• Marketplace
  • Resources
  • Business Directory
  • Events
  • Advertise
  • Brand Pulse
  • Publish a Press Release
  • Get the Newsletter
  • Contact
  • About Us
The FUTURE OF WORK® since 2003
Allwork.Space
No Result
View All Result
Subscribe
  • More
    • Columnists
      • Dr. Gleb Tsipursky – The Office Whisperer
      • Nirit Cohen – WorkFutures
      • Angela Howard – Culture Expert
      • Drew Jones – Design & Innovation
      • Jonathan Price – CRE & Flex Expert
    • Get the Newsletter
    • Events
    • Advertise With Us
    • Publish a Press Release
    • Brand PulseNew
    • Partner Portal
  • Latest News
  • Business
  • Leadership
  • Work-life
  • Career Growth
  • Tech
  • Design
  • Workforce
  • Coworking
  • CRE
  • Podcast
  • More
    • Columnists
      • Dr. Gleb Tsipursky – The Office Whisperer
      • Nirit Cohen – WorkFutures
      • Angela Howard – Culture Expert
      • Drew Jones – Design & Innovation
      • Jonathan Price – CRE & Flex Expert
    • Get the Newsletter
    • Events
    • Advertise With Us
    • Publish a Press Release
    • Brand PulseNew
    • Partner Portal
  • Latest News
  • Business
  • Leadership
  • Work-life
  • Career Growth
  • Tech
  • Design
  • Workforce
  • Coworking
  • CRE
  • Podcast
No Result
View All Result
Subscribe
Allwork.Space
No Result
View All Result
Advertisements
Nexudus - Tech Stack Lovers
Home News Workforce

Zoom Cuts 1,300 Jobs as Pandemic Era Demand Wanes

Zoom stepped up its recruitment tactics during the pandemic to meet growing demand, but like many other U.S. companies, they have to restrict costs in anticipation of a potential recession.

Aayat AlibyAayat Ali
February 8, 2023
in Workforce
Reading Time: 1 min read
A A

More stories for you

Google To Pay $50 Million To Settle Black Employees' Racial Bias Lawsuit

Google To Pay $50 Million To Settle Black Employees’ Racial Bias Lawsuit

19 hours ago
U.K. Employers Remain Gloomy On Hiring, Surveys Show

U.K. Employers Remain Gloomy On Hiring, Surveys Show

19 hours ago
AI Competition Forces Chegg To Lay Off 22% Of Staff, Close Offices

AI Competition Forces Chegg To Lay Off 22% Of Staff, Close Offices

19 hours ago
Panasonic To Eliminate 10,000 Jobs As Profits Slide

Panasonic To Eliminate 10,000 Jobs As Profits Slide

19 hours ago

What’s going on: 

Zoom has announced that it would be cutting approximately 1,300 jobs due to decreasing demand for their video conferencing services, and incur a charge of up to $68 million as a result.   

Zoom CEO Eric Yuan added that he would reduce his own pay by 98% in the upcoming fiscal year, as well as renounce his bonus. 

Advertisements
Envoy - Workplace ROI

Analysts predict that the company’s revenue only increased by 6.7% in 2022, compared to the more than fourfold growth seen during the previous year.  

Why it matters: 

Zoom stepped up its recruitment tactics during the pandemic to meet growing demand, but now, like many other U.S. companies, they have to restrict costs in anticipation of a potential recession. 

Advertisements
Yardi Kube automates flex and coworking operations

How it’ll impact the future: 

To demonstrate their commitment to this plan, Zoom’s executive leadership team will reduce their base salaries by 20%. 

This move deviates from other recent tech layoffs, which have suspiciously turned to massive layoffs before considering a deduction in executive pay. While a rare move, Zoom’s approach may normalize making job cuts a complete last resort.

Source: Reuters
Tags: BusinessTechWorkforce
Share5Tweet3Share1
Aayat Ali

Aayat Ali

Aayat is an editor for the Daily Digest based in Lexington, Kentucky. She has worked with local coworking spaces since August of 2017 and enjoys taking her firsthand knowledge to write about the fascinating, constantly evolving world of flexible workspaces.

Other Stories Recommended For You

Google To Pay $50 Million To Settle Black Employees' Racial Bias Lawsuit
News

Google To Pay $50 Million To Settle Black Employees’ Racial Bias Lawsuit

byAllwork.Space News Team
19 hours ago

Google agreed to pay $50 million to settle a lawsuit accusing the search engine company of systemic racial bias against...

Read more
U.K. Employers Remain Gloomy On Hiring, Surveys Show

U.K. Employers Remain Gloomy On Hiring, Surveys Show

19 hours ago
AI Competition Forces Chegg To Lay Off 22% Of Staff, Close Offices

AI Competition Forces Chegg To Lay Off 22% Of Staff, Close Offices

19 hours ago
Panasonic To Eliminate 10,000 Jobs As Profits Slide

Panasonic To Eliminate 10,000 Jobs As Profits Slide

19 hours ago
Advertisements
Envoy - Workplace ROI
Advertisements
Disaster Avoidance Experts

Unlock your competitive edge in tomorrow's workplace.

Join a community of forward-thinking professionals who get exclusive access to the latest news, trends, and innovations that are shaping the future of work.

©2024 Allwork.Space News Corporation. All Rights Reserved.

Exploring the Future Of Work® since 2003.

Advertise   Newsletters   Privacy Policy   Terms Of Use   About Us   Contact   Submit a Press Release   Brand Pulse   Podcast   Events   

No Result
View All Result
  • Home
  • Latest News
  • Topics
    • Business
    • Leadership
    • Work-life
    • Workforce
    • Career Growth
    • Design
    • Tech
    • Coworking
    • Marketing
    • CRE
  • Podcast
  • Events
  • About Us
  • Solutions
    • Advertise | Media Kit
    • Publish a Press Release
    • Brand Pulse
Subscribe

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
-
00:00
00:00

Queue

Update Required Flash plugin
-
00:00
00:00