TECHNOLOGY
In a blog post published on Tuesday, Zoom CEO and founder Eric Yuan stated that the company increased employees during the COVID-19 pandemic, when businesses grew more dependent on its services.
The video-conferencing platform Zoom is laying off roughly 1,300 people, or about 15% of its staff, in the latest round of IT layoffs. Zoom's CEO Eric Yuan said the layoffs will affect every area of the company in a statement to staff posted on the Zoom Blog.
In a blog post published on Tuesday, company CEO Eric Yuan said that during the COVID-19 pandemic, when businesses relied more heavily on its service as more individuals worked from home, the company increased staffing. Yuan claimed that Zoom tripled in size in just 24 months in order to handle the demand.
“We have made the tough but necessary decision to reduce our team by approximately 15 per cent and say goodbye to around 1,300 hardworking, talented colleagues," he wrote.
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Yuan announced that he and other executives would be taking a hefty wage cut. He acknowledged that the company's rapid expansion during the pandemic resulted in "mistakes" in the message to employees.
Zoom’s CEO mentioned that for the coming fiscal year, he will take a salary cut of 98%, foregoing his fiscal 2023 corporate bonus.
The makers of the video conferencing app also said that its executive leadership team will also reduce its base salary by 20%.
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He further wrote in the blog post that “If you are a US-based employee who is impacted, you will receive an email to your Zoom and personal inboxes in the next 30 minutes that reads [IMPACTED] Departing Zoom: What You Need to Know. Non-US employees will be notified following local requirements. For those Zoomies waking up to this news or reading this after normal work hours, I am sorry you are finding out this way but we felt it was best to notify all impacted Zoomies as soon as possible." Support for Zoomies outside the US will be similar and will take into account local laws.
He stated that impacted employees will also receive outreach from a leader in your business offering to have a 1:1 check-in should you desire it; they are here to offer assistance throughout this transition in order to assist the departing workers.
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