Vancouver-based Thinkific has announced major layoffs after a “rigorous review” of its organizational structure.
In a release, the company said 100 employees will be leaving the company after it experienced major growth over the last several quarters.
“We have grown from 270 at the end of Q1 2021 to 499 today and have concluded, following a rigorous review of our organizational structure, that with a reduction of 100 in our workforce, we could increase efficiency and lower costs without impacting our growth trajectory,” said Mr. Greg Smith, co-founder and CEO of Thinkific.
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In a letter to employees, Smith said, “It is incredibly important to understand that these decisions are not a reflection of your work quality. Exceptional people will be leaving the company. This is about optimizing our organizational structure to best position Thinkific for continued future success. With a commitment to both top-line growth and a path to profitability, this decision enables a more cost-efficient structure for our business.”
According to the letter, all employees will receive a termination package that includes the following:
Termination Pay – In lieu of notice, we will be paying termination pay, ensuring that everyone receives a minimum of 12 weeks. This will be paid to you along with any vacation pay owed to you (for unused, accrued vacation time) via direct deposit within five business days, the details of which will be provided in your letter.
Benefits for you and your loved ones – We are extending your health benefits coverage for 12 weeks beyond your last day with Thinkific. This includes health and dental coverage, and access to LifeWorks (our Employee and Family Assistance Program) for services like counselling and other helpful resources. To note: life insurance, AD&D, long-term disability and out of province coverage are limited by our benefits provider to the government-regulated notice period, which will be less than 12 weeks in most cases.
- Equipment – Your Work from Home setup including any furniture, peripherals, and devices purchased for you through our previous “Bring Your Own Device”/Hardware Bonus program are now yours to keep. We hope this helps you on the next stop in your journey.
Career Support – While it might not be top of mind right this minute, we also want to give you additional support when it comes to finding your next opportunity. We know many companies out there are going to be lucky to have you on their team. Thinkific will provide you with comprehensive career transition support including access to a career coach, resume and job search tools, and professional services. A career counselor will reach out to you within the next 2 business days.
Smith added, “This is a difficult day for the Thinkific team, but we are resilient. I am confident in our future.”