Tech company Hootsuite lays off 30% of its employees

The social media business Hootsuitebased in Vancouver, currently employs about 1,000 people, according to financial data firm Refinitiv.

In a written statement, the CEO of HootsuiteTom Keiser, explains that the company must focus its strategies to be more efficient, better grow and ensure its financial solidity.

Hootsuite has followed in the footsteps of several Canadian tech companies that have made layoffs recently.

During the summer, WealthSimple laid off 13% of its staff, 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 the reduction of a sixth of its staff.

Wave of layoffs

Experts believe that inflation could be a factor in these layoffs.

When everyone’s facing inflation, it’s hard to spend money on softwarenotes Agata Zasada, who has more than 10 years of management experience in the technology sector, including several years at Hootsuite.

The general manager of Vancouver Tech JournalWilliam Johnson, also says that many tech companies have grown during the pandemic and have taken on staff, but for many that growth has now slowed and the cuts are hitting jobs first.

He says, however, that small and medium-sized businesses are still looking for staff.

With information from Peter Evans and Baneet Braich

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