Zoom, the tech company that shot into the spotlight during the COVID-19 pandemic as many companies went remote, announced plans to cut 1,300 employees from its workforce.
USA Today's reporter Elisabeth Buchwald breaks down what is happening with all of the mass layoffs in the tech industry.Zoom, the tech company that shot into the spotlight during the Covid-19 pandemic as many companies went remote, announced plans on Tuesday to cut 1,300 employees from its workforce.wrote the company needs to adapt to the “uncertainty of the global economy” and “its effect on our customers.”“We worked tirelessly and made Zoom better for our customers and users.
. “We didn’t take as much time as we should have to thoroughly analyze our teams or assess if we were growing sustainably, toward the highest priorities.” The company ramped up staffing during the pandemic, the CEO said, when businesses became increasingly reliant on its service as people worked from home. He also said businesses continue to depend on its service post-pandemic but that adjustments are needed.
Yuan said he was also lowering his salary for the coming fiscal year by 98% and foregoing his 2023 corporate bonus, saying he was accountable for mistakes made at the San Jose, California-based company and the actions being taken. Yuan's executive leadership team is also reducing their base salaries by 20% for the coming fiscal year and forfeiting their 2023 corporate bonuses.Zoom becomes the latest tech companies to lay off scores of workers.
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