- Shopify has canceled offers for some interns who were set to start this fall.
- The company is also pausing hiring for other fall internships.
- The rescinded offers come after the company laid off about 50 people this spring and summer
Shopify this week canceled several job offers for interns who were set to start with the company in September. The company is also pausing hiring for other fall internship roles
Shopify spokesperson Alex Lyons told Insider that the fall internship program will continue, but “with a limited number of roles, for which we have completed hiring.”
“We continue to evaluate and hire for mission-critical roles, teams and skills to ensure we are best structured to support our millions of merchants,” Lyons said.
For Anthony Zhao, a third-year university student in a co-op program, the withdrawn offer was a disappointing end to an interview process that took more than two months to complete. These internships are often a career launching pad, but as tech companies face a slowdown, many students and new grads are seeing their job offers withdrawn from companies like Coinbase, Twitter, and Redfin.
Zhao accepted a verbal offer in June before receiving an automated email from Shopify this week saying the company had “shifted priorities to focus on more immediate initiatives at Shopify” and was no longer hiring for the backend developer internship he interviewed for.
“I wanted to work for a company that was doing something that would actually impact everyday people,” Zhao said. “And because it’s a big company, I thought the job would be challenging.”
He said he is now on the hunt for a new internship before the semester starts in September. Although he’s hopeful he’ll find another job, he’s running out of time.
“It’s closing it down a little bit,” he said. “I don’t think it’s going to have as much of an impact as Shopify, but I think it’s going to be okay.”
The withdrawn offers come after Shopify quietly laid off about 50 workers and delayed a planned compensation overhaul for the fall.
After employee feedback about the company’s compensation structure, Shopify announced a compensation overhaul in April, which relies heavily on giving employees restricted stock units, or RSUs. As Shopify’s stock fell dramatically in the first half of this year, some employees expressed concern about the total value of their compensation packages. Others worry that talent could leave if the company doesn’t adjust its pay practices.
“This is a massive undertaking that needs to be designed with consideration and rigor” to meet various legal and regulatory requirements, a Shopify spokesperson told Insider earlier this month of the compensation overhaul delay. “We are excited to roll out this new program as planned when it is fully ready in the fall.”
Shopify also launched a 10-for-1 stock split at the end of June in an effort to boost investor interest in the hard-hit stock.
Shopify is far from the only tech company to lay off as the global economy sours in recent months. According to Crunchbase News, which tracks layoffs in tech, more than 28,000 tech workers will be laid off in the U.S. in 2022.
Canada’s tech scene is also being affected – Canadian fintech darling Wealthsimple recently laid off 159 people, or about 13% of its workforce.
Got a tip? Contact this reporter using a non-work phone at firstname.lastname@example.org or the secure messaging app Signal at (646) 889-2143.