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Jeremy Fennema – Tech Innovation Alchemist
Salesforce co-CEO Marc Benioff has informed employees that layoffs are coming to the company.
In a letter to staff, Benioff said that the company would cut 10% of its employees and walk back on its office takeup — another blow to the tech industry’s morale.
“The environment remains challenging and our customers are taking a more measured approach to their purchasing decisions,” wrote Benioff.
U.S. employees that are impacted by the layoffs will receive five months’ pay, health insurance, as well as other benefits.
Salesforce was one of many tech companies that thrived during the onset of the pandemic as more businesses relied on cloud-based services, leading the firm to go on a major hiring spree. However, in 2023, demand has slowed and extra employees are now weighing the firm’s profits down.
Just weeks ago, a Slack message from Benioff suggested that new hires were less productive, citing a loss in company culture. While he took responsibility about overhiring during the pandemic, his recent comments suggest that layoffs were on the horizon.
