ZoomInfo, a marketing technology company headquartered in the US, has announced its intention to reduce its global workforce by approximately 3 per cent, aligning with a series of recent job cuts by various technology firms.
According to a report by IANS, ZoomInfo has informed its employees about a strategic plan to streamline the organisational structure, expedite decision-making processes, and facilitate investments in crucial long-term growth opportunities, all while maintaining ongoing profitability.
"The company estimates that it will incur restructuring charges of approximately $6 million in connection with this plan, which will primarily be recognised in the second quarter," said the company.
According to information disclosed in its latest annual report filing, as reported by Seeking Alpha, the company had a total of 3,540 employees as of December 31, 2022.
Furthermore, the company has confirmed its commitment to providing all affected employees with an average of 10 weeks of severance pay, ensuring the vesting of equity awards, and establishing a health care and education fund.
"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," ZoomInfo said, reported IANS.
In the meantime, ZipRecruiter, a job search engine, has disclosed plans to decrease its global workforce by around 270 employees, accounting for approximately 20 per cent of the company's total workforce.
According to a filing submitted to the US Securities and Exchange Commission (SEC), the company stated that the decision was made in light of prevailing market conditions and follows the reduction of other discretionary expenditures. The company emphasized its focus on achieving long-term efficiency through these measures.