Thinkific laying off 76 workers, looking to ‘return to profitability’

Less than a year after laying off approximately 20 per cent of its workforce, Thinkific is scaling back its staffing levels even more.

In a letter to staff on Jan. 10, co-founder and CEO Greg Smith said the Vancouver-based tech company has decided to cut 76 jobs — adding that “the time has come to return to profitability.”

“I firmly believe that making the necessary changes to reach profitability by the end of 2023 was the right decision for us, but that does not change the impact it has on Thinkers that we are saying goodbye to today, or those who are staying.”

Most of the staff affected by the latest reduction are expected to leave on Jan. 15. Basic system access will be available to all departing workers until the end of the day on Jan. 13.

According to LinkedIn, Thinkific has more than 390 employees.

Tech layoffs ramping up

Thinkific isn’t the only tech company kicking off 2023 with mass layoffs.

Cloud Software Group, Amazon, and Salesforce are significantly trimming their headcounts as they continue to monitor market conditions.

The reductions come after a flurry of tech sector layoffs in 2022.

Thousands of jobs have been axed by big names, including Cisco, Meta, Twitter, Hootsuite, Microsoft, Shopify, and Snap.

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Termination agreements for Thinkific employees

As part of the layoff announcement, Thinkific listed a few ways that the company will support affected staff:

• Provide at least 12 weeks of severance pay as well as four weeks of vacation pay (minus time taken in January)
• Extend health benefits coverage for a period of 12 weeks after an employee’s last day
• Provide counselling services for a period of 12 weeks with LifeWorks (Thinkific’s Employee and Family Assistance Program)
• Help impacted workers find new employment

However, many employees could be entitled to more compensation than the tech company is initially offering.

In Canada, non-unionized employees and senior executives at Thinkific are owed full severance pay when they lose their jobs due to downsizing or corporate restructuring.

This includes individuals working full-time, part-time, or hourly in Ontario, Alberta, and B.C.

Severance can be as much as 24 months’ pay, depending on a number of factors.

LEARN MORE
• Severance packages in mass layoffs
• Severance for technology industry employees
• Rights to severance for provincially regulated employees

WATCH: Employment lawyer Lior Samfiru explains what rights employees have if they are being fired or let go on an episode of the Employment Law Show.

Before you accept any severance offer, have an experienced employment lawyer at Samfiru Tumarkin LLP review it and your employment contract.

We can tell you if what you have been provided is fair and how to get proper compensation if it falls short of what you are actually owed.

If you aren’t given the full amount, which happens often, you have been wrongfully dismissed and are entitled to compensation.