Shopify is another company affected by the uncertain economy.
, CEO Tobi Lütke says the company “has to go through a reduction in workforce” that mostly affects those working in recruiting, support, and sales.
Lütke notes that the e-commerce company is also cutting down on “over-specialized” and duplicate roles as well as “groups that were convenient to have but too far removed from building products.” He attributes the layoffs to a miscalculated bet that the e-commerce industry would continue to grow beyond the COVID-19 pandemic., Shopify’s workforce jumped from 1,900 in 2016 to around 10,000 in 2021 to meet the expected growth.
“Ultimately, placing this bet was my call to make and I got this wrong,” Lütke writes. “Now, we have to adjust. As a consequence, we have to say goodbye to some of you today and I’m deeply sorry for that.” Lütke adds that impacted employees will receive 16 weeks of severance pay plus one added week for every year the employee has been at the company. Shopify is also providing career coaching to help affected employees find another job as well as a “kickstart allowance” to replace the company laptop that employees must return to Shopify. When reached for comment, Shopify pointedShopify is but one of a string of companies cutting down on jobs due to the fallout from the post-pandemic economy.
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