Wednesday noticed layoffs of 137 employees members, representing 14 p.c of the corporate’s workforce
Article content material
Calgary-based know-how agency Benevity introduced Wednesday it’s going to lay off 137 employees members instantly, suggesting current firm development is outpacing slowing demand for its companies.
Commercial 2
Article content material
In a written assertion posted on Benevity’s web site, CEO Kelly Schmitt known as it some of the tough days within the firm’s historical past. She stated the staff – who signify 14 p.c of the corporate’s workforce – shall be laid off on Wednesday.
Article content material
Schmitt stated financial circumstances have modified drastically up to now 9 months, and whereas the corporate has seen wholesome year-over-year development, it’s “overbuilt” for present market circumstances.
Article content material
“I’m really sorry that now we have come up to now, and I take full accountability for the selections which have led us right here,” Schmitt stated.
Firm achieved ‘unicorn’ standing in 2020 after surpassing $1 billion valuation
One in every of Calgary’s largest tech startups ever, hosts Benevity company social accountability software program, which provides firms and non-profit organizations entry to a variety of worker engagement, office giving and grants administration merchandise and applications.
Commercial 3
Article content material
“Taking the steps now to turn out to be a extra worthwhile enterprise will make us a stronger firm over the long run, higher positioning us to satisfy our mission and help our clients and nonprofits to make a constructive influence on the world,” Schmitt stated.
The corporate plans to help those that have misplaced their jobs with “beneficiant severance pay, consideration for bonus, expanded well being advantages, profession transition help and possession of firm laptops,” Schmitt stated.
Article content material
-
After doubling in measurement, Benevity is bringing staff collectively for the primary time because the pandemic
-
New CEO takes reins at ‘unicorn’ Benevity
-
‘Battle for tech expertise’ expands in Calgary as Benevity goes international
Schmitt stated the corporate will “take a special strategy” with its customer-facing workers and part in modifications over the subsequent two months. It additionally plans to develop investments in automation, product capabilities and effectivity.
Commercial 4
Article content material
Postmedia reported in September 2022 that the corporate had greater than doubled in measurement over the course of the COVID-19 pandemic, hiring greater than 500 folks to achieve greater than 1,000 workers by June 2022.
On the time, greater than half of its workforce was primarily based in Calgary, understanding of the corporate’s Bridgeland headquarters, however a big portion of Benevity’s workers labored offshore or abroad. About 350 workers from 10 nations, together with the US, France, Spain and Australia, traveled to Calgary in September for a “homecoming” occasion.
Benevity achieved so-called “unicorn” standing — a uncommon, casual designation given to tech startups that exceed a $1 billion valuation — in 2020, when UK-based Hg Capital LLP purchased a majority stake within the privately held firm for $1.1 billion.
mrodriguez@postmedia.com
Twitter: @michaelrdrguez
