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Zoom lays off 15% of employees

blog.zoom.us

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Re: Zoom lays off 15% of employees

#41

Post by A4ET8a8uTh0 »

haswell wrote: post #8

> As 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. To that end, I am reducing my salary for the coming fiscal year by 98% and foregoing my FY23 corporate bonus. Members of my executive leadership team will reduce their base salaries by 20% for the coming fiscal year while also forfeiting their…

Even symbolic gesture is more than I have come to expect these days. While it may not be what is demanded, I welcome it as a welcome change.

That said, I disagree with the categorical phrasing. Clearly some reduction would make an impact ( I think we agree that 100% would; if so, at this point it only becomes a question of what is reasonable ).

Re: Zoom lays off 15% of employees

#42

Post by mjr00 »

ActionHank wrote: post #13
MuffinFlavored wrote: post #5

> We have made the tough but necessary decision to reduce our team by approximately 15% and say goodbye to around 1,300 hardworking, talented colleagues. https://www.macrotrends.net/stocks/charts/ZM/zoom-video-comm... Zoom Video Communications total number of employees in 2022 was 6,787, a 53.48% increase from 2021. Zoom Video Communications total number of employees in 2021 was 4,422, a 74.64% increase from 2020. Zo…

This is tragic for those involved, but I really don't understand how there were 6700+ people working on Zoom. I feel like the CEO should be under review by the board for allowing this to happen and there should be further investigations into how they even arrived at this point because this is just bananas.

99% chance the board was also pushing for massive hiring to focus on growth during the pandemic and the zero-interest rate era, and 99% chance they're pushing for layoffs and focus on operating profits now that we're in the expensive money era.

The board will review the CEO and say "yes this is exactly what we wanted you to do, thank you."

Re: Zoom lays off 15% of employees

#43

Post by endtime »

ActionHank wrote: post #24
mertd wrote: post #11

I really dislike the trend of calling employees by some nickname. "Googler" may have been cute back in the day. Zoomies is pure cringe.

I've seen a few using "Xoogler" on LinkedIn after being laid off and it just smacks of Stockholm syndrome.

I don't think so? My current employer has a #xoogler Slack channel, so named because that's what people will look for. You can say it's uncool if you like, but that's the word people use.

Re: Zoom lays off 15% of employees

#45

Post by hgsgm »

haswell wrote: post #8

> As 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. To that end, I am reducing my salary for the coming fiscal year by 98% and foregoing my FY23 corporate bonus. Members of my executive leadership team will reduce their base salaries by 20% for the coming fiscal year while also forfeiting their…

>To that end, I am reducing my salary for the coming fiscal year by 98% and foregoing my FY23 corporate bonus.

What about equity grants?

Re: Zoom lays off 15% of employees

#46

Post by Jcowell »

sneak wrote: post #22
luismedel wrote: post #14

I find the use of infantile terms like 'zoomie' insulting. Please, treat your employees with due respect. You're giving them life-changing news.

Changing jobs should not be life-changing.

It’s shouldn’t but when your health insurance relies on it , it pretty much is

Re: Zoom lays off 15% of employees

#49

Post by tshaddox »

lxgr wrote: post #23
ActionHank wrote: post #13

Earlier quoted context omitted.

This is tragic for those involved, but I really don't understand how there were 6700+ people working on Zoom. I feel like the CEO should be under review by the board for allowing this to happen and there should be further investigations into how they even arrived at this point because this is just bananas.

> the CEO should be under review by the board for allowing this to happen Unfortunately, "all the other CEOs were doing it too" will probably hold up extremely well as a justification – in the unlikely case it ever comes to that.

It’s likely also exactly what the board would have wanted or even demanded when the hiring was happening.

Re: Zoom lays off 15% of employees

#50

Post by anonymouskimmer »

MuffinFlavored wrote: post #5

> We have made the tough but necessary decision to reduce our team by approximately 15% and say goodbye to around 1,300 hardworking, talented colleagues. https://www.macrotrends.net/stocks/charts/ZM/zoom-video-comm... Zoom Video Communications total number of employees in 2022 was 6,787, a 53.48% increase from 2021. Zoom Video Communications total number of employees in 2021 was 4,422, a 74.64% increase from 2020. Zo…

> Did they really think COVID lifestyle was going to stay forever and their business would be gangbusters forever?

I presume competition by the likes of Microsoft teams is a bigger factor.

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