As a growing number of tech companies carry out successive rounds of layoffs, Shopify Inc.'s president says there are no more cuts in the works for the Ottawa-based e-commerce company.
"There's no cuts coming for us," Harley Finkelstein told The Canadian Press.
"We're in a really good place."
His confidence that the company's reductions are done comes months after Shopify was among the first of the world's tech giants to lay off staff in a summer cut that impacted 1,000 workers -- roughly 10 per cent of staff. The company attributed the move to it misjudging the growth of the e-commerce sector.
Since then, few major tech companies have been unscathed by the fading investor exuberance, falling valuations and pressure to reach profitability in the event a predicted recession materializes.
Tech giants as big as Amazon, Meta, Microsoft, Intel and Zoom have culled staff from their workforces along with smaller Canadian brands like Wealthsimple, Lightspeed, Clearco and HootSuite.
After Shopify's cuts, Finkelstein feels the company is at the right size.
"I don't think we are going to grow our head count very much," he said.
"I think we can keep it pretty flat other than maybe a couple of key hires."
Asked what areas might garner hires, he said software and product staff are always in demand because there are fewer of them.
But retaining current staff is just as important. To keep workers, Shopify is leaning on Flex Comp, an initiative which gives staff a "total rewards wallet" and allows them to regularly choose between cash and stock options for their compensation.
It was implemented in the wake of Shopify's layoff and as its stock came under pressure, falling from a 52-week high of $113.43 to a low of $33.
In designing the program, Shopify completed an extensive benchmarking exercise to ensure salaries are competitive, but executives warned Flex Comp will likely weigh on its 2023 outlook.
Historically, allocations staff made sat at around 70 per cent cash and 30 per cent equity, Finkelstein said.
"I think Q4 allocations may be skewed slightly more cash than those levels, but it's sort of expected that it will vary each quarter," he said.
"Cash gives certainty, but if you understand the business, obviously, you know, equity is what a lot of people want because they want to be able to participate in the upside there as well."
The company is also hoping to remain attractive to talent with a "digital by default" focus it adopted in 2020 after chief executive Tobi Lutke declared "office centricity is over."
Since then, most staff have worked remotely and Shopify opted not to move into The Well complex at King Street West and Spadina Avenue in downtown Toronto. The company was initially slated to occupy 254,000 square feet at The Well, with the option to add another 433,752 square feet.
"We don't need that much space given the new digital by design," Finkelstein said.
Now, staff feel like they can move wherever and whenever they want (Finkelstein is in the process of shifting his family to Montreal) and travel on a whim.
For those that want to head into an office, Shopify is maintaining some sites, including one at the King Portland Centre, not far from The Well. Many people gathered at the company's properties in recent weeks when it held a series of summits and hack days. Others joined virtually or invited colleagues living nearby over to their homes.
"They hosted like watch parties... so I actually think it is working really well for us," Finkelstein said.
He credits that flexibility with helping the company appeal to new, prized hires like Jeff Hoffmeister, who led Shopify's initial public offering and worked for Morgan Stanley since 2000. Hoffmeister joined as chief financial officer but is able to work in New York, where Finkelstein frequently travels.
Around the same time as Hoffmeister joined Shopify, chief technology officer Allan Leinwand announced he will be departing the company with chief executive Lutke to take on some of his responsibilities.
Rather than replace Leinwand, Lutke is now overseeing research and development. He previously stepped in to take over chief product officer Craig Miller's responsibilities, when he left in 2020. At the time, Lutke said there were no plans to replace Miller.
The latest move isn't as big as it may seem to outsiders, Finkelstein said.
"He's been doing this for a long time and now we're just sort of documenting it officially."
This report by The Canadian Press was first published Feb. 16, 2023.
Milton made landfall as a Category 3 storm Wednesday night, causing widespread destruction and immobilizing critical infrastructure. The extent of the damage is not yet known.
