Zoom Becomes the Nth Tech Giant to Lay Off Thousands of Employees

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Zoom, a leading technology company, has announced significant reductions in its workforce with approximately 15% of its employees facing layoffs.

The video conferencing company shared a message with its staff through a post on its website, announcing the departure of around 1,300 dedicated and skilled colleagues.

The announcement was made by Zoom’s CEO, Eric Yuan, who also pledged to implement personal reductions to secure the company’s future as it anticipates a difficult year ahead.

In the statement, Yuan attributed the workforce reduction, which he referred to as a “reset” for the company, to the “volatility of the global economy.”

Additionally, Yuan stated that he would be lowering his salary for the upcoming fiscal year by 98%, which equates to approximately $6,035, based on his previous salary of $301,731, as reported by Bloomberg.

This move is aimed at helping the company withstand the economic conditions. Yuan also declared that he would forgo any company bonuses.

He added:

Members of my executive leadership team will reduce their base salaries by 20% for the coming fiscal year while also forfeiting their FY23 corporate bonuses.

Zoom has promised its US employees up to 16 weeks of salary and healthcare coverage, payment of their earned annual bonus for the fiscal year 2023 based on performance, vesting of restricted stock units and stock options, and access to outplacement services such as coaching, workshops, and networking groups.

The company has stated that non-US employees will receive similar benefits based on their respective local laws.

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