Shopify Layoffs
July 2022
Shopify announced a layoff affecting 50 employees in July 2022. The company operates in the Retail sector.
50
Jul 6, 2022
About
Shopify, the Ottawa-based e-commerce platform, laid off 50 employees in July 2022, representing less than 1% of its workforce of over 10,000. The layoffs were part of the company's response to a significant decline in its stock price, which had fallen more than 70% from its late 2021 peak, impacting employee compensation packages. This move coincided with Shopify delaying a planned compensation overhaul that aimed to give employees more flexibility in choosing between cash and stock-based pay. The tech industry was experiencing a broader sell-off at the time, prompting the company to adjust its strategies and salary frameworks, which also led to delays in job offers and new hires.
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