As U.S. officials struggle to push back against misinformation about natural disasters hitting the country, at least three congressional Republicans condemned conspiracy theories repeated by fellow members of their party.
Hurricane Milton barreled into the Atlantic Ocean on Thursday after plowing across Florida, pounding cities with ferocious winds and rain, and whipping up a barrage of tornadoes. It caused at least four deaths and compounded the misery wrought by Helene while sparing Tampa a direct hit.
An Ontario man said he feels 'devastated' after learning his identity was stolen to take out two fraudulent loans under his name.
In her column for CTVNews.ca, royal commentator Afua Hagan writes about the pen friendship we didn't see coming, between Melania Trump, the former first lady of the United States, and King Charles III.
Twin brothers who were born conjoined recently celebrated their first birthday after undergoing successful separation surgery.
A West Vancouver company has been ordered to repay a homebuyer's $1-million deposit after it failed to complete construction on the property in time.
Two Orange County women are speaking out after they say they were kicked off of a Spirit Airlines flight because of what they were wearing.
Timelapse video of satellite imagery shows an impressive number of lightning flashes over Florida as Category 3 Hurricane Milton made landfall on Wednesday.
Halloween is right around the corner, but residents of a South Kanata community say they've been living in what feels like a horror movie for over a month.
Jennifer Johnson, Lacombe-Ponoka legislature member, has been welcomed back into the United Conservative Party (UCP).
During the campaign, BC Conservative Leader John Rustad has repeatedly said people are "dying on the streets" in the province – and on Tuesday he claimed to have witnessed that very thing in downtown Vancouver while he was on his way to the leaders' debate.
A bill restricting the sale of long-bladed weapons was introduced in Manitoba Wednesday by Justice Minister Matt Wiebe.
Lululemon founder Chip Wilson has had a second sign outside his $82-million home in Vancouver’s exclusive Point Grey neighbourhood defaced.
American actor and environmental activist Mark Ruffalo is weighing in on British Columbia politics, lauding the B.C. Green Party's stance on fossil fuels ahead of the Oct. 19 election.
U.S. Vice President Kamala Harris visits Nevada and Arizona while former U.S. president Donald Trump talks economic issues in Michigan, as presidential campaigning continues even with Hurricane Milton hitting Florida.
Gunmen invaded another town north of Haiti’s capital on Thursday, shooting at people and setting homes on fire, just a week after a massacre killed at least 115 people in the country’s central region. The number of casualties was not immediately known.
As U.S. officials struggle to push back against misinformation about natural disasters hitting the country, at least three congressional Republicans condemned conspiracy theories repeated by fellow members of their party.
Donald Trump's contributions from small-dollar donors have plummeted since his last White House campaign, presenting the former president with a financial challenge as he tries to keep pace with the Democrats' fundraising machine.
Israel's ground invasion in Lebanon stretched into its second week, as the Hezbollah militant group fired hundreds of rockets deep into Israel — with no end in sight to the escalating conflict.
Hurricane Milton barreled into the Atlantic Ocean on Thursday after plowing across Florida, pounding cities with ferocious winds and rain, and whipping up a barrage of tornadoes. It caused at least four deaths and compounded the misery wrought by Helene while sparing Tampa a direct hit.
In Laos, as Prime Minister Justin Trudeau pursues closer economic ties with the 10 nations of the Association of Southeast Asian Nations, widening global conflict will linger on the margin of the summit like a spectre that can’t be ignored.
A former chief of staff to a Liberal public safety minister has denied suggestions she worked to stall approval of a spy service warrant in early 2021 because it directly touched the operations of the Trudeau government.
Canada is adding another $15 million to its humanitarian aid package for Lebanon after an escalation in the conflict between Israel and the Lebanon-based militant group Hezbollah.
Twin brothers who were born conjoined recently celebrated their first birthday after undergoing successful separation surgery.
For Scarlett Hicks, everyday life is challenging, as the two-year-old lives with a long list of medical conditions.
