A wave of layoffs and hiring freezes in the American tech sector is set to hit Canada hard, industry watchers say. They warn that although job cuts have already happened here, bigger reductions lay ahead.
Toronto-based Sensibill Inc., which digitizes receipts for clients of financial institutions. It laid off one-quarter of its staff to focus on selling to large banks “and reduce resource allocations on parts of the business that were less profitable,” chief executive Corey Gross said in an e-mail. He added that his goal
will extend ResQ’s ability to fund operations from its current cash resources to between two and three years, Mr. Singh said. The layoffs are part of a sector-wide belt-tightening that has been more evident in the U.S. as unprofitable tech companies, pushed by their investors, look to reduce their “burn” – the pace at which their cash reserves dwindle – and extend how long they can pay for their operations with their existing funds.
Robert Antoniades, general partner with Toronto’s Information Venture Partners, said he has told his companies to prepare to survive without capital for two years.
Good. Hopefully the gig economy dies with it
Entire CAD economy is hedged on real estate, there’s been minimal focus towards innovation and manufacturing jobs in this country for decades, eventually (quite soon actually) this one trick pony will run out of gas…
No tech jobs means no immigrants means no housing demand.
Translation is Shopify layoffs loom due to cratered stock price
Is that what they're calling it? I expected this as Canada is one of the first to mass outsource tech jobs when the going gets tough, now that government benefits ran out. Super profitable vertically integrated firms like Bell Canada/Bell Media have regular mass layoffs.
Not enough ideas? Or NAFTA/USMCA too idle? Time to get to work?
Jobs that serves the only purpose of feeding the ones doing it...outside of that, useless to society tech jobs. If our concerns are about an online grocerie or software providers then we've been doomed long ago RoshdyYann