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Zoom lays off 15% of employees

blog.zoom.us

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Re: Zoom lays off 15% of employees

#61

Post by hbn »

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 think in the case of FAANG (or whatever the acronym is these days), if you worked for one of the big guys in the past it's worth making it obvious if you're looking for work. If not only to stand out from other applicants, also to set an expectations for higher desired salary.

Re: Zoom lays off 15% of employees

#63

Post by anonymouskimmer »

Jcowell wrote: post #46
sneak wrote: post #22

Earlier quoted context omitted.

Changing jobs should not be life-changing.

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

And depending on industry having to relocate or increase your commute.

Re: Zoom lays off 15% of employees

#64

Post by Spivak »

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.

Ah yes, cringe: the act of doing something you don’t like with sincerity.

You mean you actually like your job and your company and aren’t a cold cynic who thinks that being emotionally detached from the thing you do for the majority of your waking hours and deciding that anything cute and fun is childish makes you somehow superior — haha criiiiiinge.

Re: Zoom lays off 15% of employees

#65

Post by endisneigh »

hgsgm wrote: post #45
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?

Lol, no good deed unpunished.

Re: Zoom lays off 15% of employees

#66

Post by lxgr »

ActionHank wrote: post #30
lxgr wrote: post #23

Earlier quoted context omitted.

> 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.

If there is fat to cut that means they were paying staff to do work that was unnecessary or wasteful which is money out of investor's pockets.

"Unnecessary or wasteful" is as subjective and context/environment-dependent a judgement as it gets.

Other than that, the sometimes toxic dynamics of sudden windfalls in funding have also been discussed here at length: Paradoxically, not spending investors' money can sometimes be considered worse than wasting it on moonshot projects (or even outright on fancy office furniture and eye-catching employee perks).

Re: Zoom lays off 15% of employees

#67

Post by AlbertCory »

If you're hired for the Christmas rush, you know it's temporary. These poor people probably didn't realize they were just a temporary hire.

Would they have joined if Zoom had disclosed on hiring them, "We're experiencing a once-in-a-lifetime growth spurt because of COVID. If and when that ends, we may have to lay you off." ??

Re: Zoom lays off 15% of employees

#69

Post by nine_zeros »

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…

At least they are taking some hit to themselves? I know a lot of folks are going to complain about equity. But equity is already down. This is a nice gesture, much much better than other layoff peers.

Re: Zoom lays off 15% of employees

#70

Post by jonathankoren »

pastor_bob wrote: post #59
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…

I agree, but it's a lot easier for a Founder CEO with 22% ownership of the company to do. It's completely not comparable to a CEO hired with no initial equity stake. Just for illustration. The 10% stock price jump this message caused just earned him $500+ million

That’s why you clawback the equity as well
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