COVID-19 could be a powerful risk factor for heart attacks and strokes for as long as three years after an infection, a large new study suggests.
Expectations are high for the long-awaited unveiling of Tesla's robotaxi at a Hollywood studio Thursday night. Too high for some analysts and investors.
As if the largest bug to ever live – a monster nearly nine feet long with as many as 64 legs – wasn’t terrifying enough, scientists could only just imagine what the extinct beast’s head looked like.
A severe solar storm is headed to Earth that could stress power grids even more as the U.S. deals with major back-to-back hurricanes, space weather forecasters said Wednesday.
The Nobel Prize in literature was awarded Thursday to South Korean author Han Kang for what the Nobel committee called 'her intense poetic prose that confronts historical traumas and exposes the fragility of human life.'
Taylor Swift has made a significant donation toward helping those affected by hurricanes Milton and Helene.
Global hitmaker Bryan Adams is adding his voice to opposition over new federal regulations on streaming.
The World Trade Organization raised its outlook for global goods trade this year slightly, but cautioned Thursday that increasing geopolitical tensions and uncertainty over economy policy pose 'substantial' risks to its forecast.
A West Vancouver company has been ordered to repay a homebuyer's $1-million deposit after it failed to complete construction on the property in time.
Siskinds LLP says a $70.25 million class-action settlement has been reached with TD Asset Management over commissions paid to discount brokers.
Jeff Warner from Aidie Creek Gardens in the northern Ontario community of Englehart has a passion for growing big pumpkins and his effort is paying off in more ways than one.
Dave Lindsey began growing giant pumpkins to bring a bit of magic to his grandkids' Halloween.
While there's debate among experts about the stages of grief, 'people who are in the pain of grief are just saying, ‘Help me,'' death and grieving expert David Kessler said. Here's what the five stages of grief are, and how you can consider and process them in whichever order you experience them.
Strong winds from Hurricane Milton caused extensive damage to the roof of St. Petersburg's Tropicana Field, home of the MLB's Tampa Bay Rays.
Rafael Nadal announced his impending retirement from tennis on Thursday at age 38 after winning 22 Grand Slam singles titles during an unprecedented era he shared with his rivals in the so-called Big Three, Roger Federer and Novak Djokovic.
The Calgary Flames were already preaching the importance of resilience a single game into the NHL season.
Dozens of cars were pulled out of the Detroit River in west Windsor on Tuesday, causing many questions for Windsorites.
Hundreds of thousands of vehicles are being recalled in Canada due to a steering-related issue that could increase a driver's risk of crash.
Mercedes-Benz has partnered up with the Ontario Vehicle Innovation Network (OVIN) and the provincial government to launch a new “incubator program”. One of the first three locations is Windsor, with the other two going to Toronto and Kitchener-Waterloo.
Jeff Warner from Aidie Creek Gardens in the northern Ontario community of Englehart has a passion for growing big pumpkins and his effort is paying off in more ways than one.
Saskatchewan’s Jessica Campbell has made hockey history, becoming the first ever female assistant coach in the National Hockey League (NHL).
Have you ever seen videos of hovercrafts online or on TV and thought, 'Wow, I wish I could ride one of those.' One Alberta man did, and then built his own.
A B.C. couple is getting desperate – and creative – in their search for their missing dog.
Videos of a meteor streaking across the skies of southern Ontario have surfaced and small bits of the outer space rock may have made it to land, one astronomy professor says.
A unique form of clouds made an appearance over the skies of Ottawa on Sunday evening.
Bernie Hicks, known as the ‘Batman of Amherst,’ always wanted to sit in a Batmobile until a kind stranger made it happen.
Bubi’s Awesome Eats, located on University Ave West took to social media to announce the closure on Friday.
Weeneebayko Area Health Authority and the Government of Ontario have awarded a $1.8 billion fixed-price contract to design, build and finance a new Far North hospital.
