Calgary-based tech company Benevity lays off 14% of staff

The headlines haven’t been kind in the tech world and now those problems are hitting close to home with Calgary-based Benevity cutting staff.

The local tech giant laid off over 100 staff this week.

Benevity CEO Kelly Schmitt explained the reasons for the decision in a statement.

“In the face of surging demand over the past many years, we significantly increased the size of our team and grew our operating costs quickly. In the last nine months, as macroeconomic conditions changed – including increases in inflation, interest rates, and the cost of capital – demand in some segments slowed, and the reality is that today we are overbuilt for current market conditions. Because of this, we made the difficult decision to reduce the size of our team by 137 people, representing 14% of our workforce.”

Schmitt went on to say their goal is still to help as many people as they can.

“We believe in the long-term opportunity for Benevity, as the appetite for companies of all sizes to engage their teams and customers around social impact is still strong. Taking the steps now to become a more profitable business will better position us to fulfill our mission and support our clients and nonprofits to have a positive impact on the world.”

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This comes after news of global giant Amazon cutting 18,000 positions hit the headlines.

It is a disappointing turn for the tech sector in Calgary which saw quite a bit of growth over the summer with a number of companies setting up shop in our city.