Zoom Lays Off 1,300 Employees - 15% of the Total Workforce?

Zoom plans to lay off 1,300 people, its founder and Chief Executive Officer (CEO), Eric Yuan, stated. The upcoming layoff at Zoom reduces nearly 15% of its employment, affecting thousands of its workers. As per a recent report, digital companies have been paring down their staff these days, letting go of a great percentage of their personnel, including firms like Microsoft, Google, and Amazon. And now, Zoom is joining these companies. The chief executive of Zoom published a statement to its colleagues, detailing the upcoming layoffs in the video communication service, which rapidly increased during the height of the COVID-19 outbreak. [caption id="" align="aligncenter" width="650"] Image credit - The Economic Times[/caption] As per reports, the job layoffs stretched to all the organizations in the corporation. The Zoom boss assured that the employees they are letting go are getting up to 16 weeks' worth of their income. Not to mention that they will also offer them their healthcare coverage. Also read: Luno, a cryptocurrency exchange based in London, has laid off 35% of its global workforce Yuan stated that the company expansion was too quick amid the extraordinary popularity of the platform when most of us were constrained to stay in the confines of our houses. He confessed that they raised their size triple in the last two years. The major boss of Zoom confesses that they "made mistakes," pointing out their quick growth, which was unsustainable. The tech executive took full accountability for it. He states he is "accountable for these mistakes and the steps we take today." [caption id="" align="aligncenter" width="450"] Image credit- The Tech Outlook[/caption] Given that, the Zoom CEO indicated that he expects to lower his remuneration for the upcoming fiscal year substantially. His compensation will plummet by about 98%, and he will skip his 2023 company bonus. So besides getting rid of thousands of people, the computer firm's big boss also opted to decrease his income. Despite that, Yuan shares that firms are still employing Zoom nowadays even though their employees are no longer working from home. However, given the economic uncertainty, the computer firm had to take some actions to survive. The planned Zoom layoffs, which affect around 15% of its workers, follow major job cuts from other internet giants. The latest job layoff came from Dell, letting rid of 6,650 staff. Previously, Google and Microsoft reported intentions to lay off 12,000 and 10,000 staff.