VerticalScope cutting 22% of staff amid economic uncertainty

VerticalScope, a subsidiary of Torstar, is scaling back its staffing levels in a bid to reduce costs.

In a news release on Feb. 1, the Toronto-based tech company said it’s laying off approximately 60 employees, or 22 per cent of its total workforce, to ensure that the business is in the best position to “navigate the current economic environment.”

“Like many businesses in our space, we grew our headcount aggressively over the last few years,” VerticalScope founder and CEO Rob Laidlaw said in the release.

“With the economic uncertainty that lies ahead, we must prioritize our biggest opportunities and make sure we have the proper cost structure in place to pursue them.”

According to LinkedIn, VerticalScope has more than 230 employees.

Canadian impact

In addition to its headquarters in Toronto, VerticalScope has offices in the U.S., Estonia, and the Cayman Islands.

The company didn’t disclose how many Canadian employees are affected by the reduction.

Major tech layoffs continue

VerticalScope joins the growing list of major North American tech companies that are kicking off 2023 with significant layoffs.

Several big names, including Alphabet, Clearco, Hootsuite, Microsoft, Amazon, and Salesforce, have announced deep job cuts as they continue to monitor market conditions.

SEE ALSO
• Report: Torstar outsourcing more printing operations, selling Toronto plant
• Employment lawyer on recent tech layoffs and severance
• Layoffs in Canada

Termination agreements for VerticalScope employees

In Ontario, non-unionized employees and senior executives at VerticalScope 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 the province.

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

LEARN MORE
• Mass layoffs in Ontario: Rights to severance
• Rights to severance for provincially regulated employees
• Severance pay in a recession 

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 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.