It all happened within a matter of seconds. Christopher Taylor was biking near an East Vancouver park on a leisurely Sunday morning when he looked left to see a police cruiser barrelling toward him.
Milton made landfall as a Category 3 storm Wednesday night, causing widespread destruction and immobilizing critical infrastructure. The extent of the damage is not yet known.
The parents of a teen who died of a suspected drug overdose are calling on the government to improve addiction and mental health care.
Peel Regional Police say homicide detectives have been notified after a person was found dead at a home in Brampton last night.
Royal LePage’s latest housing market forecast predicts a real estate rebound that will see Canada’s “sluggish” markets in recovery mode by spring following a third straight interest rate cut.
An Ontario man said he feels 'devastated' after learning his identity was stolen to take out two fraudulent loans under his name.
Calgary commuters can expect delays at 9th Avenue and 1st Street S.W. over several days.
As expected temperatures will moderate and return to more typical values for the next few days.
The Calgary Flames were already preaching the importance of resilience a single game into the NHL season.
The transit service conducted a fare compliance blitz between September 3 and 30, with 12 fare inspectors "active across the transit network, enforcing fare regulations," OC Transpo said.
The Ottawa-Carleton District School Board (OCDSB) says enrolment was 1,130 students below projections in elementary schools in September, including 750 fewer Kindergarten students.
The Ottawa Senators kick off the 2024-25 NHL season tonight at Canadian Tire Centre. CTVNewsOttawa.ca looks at what you need to know about the Senators this season.
The City of Montreal's French-language committee wants a French-language office established to promote and increase the use of the language in the metropolis.
Although he acknowledges that there is still a lot of work to be done in mental health, Social Services Minister Lionel Carmant is confident that he has succeeded in reversing the trend.
Three young people aged 17, 19 and 20 were arrested after shots were fired late on Tuesday near Old Montreal.
It was a familiar start to the NHL season for the Edmonton Oilers.
Here’s a look at some of the wild weather from around the world this past week.
Jennifer Johnson, Lacombe-Ponoka legislature member, has been welcomed back into the United Conservative Party (UCP).
Hurricane Milton made landfall in Florida as a Category 3 storm Wednesday night, among those assessing the damage in its aftermath is former CTV Atlantic employee and Maritimer Eric Bungay.
Milton made landfall as a Category 3 storm Wednesday night, causing widespread destruction and immobilizing critical infrastructure. The extent of the damage is not yet known.
A man and woman from British Columbia died in a two-vehicle crash in Baddeck Inlet, N.S., on Monday evening.
The superintendent of the Winnipeg School Division (WSD) has apologized over a message displayed during a professional development day on Wednesday.
A bill restricting the sale of long-bladed weapons was introduced in Manitoba Wednesday by Justice Minister Matt Wiebe.
Manitobans could be paying more for natural gas in the future.
Saskatchewan RCMP say a larger police presence in Whitewood is related to a report of robbery with a firearm on Wednesday evening.
At the final meeting of this iteration of Regina City Council, a plan for how to pay for a new indoor aquatic facility that would replace Lawson Aquatic Centre was approved.
Milton is shaping up to be a monster of a storm, expected to strike Florida as a Category 3 hurricane, just weeks after Hurricane Helene hit the region.
One person was struck by a GO train, near the Kitchener station, on Wednesday morning.
A former employee of CTV Kitchener has found a few memories buried in the walls of our old home at 864 King Street West.
Lithium batteries, found in everything from cellphones to electric vehicles, have become a part of our daily lives – but recent fires have prompted concerns about their use.
A Saskatchewan Party candidate publicly apologized on Wednesday after it was revealed that he used a racial slur in caucus offices a year and a half ago.
Healthcare workers rallied outside St. Paul’s Hospital in Saskatoon Wednesday, advocating for better conditions in emergency rooms.
Milton is shaping up to be a monster of a storm, expected to strike Florida as a Category 3 hurricane, just weeks after Hurricane Helene hit the region.
