TechHR
ex
L&D
UNPLUGGED
Sphere
About Us • Contact Us
People Matters ANZ
People Matters Logo
Login / Signup
People Matters Logo
Login / Signup
  • Current
  • Top Stories
  • News
  • Magazine
  • Research
  • Events
  • Videos
  • Webinars
  • Podcast

© Copyright People Matters Media Pte. Ltd. All Rights Reserved.

 

 

  • HotTopic
    HR Folk Talk FutureProofHR
  • Strategy
    Leadership Csuite StrategicHR EmployeeRelations BigInterview
  • Recruitment
    Employer Branding Appointments Permanent Hiring Recruitment
  • Performance
    Skilling PerformanceMgmt Compensation Benefits L&D Employee Engagement
  • Culture
    Culture Life@Work Diversity Watercooler SheMatters
  • Tech
    Technology HR Technology Funding & Investment Startups Metaverse
  • About Us
  • Advertise with us
  • Become a sponsor
  • Contact Us
  • Feedback
  • Write For Us

Follow us:

Privacy Policy • Terms of Use

© Copyright People Matters Media Pte. Ltd. All Rights Reserved.

People Matters Logo
  • Current
  • Top Stories
  • News
  • Magazine
  • Research
  • Events
  • Videos
  • Webinars
  • Podcast
Login / Signup

Categories:

  • HotTopic
    HR Folk Talk FutureProofHR
  • Strategy
    Leadership Csuite StrategicHR EmployeeRelations BigInterview
  • Recruitment
    Employer Branding Appointments Permanent Hiring Recruitment
  • Performance
    Skilling PerformanceMgmt Compensation Benefits L&D Employee Engagement
  • Culture
    Culture Life@Work Diversity Watercooler SheMatters
  • Tech
    Technology HR Technology Funding & Investment Startups Metaverse
Shopify implements job cuts affecting 20%, sends termination notices overnight

News • 5th May 2023 • 2 Min Read

Shopify implements job cuts affecting 20%, sends termination notices overnight

Strategic HR#HRTech#Layoffs#HRCommunity

Author: Samriddhi Srivastava Samriddhi Srivastava
5.8K Reads
Shopify laid off almost 10 per cent of its workforce, or around 1,000 employees, in 2022. The current layoffs come despite the company's robust quarterly earnings.

Shopify has initiated a new round of layoffs following the release of its first-quarter results, as reported by several employees on social media.

This Shopify layoffs will mark the second instance of significant job cuts by the company. However, this time, the reduction is expected to impact approximately 20 per cent of the workforce.

Following the release of its first-quarter results, Shopify's announcement of layoffs coincided with exceeding the majority of Wall Street's estimates, resulting in an almost 8 per cent increase in the company's shares, according to international media reports.

A Shopify employee shared on LinkedIn that he was laid off on Thursday night at 7:05 pm and expressed that this event confirms that employees are "price takers" who are susceptible to the unintentional errors or actions of others.

“I’ve been impacted by the latest Shopify layoff. I received an email at 7.05pm last night telling me it was my last day at Shopify,” he wrote. 

Another Shopify employee shared their experience of being laid off on LinkedIn, revealing that he was a part of the 20 per cent of the workforce impacted by the recent job cuts, which primarily affected the company's logistics branch.

Around 1,000 employees, which accounted for nearly 10 per cent of the workforce, were laid off by Shopify in 2022. Therefore, the current rounds of layoffs, occurring despite the company's strong quarterly earnings, are unexpected during a time when the global economy is already facing concerns of a recession.

According to reports, Shopify's founder and CEO Tobi Lütke has informed the staff that these layoffs are necessary as consumers are returning to their previous shopping patterns and moving away from online shopping.

“It’s now clear that our bet didn’t pay off...Ultimately, placing this bet was my call to make and I got this wrong...We’re also eliminating over-specialised and duplicate roles, as well as some groups that were convenient to have but too far removed from building products,” he wrote in the memo as per Reuters report.

Read More

Did you find this article helpful?


You Might Also Like

UBS initiates fresh layoffs including top managers

NEWS • 28th Jan 2025 • 2 Min Read

UBS initiates fresh layoffs including top managers

Strategic HRTalent Management#Layoffs#HRCommunity
68% of HR professionals struggle to find talent

NEWS • 16th Jan 2025 • 3 Min Read

68% of HR professionals struggle to find talent

Strategic HRRecruitment#HRTech#HRCommunity
NZ to ease dismissal rules for high-paid employees

NEWS • 9th Dec 2024 • 2 Min Read

NZ to ease dismissal rules for high-paid employees

Strategic HREmployment Landscape#HRTech#HRCommunity
NEXT STORY: LinkedIn reflects on evolution of workplace trends over past 20 years

Trending Stories

  • design-thinking-hr

    Skype is dead: Did Microsoft's leadership let a billion-doll...

  • design-thinking-hr

    From copy-paste to creative spark: mastering generative AI i...

  • design-thinking-hr

    Keeping the C-suite in the C-suite - how do we reduce execut...

  • design-thinking-hr

    Return to office: the legalities

People Matters Logo

Follow us:

Join our mailing list:

By clicking “Subscribe” button above, you are accepting our Terms & Conditions and Privacy Policy.

Company:

  • About Us
  • Advertise with us
  • Become a sponsor
  • Privacy Policy
  • Terms of Use

Contact:

  • Contact Us
  • Feedback
  • Write For Us

© Copyright People Matters Media Pte. Ltd. All Rights Reserved.

Get the latest Articles, Insight, News & Trends from the world of Talent & Work. Subscribe now!
People Matters Logo

Welcome Back!

or

Enter your registered email address to login

Not a user yet? Lets get you signed up!

A 5 digit OTP has been sent to your email address.

This is so we know it's you. Haven't received it yet? Resend the email or then change your email ID.

People Matters Logo

Welcome! Let's get you signed up...

Starting with the absolulte basics.

Already a user? Go ahead and login!

A 5 digit OTP has been sent to your email address.

This is so we know it's you. Haven't received it yet? Resend the email or then change your email ID.

Let's get to know you better

We'll never share your details with anyone, pinky swear.

And lastly...

Your official designation and company name.