Multimedia
Zoom exponential growth goes down the slope to stagnation
During the epidemic, the Zoom video conferencing platform and its professional team both experienced exponential growth.
The number of employees on Zoom’s books increased by 275% to 8,422 people between July 2019 and October 2022.
Businesses were forced to use Zoom to maintain operations and effectively communicate with their personnel as a result of the lockdown’s adverse economic and social effects.
However, Zoom’s growth has since slowed off, much like that of other internet firms that benefited from the covid epidemic. The world has caught up and is no longer primarily dependent on Zoom.
Tech companies such as Amazon, Google, and Microsoft let around 5-6% of their staff go. Although Zoom may be feeling the pinch more than other tech companies due to the nature of its flagship, the number of employees let go by Google and Microsoft is much larger than Zoom’s 1,300 layoffs.
Although Zoom has laid off a particularly high percentage of staff, it is not the only tech company to overplay its hand during the pandemic. Companies across the board are having to downsize their operations and make strategic decisions about their company’s future.
We are now seeing more businesses deploy initiatives like voluntary separation to try and avoid making redundancies.
With the global economic situation looking like it might get worse before it gets better, it will be no surprise if we see even more businesses hamstrung by their finances and forced to reduce their headcount as a result
