Zoom Sacks 1300 Employees

Zoom lays off 1,300 employees, CEO takes 98% pay cut - Sakshi Post

Zoom Video Communications, Inc., a widely used communication platform especially during the two-year COVID pandemic, has announced a  lay off 1,300 of its employees after a slowdown in the use of its services. The company’s workforce was trimmed to cut costs and the company CEO cited the "uncertainty of the global economy, and its effect on our customers" as the reason for layoffs. This news comes after tech companies like Google, Amazon and Twitter and other big tech giants announced layoffs since December last year.

Zoom CEO Eric Yuan wrote in his blog post, “The uncertainty of the global economy, and its effect on our customers, means we need to take a hard — yet important — look inward to reset ourselves so we can weather the economic environment, deliver for our customers and achieve Zoom’s long-term vision. This is a difficult decision that we do not make lightly. We are grateful for the hard work and dedication of all our employees.” 

According to a memo from the CEO, the job cuts are global in nature. "If you are a US-based employee who is impacted, you will receive an email to your Zoom and personal inboxes in the next 30 minutes that reads '[IMPACTED] Departing Zoom: What You Need to Know.' Non-US employees will be notified following local requirements," he said.

Yuan has also announced that he would be taking a 98 percent reduction in his salary and no bonus for himself. He has also said that the rest of the executive leadership team won't be taking a corporate bonus too and their base salaries will be reduced by up to 20 percent. Zoom was founded in the year  2011 and is headquartered in San Jose, CalifInfosys Sacks 600 Employees Over Poor Performanceornia

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