Zoom is having huge layoffs: 1300 workes fired
Layoffs continue to occur in tech industry. After Twitter and Microsoft, Zoom is also having huge layoffs.
Huge layoffs have been going on in tech industry. Twitter, Google and Microsoft laid out their staff in huge numbers. You can now add Zoom to the large list of well-known IT companies that have recently let go of staff members. Approximately 1,300 workers will be laid off, representing 15% of the workforce.
Zoom is having huge layoffs: 1300 workes fired
Zoom had a boom caused by the epidemic that caused its personnel to triple in just two years, according to a memo from CEO Eric Yuan to employees. According to Yuan, "We didn't spend as much time as we should have analyzing our teams in-depth or determining if we were developing sustainably, toward the top priority."
Yuan declared that he accepted responsibility for the layoffs. The executive team will forgo 20% of their base compensation, and he will reduce his pay for the upcoming fiscal year by 98%. For the fiscal year 2023, everyone will forfeit their corporate compensation. Employees of Zoom who are let go in the US will be compensated with up to 16 weeks of pay, healthcare benefits, their earned bonus for the fiscal year 2023, a six-month vesting period for stock options, and assistance with finding other employment.
