ZoomInfo, a US-based marketing technology company, has announced plans to reduce its global workforce by around 3%. In a clear sign of the layoff trend that is being witnessed across the globe, the company in a filing with the US Securities and Exchange Commission (SEC), stated its employees about its intentions to streamline the organisational structure, expedite decision-making, and allocate resources to strategic growth opportunities while maintaining profitability.
According to a report by news agency IANS, ZoomInfo revealed in its annual report that as of December 31, 2022, it had a total of 3,540 employees.
Also Read: Reddit to Lay Off About 5 Percent of its Workforce
Reportedly, the company intends to continue hiring for sales, engineering, and customer success roles, as well as scaling up its generative AI capabilities.
To implement this plan, the company estimates incurring restructuring charges of approximately $6 million, primarily recognised in the second quarter.
ZoomInfo stated that the impacted employees will receive severance pay averaging 10 weeks, equity award vesting, and support through a health care and education fund.
ZoomInfo stated, “As the Company indicated on its most recent financial results conference call, we plan to continue to hire within sales, engineering, and customer success and make investments to further leverage the Company’s generative AI capabilities.”
The tech industry has witnessed around 200,000 job cuts worldwide by May 21, 2023, affecting 695 companies.
In January of this year, nearly 100,000 tech employees globally experienced job losses, with major companies like Amazon, Microsoft, Google, Salesforce, and others contributing to the layoffs.
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