Zoom to Undergo Massive Job Cuts

The popular video conferencing platform, Zoom recently announced plans to lay off approximately 1,300 employees, a 15% reduction of its workforce. According to The Hill, the company’s CEO, Eric Yuan, acknowledged that the platform may have grown too quickly without fully considering its sustainability and that the uncertainty of the global economy was a driving force in the decision to restructure the company.

Yuan and his executive team have agreed to significantly reduce their salaries and forgo their corporate bonuses to show accountability for the layoffs. He explained, “As the CEO and founder of Zoom, I am accountable for these mistakes and the actions we take today — and I want to show accountability not just in words but in my own actions.”

The affected Zoom employees will receive compensation and benefits, including 16 weeks of salary and health care coverage. Yuan noted that the restructuring of the company was necessary to weather the current economic environment and ensure the future stability of Zoom.

Zoom is not alone in making job cuts. Other tech companies such as Dell Technologies, PayPal, and Workday have also announced layoffs in response to the challenging global economy.

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