Salesforce plans to cut its workforce by 10% and close some offices, saying it needs to cut costs after rapid pandemic hiring left it with 'too many people' during an economic slowdown
to prepare for a deep downturn as global central banks have aggressively raised interest rates to tame stubbornly high inflation.
Businesses that relied on cloud services during the pandemic are now trying to reduce expenses through job cuts or delaying new projects, hurting companies such as Salesforce and Microsoft Corp"The environment remains challenging and our customers are taking a more measured approach to their purchasing decisions," co-Chief Executive Officer Marc Benioff said in a"As our revenue accelerated through the pandemic, we hired too many people leading into this economic downturn...
"Companies will want to show voting shareholders that they can once again deliver value through investment returns even amidst a downturn," said Joshua White, a finance professor at Vanderbilt University. "Layoffs will be a big part of that equation." Salesforce said affected employees in the United States will receive a minimum of about five months pay, health insurance and other benefits.Reporting by Nivedita Balu in Bengaluru; Additional reporting by Tiyashi Datta and Yuvraj Malik; Editing by Vinay Dwivedi and Shounak Dasgupta
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