Hootsuite to lay off 30% of its workforce

Vancouver’s social media management company Hootsuite is laying off 30 percent of its global workforce. A spokesperson confirmed the news to Vancouver Tech Journal on Tuesday morning. They said that post-cuts, its employee base will sit at approximately 1,000 people, which means approximately 400 individuals are being let go.

The news was first reported by the Globe and Mail.

“We want to be very clear this decision is not a reflection on them, or their work,” said Hootsuite CEO Tom Keiser in an emailed statement. “It is indicative of a change to our business that realigns our strategies with the positions we need to be successful. We need to refocus our strategies to 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.”

The news comes as the global tech sector reacts to market turbulence and businesses prepare for the impacts of a recession. The cuts also come less than a week after Vancouver e-commerce business Article laid off 216 employees and Unbounce reduced its headcount by 47.

All three firms are among many well-known Canadian companies navigating a precarious economic environment by slowing hiring or laying off workers. In the past two months alone, Wealthsimple, Shopify, Clearco, and Coinsquare have all downsized their employee base.

This is a developing story and will be updated with more details.