Vancouver tech company Thinkific has announced massive layoffs, letting go of 76 employees.
Last March, the company laid off 100 employees after a “critical overhaul” of its organizational structure. This time, return profitability is the main reason for the reduction.
In a letter published Tuesday, Thinkific CEO and co-founder Greg Smith shared the news with his team.
“As we continue to refocus and restructure Thinkific to accelerate growth, it is time to return to profitability. As a result, I have made the difficult decision to say goodbye to 76 Thinkers today,” he wrote.
Smith acknowledged the company is in an “enviable position” because of its strong, stable and growing business, but acknowledged that it needs to be held accountable for the resources and cash it holds. The company felt that “acting fast” was better than a protracted approach, leading to the decision to cut staff.
This week, Thinkific will be holding multiple 1:1s with people leaving the company. Here’s what the laid-off staff have been given:
Due to lack of sufficient notice, the employee is given better retirement benefits (minimum 12 weeks) along with 4 weeks vacation pay.
Health insurance coverage is extended for 12 weeks from the date the employee leaves the company. This includes dentistry.
Access to 12 weeks of counseling services through LifeWorks, Thinkific’s employee and family assistance program.
Optional additional career support to help laid-off employees find new opportunities.
Most of the staff leaving will leave on January 15th and system access will be blocked by Friday January 13th.
In a letter, Smith apologized to those affected by the layoffs.
“I’m sorry. This is not your fault,” he wrote. “Please know that you and your contributions to Thinkific are appreciated and appreciated. We will be lucky to have you.”
Guests can ask questions at the all-hands meeting scheduled for Wednesday.