Zoom laid off 15% of its working staff

As much as we are hearing about development on various platforms, it’s also bringing news of employee deployments. Recently, after Twitter, many other companies have also laid off a huge number of their employees. Zoom has announced that it will cut off 15% of its employees, which is equivalent to 1300 jobs in the company.

The company came into being in 2022. In the recent era of pandemics and the Corona period, there was a massive work boost for the company. It worked as a means to keep everything on the go without actually going out.

Zoom’s CEO, Eric Yuan, announced on his official blog that the company’s headquarters in California needed to staff up immediately during the pandemic era. The staff size was extended to two times more than normal to compete with the amount of demand the platform was receiving.

Yuan claimed it was a mistake because they hadn’t given it much thought due to the urgency of the situation. He accepted the fact that he should have given attention to analyzing teams as his first priority at the time of growth.

He added that many users and companies continued to rely on the platform. He went on to say that they needed to take the initiative to reset themselves in order to deliver on Zoom’s long-term visions.

He announced a 16-week salary package along with help, support, and bonuses based on the company’s progress for its employees that are losing their jobs within the US. People living outside the United States will be able to use similar facilities, which will be slightly affected by local laws.

Yuan accepted responsibility for his error and plans to reduce his salary by 98%, including annual bonuses. Other employees of the company will also face 20% deductions from their salaries and will not be able to receive an annual bonus.

Zoom’s layoff is just the latest example of tech companies laying off employees in order to combat economic conditions. Recently, Dell laid off 6,650 of its employees. Many companies like Microsoft, Google, Meta, and Amazon have already taken this step to stand up to economic pressures.