Unbounce lays off 20% of its employees amidst economic uncertainty
The company is one of several prominent Canadian businesses to cut their workforce by double digits in the past three months.
Unbounce, an anchor company in the Vancouver tech community, announced today that it will be reducing its workforce by 47 people; a move that CEO Felicia Bochicchio called an “excruciating decision.” The number equates to 20 percent of the firm.
The organization, whose software lets customers design and build landing pages with built-in conversion intelligence, is restructuring its Unbounce and LeadsRx teams in the face of an upcoming global economic downturn.
“Given some of the headwinds we’ve experienced this year, including the current economic environment, we have had to make adjustments to our business and invest with greater discipline and focus,” said Bochicchio in a statement. “This very difficult decision was also the right decision for Unbounce’s future.”
Unbounce will be supporting its departing employees with custom severance packages based on tenure, extended benefits for two months, and employee family assistance program (EFAP) access.
In a personal LinkedIn post about the restructure, Bochicchio has extended her gratitude to the outgoing employees for their service, calling them talented and hardworking people “who are not only our teammates but our friends.” The post details that she will open up her professional network to help those employees find their next opportunities, and to connect them with other companies looking for their particular skill sets.
“While there’s no getting around how tough today will be, I am confident that with more focus we’ll be better positioned to bring more cutting-edge products to market and help more marketers increase their conversions,” Bochicchio said in the firm’s official statement. “Unbounce continues to be a growing company and I know that together we'll move forward with more resiliency, intention, and fortitude."
Unbounce is one of many prominent Canadian businesses making tough personnel decisions in the face of economic uncertainty. In June, investment management service Wealthsimple announced a 13 percent reduction in its workforce. The next month, ecommerce giant Shopify laid off 10 percent of its staff. In the past week alone, financing platform Clearco and crypto marketplace Coinsquare both cut their employee base by one quarter.
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