Canva's CEO Melanie Perkins has announced that over 1,000 employees will face job losses or role changes, marking a significant restructuring for the company. This decision comes as Canva experiences its slowest growth in a decade, attributed to rising costs associated with artificial intelligence and a decline in its valuation from A$60 billion to approximately A$49 billion.
The company plans to centralize more product teams in Sydney and implement a hybrid work model, requiring employees to work in-office two to three days a week. Perkins described this as the hardest year in Canva's history, highlighting the challenges posed by evolving technology and market expectations.
Watch for how Canva's shift to a centralized product team in Sydney impacts its innovation pipeline and employee morale. The hybrid work model may also influence talent retention and recruitment strategies as the company navigates its AI integration challenges.