Eric Yuan said that along with the job cuts, his salary is also being cut. This year, he said that he is giving up the executive bonus along with a 98 percent cut. He also said that the executive leadership team is taking 20 percent less salary. The e-mails of the staff in America who are being laid off will receive a message in another 30 minutes. Those working outside the US will be subject to local regulations. I know this is a very painful message. I never want to send something like this. I didn’t think you would leave the company like this. Everything should be forgiven.’ Said that.
Benefits for Zoom employees
Workers who are losing their jobs in the U.S. are entitled to 16 weeks of pay, healthcare coverage, a bonus for fiscal year 2023, and stock options for six months, according to the law. On the other hand, time has been given till August 9 to the employees working in foreign countries.
Due to increased demand during the covid period, many tech companies have undergone massive layoffs. But, working from home has reduced as the situation is approaching the pre-Covid stage. On the other hand.. the revenues of the companies have also decreased. In this order, Zoom CEO Eric said that the phase of their company has changed during Covid and they have taken up fast appointments to increase connectivity between people. He said that the company has grown three times in 24 months. They will continue their creativity in the future.
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