US-based marketing technology company, ZoomInfo has announced plans to trim its workforce by 3 per cent. The decision comes as a part of company’s efforts to streamline its structure, speed up the decision-making process, and allocate resources towards strategic growth prospects, all the while ensuring profitability.
The company informed all the employees about the decision through a filing with the US Securities and Exchange Commission (SEC). The filing mentions that the company expects to face restructuring expenses of around $6 million related to this initiative, with the majority of costs being recognised in the second quarter.
However, the company has also announced support to all the employees in this transitioning period. All the laid off employees will receive a 10-month severance pay package along with additional benefits like equity award vesting, healthcare, and education funds.
The company also released a statement mentioning the change in its upcoming hiring and expansion plans. Citing its latest financial results conference call, it intends to persist in recruiting employees for sales, engineering, and customer success roles. Additionally, the company also aims to invest in order to enhance its generative AI capabilities.
As of December 31, 2022, the company had a total workforce of 3,540 employees.
According to several media reports, the tech sector has witnessed 200,000 tech employees getting laid off from not only the startups, but large corporations as well. As per May 31, 2023, 695 companies stand affected by this laid off figure.
