The social media business Hootsuitebased in Vancouver, currently employs around 1,000 people, according to the financial data company refinitive.
In a written statement, the CEO of HootsuiteTom Keizer explains that the company must adjust its strategies to be more efficient, grow better and ensure its financial health
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Hootsuite has followed in the footsteps of several Canadian tech companies that have recently been laid off.
During summer, WealthSimple 13% of its workforce laid off, followed by Shopifyin Ottawa, which laid off 10% of its employees a few weeks later.
For its part, the Vancouver company unbounce laid off 20% of its workforce this week, followed by online retailer Article, which announced it would be shedding a sixth of its workforce.
wave of layoffs
Experts believe inflation could be a factor in these layoffs.
When everyone is facing inflation, it is difficult to spend money on software
notes Agata Zasada, who has more than 10 years of management experience in the technology sector, including several years at Hootsuite.
The Director General of Vancouver TechJournalWilliam Johnson, also says many tech companies have grown and hired staff during the pandemic, but for many that growth has now slowed and the cuts are hitting jobs first.
However, he says small and medium-sized businesses are still hiring.
With information from Peter Evans and Baneet Braich
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