Hootsuite restructuring, laying off 30 percent of employees

Hootsuite restructuring, laying off 30 percent of employees

CEO: “We need to refocus our strategies to drive efficiency, growth and financial sustainability.”

Hootsuite is set to lay off 30 percent of its global workforce.

The company confirmed the layoffs to BetaKit, with a statement from CEO Tom Keiser noting that the Hootsuite “made the difficult decision to restructure the company and reduce our global workforce by 30%,” citing a need to “refocus” on efficiency, growth and financial sustainability.

“Today is a hard day at Hootsuite,” Keiser added. “…These people are our colleagues and our friends. They are some of the best in their fields, and we will do whatever we can to help them land well elsewhere.”

As reported by The Globe and Mail, Hootsuite broke the news to employees on Tuesday.

Vancouver-based Hootsuite joins the growing list of tech companies making similar moves as they feel pressure from the current economic environment.

Hootsuite reported having more than 1,400 employees in June after a hiring spree that saw its employee headcount jump from 1,200 in January. Keiser told The Globe at the time that Hootsuite was working to avoid layoffs, but already expected to end 2022 with fewer new hires than it had originally planned.

Other recent Canadian tech layoffs include Uberflip, RenoRun, Shopify, Wealthsimple, Clearco, Unbounce, Coinsquare, Ritual, and Bonsai.

Hootsuite has been on a growth spurt over the past year, having made two landmark acquisitions in 2021 that were part of the company’s expansion beyond social media management. Hootsuite also announced plans to open a new Atlanta office with plans to hire over 60 Atlanta-based positions by the end of 2022.


Author: George Holt