Canva's Sydney smoke signal

Australia's largest technology company Canva has started formally preferencing Sydney-based applicants for some departments after years of generous flexible work arrangements. 

In any other company this wouldn't mean much at all. Corporations everywhere have slowly been clawing back the flexible working arrangements they extended during COVID-19 to mixed success.

But Canva is not like any other company. It calls staff "Canvanauts", its executives communicate with emojis and offer cash allowances to "vibe and thrive". And while many of the 5,500 employees have grown accustomed to the ability to work from anywhere, Canva has also been grappling with the global artificial intelligence reckoning and increased pressure on software companies everywhere to become more efficient. 

So far, Canva's $60 billion private valuation has largely withstood the volatility that has decimated its rivals in public markets. But it hasn't stopped the company from making changes to ready itself for its drawn out Nasdaq tilt.