Canva to cut 1,271 jobs as growth slows
The Australian design software company will reduce its global workforce by approximately 22 per cent during a major restructuring.
Australian design software company Canva has announced it will cut 1,271 jobs, representing about 22 per cent of its global workforce, according to a Times of India report. Co-founder and CEO Melanie Perkins described the restructuring as the most difficult moment in the company's 13-year history.
Perkins stated that the company's growth has slowed for the first time in a decade. She said the business decided to undergo these changes to prepare for its next chapter by returning to a structure of smaller, more independent teams with more decision-making power.
The restructuring will involve merging the Product, Growth, and Platform divisions into a single Product Organisation. The company also plans to reduce management layers and consolidate overlapping responsibilities to simplify decision-making.
Affected employees will receive a support package including at least six months of salary and up to 12 months of healthcare coverage where applicable. The company is also launching a Canva Collective Fund, which will provide US$10,000 grants to eligible departing staff interested in community projects or starting businesses.
As part of a new location strategy, Sydney will serve as the primary base for more product teams. Beginning in January, most hybrid employees will be required to work from the office two to three days each week.