The online videoconferencing firm began business in 2011 but experienced a massive boost in business in 2020 as the pandemic prompted an uptick in working from home.
But Yuan added that his company had made mistakes as it “didn’t take as much time as we should have to thoroughly analyze our teams or assess if we were growing sustainably, toward the highest priorities.” U.S.-based Zoom staff who are losing their positions at the company will receive up to 16 weeks’ salary and healthcare coverage, as well as bonus payments based on company performance. Those outside the U.S. will receive similar support, though it may vary slightly according to local laws.
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