Hootsuite to lay off 30 per cent of its staff

Hootsuite Inc. announced yesterday that it will lay off 30 per cent of its staff due to global restructuring.

The social media business did not reveal the exact number of staff to be laid off or what triggered the job cuts. According to BIV research, Hootsuite employs about 500 workers in British Columbia and over 1,200 worldwide. This means that about 350 people will be out of work. It’s not clear how many in Vancouver are directly affected by the job cuts. 

“Today is a hard day at Hootsuite…This sadly means we are saying goodbye to some of our people,” said Hootsuite chief executive officer Tom Keiser, on Tuesday. 

He added that this move will help the company realign itself with strategies that can make it successful. He noted that Hootsuite needs to refocus, so it can drive efficiency, growth, and financial sustainability.

“Today our focus is on our people, both those who are leaving us and those who are staying, and ensuring our customers continue to receive the support they need,” he said.

Recently several other tech companies have made similar moves, laying off portions of their staff.

Most notable was Shopify, which cut 10 per cent of its staff in late July. Wealthsimple also cut its workforce by 13 per cent, and Clearco, an e-commerce investing platform, reduced its employee count by 25 per cent. 

According to a CTV report, data from Layoffs.fyi revealed that 493 startups globally have cut about 67,562 employees in 2022.

Would you recommend this article?

Share

Thanks for taking the time to let us know what you think of this article!
We'd love to hear your opinion about this or any other story you read in our publication.


Jim Love, Chief Content Officer, IT World Canada

Featured Download

Samira Balsara
Samira Balsara
Samira is a writer for IT World Canada. She is currently pursuing a journalism degree at Toronto Metropolitan University (formerly known as Ryerson) and hopes to become a news anchor or write journalistic profiles. You can email her at sbalsara@itwc.ca

Featured Articles

Cybersecurity in 2024: Priorities and challenges for Canadian organizations 

By Derek Manky As predictions for 2024 point to the continued expansion...

Survey shows generative AI is a top priority for Canadian corporate leaders.

Leaders are devoting significant budget to generative AI for 2024 Canadian corporate...

Related Tech News

Tech Jobs

Our experienced team of journalists and bloggers bring you engaging in-depth interviews, videos and content targeted to IT professionals and line-of-business executives.

Tech Companies Hiring Right Now