Toronto software provider Q4 cutting 8% of staff amid market uncertainty
Another Canadian tech company has announced significant layoffs in a bid to reduce costs amid a sector-wide downturn. Toronto-based investor-relations software maker and provider Q4 Inc. is cutting eight per cent of its workforce.
In a news release on August 23, 2022, CEO Darrell Heaps said the restructuring is designed to focus the company’s sales, marketing, and product teams on the most important areas of the business.
“These changes also enable us to realize significant business efficiencies and reduced operating expenses, driving forward our commitment to be cash flow and EBITDA positive by the second half of 2023,” Heaps said. “I personally want to thank all of our departing colleagues for their dedication and contributions to Q4.”
Approximately 48 employees are expected to be affected by the cuts. Q4 said it will support impacted staff during the transition.
The reduction is the latest in a slew of layoffs that have swept across the Canadian tech sector in recent months.
Shopify, Hootsuite, Article, Unbounce, Clearco, and Wealthsimple have axed a substantial number of jobs as they continue to monitor market conditions.
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• Employment lawyer on mass layoffs in the tech industry
• Layoffs in Canada
Termination agreements for Q4 employees
Non-unionized employees and senior executives at Q4 are owed full severance pay when they lose their jobs due to downsizing or corporate restructuring. Severance can be as much as 24 months’ pay, depending on a number of factors.
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• Severance packages in mass layoffs
• Severance for technology industry employees
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. We can tell you if what you have been provided is fair and how to get proper severance if it falls short of what you are actually owed.
If you don’t receive the full amount (which happens often), you have been wrongfully dismissed and are entitled to compensation.
About the Author
Lior Samfiru
Lior Samfiru is a Founding Partner at Samfiru Tumarkin LLP and the Practice Leader of the firm’s Labour & Employment Law Group. Known for his advocacy and success representing both employees and employers, Lior exclusively serves clients in Ontario, where his extensive experience has made him one of Canada’s most sought-after employment lawyers.
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