Feb 08, 2023 10:40:00

Zoom announced that it will dismiss 1,300 people, about 15% of all employees, and the CEO himself will reduce about 98% of his salary

Tech giants such as

Google , Amazon , Meta and Microsoft are cutting jobs on a large scale due to declining advertising revenues and economic uncertainty due to the coronavirus epidemic. Zoom , which provides a new web conferencing system, has announced that it will dismiss about 1,300 people, about 15% of all employees.

A Message from Eric Yuan, CEO of Zoom - Zoom Blog
https://blog.zoom.us/a-message-from-eric-yuan-ceo-of-zoom/

Zoom layoffs: Company to cut 1,300 employees

https://www.cnbc.com/2023/02/07/zoom-to-lay-off-1300-employees-or-about-15percent-of-its-workforce.html

Zoom has shared CEO Eric Yuan's message to all employees about the job cuts on its official blog. In it, Yuan said, ``We need to reset and look inward to navigate the uncertain global economic situation and achieve Zoom's long-term vision while providing the best possible service to our users.'' said.

Zoom experienced a rapid increase in users during the COVID-19 pandemic and had to rapidlyincrease its workforce to meet needs. It seems that Zoom has tripled the number of employees within two years of the epidemic of the new coronavirus.

Based on its priorities for long-term growth in an uncertain economic climate, Zoom will reduce its organization and workforce for overly complex or redundant functions. As a result, about 1,300 employees based in the United States and abroad, which is about 15% of all employees, will be laid off.

Zoom's CEO laid off 1,300 workers, and cut his own salary by $295,000 to show that he's making sacrifices too

But the value of his Zoom shares increased by $246,000,000 today as the stock surged on news of the layoffs

— Genevieve Roch-Decter, CFA (@GRDecter) February 7, 2023

According to Yuan, employees leaving Zoom as a result of staff reductions will receive up to 16 weeks of salary and medical insurance, as well as outplacement support services, including one-on-one coaching and workshops.

``As the CEO and founder of Zoom, I am responsible for these mistakes and actions. We have reduced about 295,000 dollars (about 38.6 million yen), which is 98%, and declared that we will not receive a bonus for 2023. Members of the executive team will also have their base salaries cut by 20% next year and their 2023 bonuses forfeited.

Yuan said of the laid-off employees, 'Your dedication and talent will be a great asset to any company in the future. And I hope you will share that talent with Zoom.' I am very grateful for that,” he said.

“To ensure that this workforce reduction is not wasted, we will continue to learn from our past, prepare to achieve our vision for the future, and continue to invest in key strategic areas,” Yuan added. I declare.