Shopify Layoffs š¢
Everyday itās another giant. Sorry for anyone affected. https://www.theglobeandmail.com/business/article-shopify-compensation-hiring-plans/
The Globe and Mail
Need bigger number to clear junks
When it's 50 FTE you can assume more than that for contractors.
What does this mean? At least 50 people have been laid off since April, partly because their compensation packages were out of line with those of certain colleagues under the new plan.
They are severely underreporting layoffs. 6 people from my org of 100 people including myself were let go in last week of May. Since then I have heard about several people let go who i knew. And I was there only for a short period so i didnt know many Someone reported on blind that their whole team of 30+ people was let go on the same day. My estimate is at least 500-1000 people. Since shopify hires in more than 40 countries and everyone works remote, people dont realize the extent of it. They will either be backtracking on their compensation overhaul or firing at least a thousand more as they are royally screwed from all sides.
Plus it seems they have rescinded many offers as well. Iām purely speculating but something big is coming. My guess is a much bigger layoff in August, which is why they pushed the comp restructure to September. Doesnāt make sense to restructure the comp and then lay people off. The lay off would also free up a lot the unvested RSUs handed out during the mass hiring last year.
They are secretly laying off people every week giving bs reasoning or no reasoning at all, to avoid litigation. My guess is this will continue till September and they might rescind offers as well. The morale in the company is at the lowest. Few people from the team I led are in touch and they are severely anxious.
Shopify was heavily inflated. Thereās sooo many paid Shopify stores which have no profit. During a recession it could be hit hard.
There's frequently mention of layoffs and hiring freeze at Shopify on blind but never from people who are working there lol. People from Shopify always seem to have a more positive outlook. I feel like clearing out 50 people from 10,000 is barely a sign of anything. Though time will tell
> People from Shopify always seem to have a more positive outlook That's because it's a cult over there
AAAAAAAAA PANIC!!
DM for indeed referral for engineering and data science positions, especially if youāre a data scientist just laid off Iām interested to talk directly.
Laying off 50ppl is non news. Amazon does more than that in a day
Lol well Amazon is massive and Shopify doesnāt normally do this. So itās not the best of signs.
Eh or just opportunistic