company will not be replaced.

Their management team will take a 15-25% pay cut, and staff will have 10% of their salaries cut, as well.

Although this news is tough, Mr. Jalichandra remains hopeful about Technorati’s future. "In the long run, Technorati will emerge a stronger and more profitable place for us, and the bloggers we serve, to thrive personally, professionally and financially."

Source