Canva restructure to impact a fifth of its workforce ahead of Christmas
The design software giant says growth has slowed for the first time in a decade and it needs smaller, more empowered teams.
Canva, the popular design software company, is set to restructure, impacting 1,270 jobs, or 22% of its global workforce, ahead of Christmas. The changes signal slowing growth and the influence of new technology that is altering how products are created and utilized. Sydney will serve as the primary hub for Canva's product teams, with some employees required to relocate.
Canva's Co-founder and CEO, Melanie Perkins, described the restructuring as the most challenging period in the company's 13-year history. The restructuring comes as Canva's growth slowed for the first time in a decade, and the rapidly evolving technological landscape demands a more agile approach. Employees will receive a package including at least six months of salary, health and wellbeing support, and the elimination of an equity vesting cliff for some recent hires.
Additionally, a new fund will provide $10,000 grants to departing employees who wish to start a business or pursue a community project. The company has deemed small changes insufficient and is committed to re-establishing itself with small, empowered teams focused on what matters most for their community.
Written by urgent.news from ABC News AU's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
