Zoho, a software-as-a-service (SaaS) company, announced on June 14, 2023 that it will not resort to layoffs despite facing global macro headwinds.
Instead, Zoho has chosen a prudent approach that involves implementing a hiring freeze for engineering roles and trimming marketing expenditures. However, the company will continue to selectively recruit for customer-facing positions, recognising their importance in driving business growth and maintaining customer satisfaction.
To further accelerate its momentum in the mid-market and enterprise segments, collectively referred to as the ‘upmarket’, Zoho has announced substantial investments across its entire portfolio.
This strategic move demonstrates Zoho’s commitment to capitalising on the opportunities presented by these high-potential markets. Impressively, Zoho has achieved a remarkable 65 per cent compound annual growth rate (CAGR) within the mid-market and enterprise segment over the past three years, highlighting its success in meeting the evolving needs of these business segments.
By prioritising investments, Zoho aims to further strengthen its position in the mid-market and enterprise space. The company’s unwavering commitment to delivering innovative and cost-effective solutions reflects its dedication to meeting the evolving demands of businesses across various industries. Zoho’s continued focus on customer-facing roles underscores its dedication to providing excellent customer service and maintaining strong relationships with its client base.