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Wednesday, May 29, 2024

Technologies. Zoom will lay off 1,300 employees, CEO Eric Yuan cuts his salary by 98 percent

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Zoom intends to lay off 1,300 employees, foreign media inform. Up to 15 percent of the company’s workforce will be cut. This is not the only way to save – the head of the concern Eric Yuan intends to cut his salary by as much as 98 percent.

Eric Yuan wrote on his blog that the company has to adapt to the prevailing “uncertainty in the global economy.” He added that he also intends to cut his own salary by 98% in the coming fiscal year, and also announced that he would be waiving his annual bonus.

“As president and founder of Zoom, I am responsible for the mistakes and decisions we make today. I want to show my responsibility not only through words, but also through my own actions,” he emphasized.

Zoom layoffs

Zoom boomed during the COVID-19 pandemic, when many employees had to work from home. During the lockdown, video conferencing software allowed people to keep in touch with colleagues, family and friends. However, after the pandemic situation improved, many companies returned to the traditional work model, which translated into a decrease in interest in such applications.

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“We’ve been working to make Zoom better for our customers and users. But we’ve also made mistakes,” Yuan wrote. “We have not taken as much time as we should to carefully analyze whether we are developing sustainably,” it reads.

Yuan announced that the reductions would cover the entire company. Employees who are made redundant will receive wages and access to medical care for 16 weeks.

Another company

In last weeks Google announced layoffs. A total of 12,000 people, or six percent of all employees, are expected to lose their jobs. Earlier, other tech companies also announced job cuts, including Amazon and goal (Facebook’s parent company).

The British station Sky News reported that Microsoft Corporation plans to cut about five percent of jobs. About 11,000 people are to be made redundant.

Main photo source: ymphotos / Shutterstock



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