Milton made landfall as a Category 3 storm Wednesday night, causing widespread destruction and immobilizing critical infrastructure. The extent of the damage is not yet known.
An Ontario man said he feels 'devastated' after learning his identity was stolen to take out two fraudulent loans under his name.
Police in Huntsville are investigating a deadly single-vehicle collision that happened Tuesday morning.
Milton made landfall as a Category 3 storm Wednesday night, causing widespread destruction and immobilizing critical infrastructure. The extent of the damage is not yet known.
This latest crash was the second fatal and third serious accident at this intersection in the past couple of months - when asked, locals said that the intersection is 'kind of blind.'
Dozens of cars were pulled out of the Detroit River in west Windsor on Tuesday, causing many questions for Windsorites.
A boarded up home caught fire in Orillia early Thursday morning.
A Barrie man accused of assaulting a police officer in late September, which then became the topic of conversation in parliament last week, has been denied bail.
Provincial police are investigating reports of an armed robbery in Amaranth Township that sent one person to the hospital in critical condition.
A team 14 staff members from Entegrus are on their way to Florida to assist in the restoration of power to thousands of customers affected by hurricanes Hele and Milton.
Milton made landfall as a Category 3 storm Wednesday night, causing widespread destruction and immobilizing critical infrastructure. The extent of the damage is not yet known.
Windsor police are cracking down on speeders and impaired drivers in two traffic initiatives.
Abbas Motalebizadeh is a PhD candidate at the University of Victoria’s Mechanical Engineering Department and on Wednesday he was at the Victoria International Marina to test the Inner Harbour for microplastics.
During the campaign, BC Conservative Leader John Rustad has repeatedly said people are "dying on the streets" in the province – and on Tuesday he claimed to have witnessed that very thing in downtown Vancouver while he was on his way to the leaders' debate.
American actor and environmental activist Mark Ruffalo is weighing in on British Columbia politics, lauding the B.C. Green Party's stance on fossil fuels ahead of the Oct. 19 election.
Dave Lindsey began growing giant pumpkins to bring a bit of magic to his grandkids' Halloween.
A U.S. District Court judge in Montana has sentenced a 27-year-old man from Kelowna, B.C., to 18 months in prison for using fake names to buy guns with the aim of selling them in Canada.
Nearly two years after a man was stabbed to death in downtown Kelowna, RCMP have made an arrest in the case.
Thousands more Lethbridge residents will soon be without a family doctor.
Alberta's police watchdog says the Medicine Hat police officers who were involved in an in-custody death in August 2023 acted reasonably and with appropriate force in dealing with a suspect armed with a machete.
Charges have been laid against a 44-year-old man following a traffic stop in Brocket, Piikani Nation RCMP said Tuesday.
An annual international mining conference is underway in Greater Sudbury, Ont., marking the first time the Organization for Economic Co-operation and Development (OECD) Conference of Mining Regions and Cities has been held in North America.
Jeff Warner from Aidie Creek Gardens in the northern Ontario community of Englehart has a passion for growing big pumpkins and his effort is paying off in more ways than one.
A woman in Greater Sudbury, Ont., said "It doesn't get more Canadian than this" when she spotted a black bear dumpster diving at a Tim Hortons last month.
A Conservative MP from Newfoundland and Labrador says some small towns in his rural riding are overrun with crime, but police say they haven't received reports to that effect.
As millions in federal funding flow into a Labrador group whose claims of Inuit identity have been rejected by Indigenous organizations across Canada, a national Inuit leader worries the Liberal government is putting the rights of Indigenous Peoples at risk.
He may not have logged the fastest time or even gone the full distance, but residents of a Newfoundland town agree the goat who unexpectedly joined the local weekend half marathon was the event's undisputed champion.
The Shopping Trends team is independent of the journalists at CTV News. We may earn a commission when you use our links to shop. Read about us.
