Vancouver tech company Thinkific has announced a round of major layoffs, letting go of 76 employees.
Last year in March, the company laid off 100 employees after a “rigorous review” of its organizational structure. This time, return profitability is the core reason for the cuts.
In a letter published on Tuesday, Thinkific CEO and co-founder Greg Smith shared the news with his team.
“As we continue to refocus and reshape Thinkific to accelerate our growth, the time has come to return to profitability. To do that, we needed to make some hard decisions on people, programs and investments. This resulted in us making the difficult decision to say goodbye to 76 Thinkers today,” he wrote.
Smith admitted that the company is in an “enviable position” for its strong, stable, and growing business, but that it needs to be responsible with the resources and cash it has. The company felt that “swift action” was better than a prolonged approach, thus leading to the decision of slashing staff.
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This week, Thinkific will hold multiple one-on-one meetings with the people who are leaving. Here’s what laid-off staffers are being given:
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Since enough notice was not provided, better termination pay will be given to employees (a minimum of 12 weeks), along with four weeks of vacation pay
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Health benefits coverage will be extended for 12 weeks from the day staffers leave. This will include dental.
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Access to counselling services for a period of 12 weeks with LifeWorks, Thinkific’s employee and family assistance program.
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Optional additional career support to help laid-off employees find new opportunities.
Most of the departing staffers will leave on January 15, and system access will be blocked by Friday, January 13.
Smith apologized to the people affected by this round of layoffs in his letter as well.
“I am sorry. This is not your fault,” he wrote. “Know that you and your contributions to Thinkific are greatly appreciated and valued. I know you are exceptional individuals and other companies will be lucky to have you on their teams.”
Those staying will be able to ask questions in an all-hands meeting scheduled on Wednesday.