Canadian e-commerce company Shopify announced that it will cancel all recurring meetings involving more than two people indefinitely and has introduced a rule prohibiting any meetings on Wednesdays. The company has also stated that large meetings with over 50 people can only be held during a fixed six-hour period on Thursdays.
This decision is part of a cost-cutting effort by the company, which provides services for merchants to set up online stores. Despite being the most valuable company in Canada due to the increase in online shopping during the pandemic, Shopify’s shares dropped by 75% in 2022.
Kaz Nejatian, COO, Shopify announced via a tweet that the company will cancel all meetings with more than two people starting in 2023 to give employees more time and because ‘companies are for builders, not managers.’
The company has recently undergone layoffs, with around 10% of its workforce being let go, primarily in recruiting, support, and sales roles. Reportedly, Tobi Lutke, CEO, Shopify, also stated that the company will eliminate several roles which are over-specialised and duplicated.
Shopify notified those who were affected by the layoffs via email and arranged for them to have a meeting with a team leader. Those affected by the layoffs received 16 weeks of severance pay, plus an additional week for each year they had worked at the company.
The company’s workforce grew from 1,900 in 2016 to around 10,000 in 2021 in anticipation of increased demand.