Bolt Layoffs: 29% of staff cut, second reduction this year

Bolt has eliminated 29 per cent of its workforce.

The reduction marks the one-click checkout company’s second layoff of the year. In January, Bolt reportedly trimmed its headcount by 10 per cent.

What’s happening at Bolt?

In an emailed statement, a Bolt spokesperson told TechCrunch that the job cuts, which took place last week, are to get the company to “an operating model optimized for sustainable growth and efficiency.”

“We made the difficult, but important, decision to reduce layers and roles across the company — setting ourselves up with the speed and agility required for the next phase of our business,” the statement reads.

Bolt didn’t disclose which roles were affected by the reduction.

Bolt layoffs in Canada

It remains unclear if any Canadian employees at Bolt were let go.

According to the company’s LinkedIn page, it has more than 30 workers in the country.

Termination agreements for Bolt employees

In Canada, non-unionized employees at Bolt are owed full severance pay when they lose their jobs due to downsizing, corporate restructuring, or the closure of the business.

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

People working “on contract” or as a contractor may also be owed severance pay — given that many employees in Canada are often misclassified as independent contractors.

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

WATCH: Employment lawyer Lior Samfiru explains why you are still owed severance if you have been downsized 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.

If you don’t receive the correct amount, which happens often, you have been wrongfully dismissed and should take legal action.

Non-unionized employees in Canada have up to two years from the date of their dismissal to pursue proper severance pay.

LEARN MORE
• Severance for provincially regulated employees
• Rights to severance for tech sector staff
• Severance packages during mass layoffs

Major tech layoffs continue

Bolt isn’t the only tech company that has announced sweeping layoffs in 2023.

Big names, including Etsy, Spotify, Unity, Broadcom, ByteDance, Amazon, Informatica, Ubisoft, Bungie, Splunk, and Nokia, have significantly scaled back their staffing levels as they continue to navigate challenging economic conditions.

SEE ALSO
• Firm launches $130M class action against Shopify for breach of contract
• Report: Canadian video software company Vidyard slashes 20% of staff
• Where are layoffs happening in Canada?

Lost your job? Talk to an employment lawyer

If you have been fired or let go for any reason, contact the experienced employment law team at Samfiru Tumarkin LLP.

Our lawyers in Ontario, Alberta, and B.C. have successfully represented tens of thousands of non-unionized individuals.

In addition to severance package negotiations, we can assist you on a broad range of employment matters, including:

If you are a non-unionized employee who needs help with a workplace issue, contact us or call 1-855-821-5900 to get the advice you need and the compensation you deserve.