Email in next 30 minutes...: Zoom to lay off around 1,300 employees

Zoom on Tuesday announced that it will lay off about 1300 employees or approximately 15 per cent of its staff becoming the latest tech company to announce significant job cuts In a message to employees on Zoom Blog Zooms Chief Executive Officer Eric Yuan said the layoffs will impact every part of the organizationWe have made the tough but necessary decision to reduce our team by approximately 15 per cent and say goodbye to around 1300 hardworking talented colleagues Eric Yuan wroteYuan stated that he and other executives will take a significant pay cut In the message to employees he admitted to making mistakes in how quickly the company grew during the pandemicAs the CEO and founder of Zoom I am accountable for these mistakes and the actions we take today and I want to show accountability not just in words but in my own actions Eric Yuan wroteHe added To that end I am reducing my salary for the coming fiscal year by 98 per cent and foregoing my FY23 corporate bonus Members of my executive leadership team will reduce their base salaries by 20 per cent for the coming fiscal year while also forfeiting their FY23 corporate bonusesAlso Read The human cost of layoffs Without a job and racing against a 60day deadlineIn a message to employees Eric Yuan stated that a USbased employee who is impacted will receive an email to hisher Zoom and personal inboxes in the next 30 minutes He further stated that nonUS employees will be informed after following local requirementsEric Yuan wrote If you are a USbased 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 NonUS employees will be notified following local requirementsFor 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 he addedYuan stated the company staffed up rapidly during the early days of the pandemic to support the increase in demand as people started using Zoom to video chat with friends and colleagues He wrote Within 24 months Zoom grew 3x in size to manage this demand while enabling continued innovationTo those affected by Zoom layoffs in the US the company will give up to 16 weeks salary and healthcare coverage payment of earned FY23 annual bonus based on company performance RSU and stock option vesting for six months for US employees and through August 9 2023 for nonUS employeesFurthermore outplacement services including 11 coaching workshops networking groups and more will be given to departing employees Moreover support for Zoom employees outside the US will be similarThis story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute discretion for any reason whatsoever