Hootsuite laying off hundreds of staff 20 of workforce

Hootsuite confirmed it is laying off about 20% of its global workforce, translating to hundreds of employees, as part of a restructuring initiative. The Vancouver-based social media management platform, which employed around 1,000 workers in 2020, has seen a notable decline in staff numbers, dropping from approximately 500 in B. C. last year to about 350 this year. The company stated that the layoffs are intended to enhance decision-making speed and improve accountability within teams.

TAP Network CEO Stephanie Hollingshead emphasized that these layoffs reflect specific company challenges rather than a broader decline in B. C. 's tech sector, which continues to attract numerous job applications. Hootsuite's history of layoffs includes a planned 30% reduction in 2022, indicating ongoing adjustments within the organization. Experts suggest that the experience of laid-off employees will benefit the local tech ecosystem as they seek new opportunities.

The tech sector, particularly in areas like AI and fintech, is still projected to grow, despite more modest overall growth expectations. As companies adapt, the impact of these layoffs may ultimately support a more dynamic job market in the region.