Zoominfo: US-based technology company ZoomInfo to cut jobs, this is what the company said in SEC filing – Times of India
ZoomInfo is the latest technology firm to join the long list of companies cutting jobs. The US-based marketing technology company announced the same in an US Securities and Exchange Commission (SEC) filing.
“On June 2, 2023, ZoomInfo Technologies Inc. (the “Company” or “we”) notified employees of a plan to flatten the organizational structure, speed decision making, and enable investment in key opportunities for long-term growth while driving continued profitability. The plan includes a reduction of current employee positions by approximately 3%,” the company said in the SEC filing.
The company further added that it estimates that it will incur restructuring charges of approximately $6 million in connection with this restructuring plan. The impact will be primarily seen in the company’s second quarter performance.
Severance pay for laid employee
In the SEC filing, ZoomInfo also shared the details of the severance pay that it will be giving to the impacted employees. This includes, as per the filing:
* An average of 10 weeks of severance, with some variation based on job level and tenure.
* Equity award vesting: The company is accelerating the vesting of certain employee equity up to a maximum amount based on job level.
* Health care and education fund: The company is providing US-based employees with a COBRA health insurance subsidy of at least three months, and Israel-based employees a lump sum equal to three months’ education fund deductions on average.
No hiring freeze
The company, however, clarified that there will be no hiring freeze and that it will continue to recruit across certain divisions and teams. “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, while focusing on efficiency throughout the rest of the organization and hiring where we think the investments will make the greatest impact,” the filing says.
“On June 2, 2023, ZoomInfo Technologies Inc. (the “Company” or “we”) notified employees of a plan to flatten the organizational structure, speed decision making, and enable investment in key opportunities for long-term growth while driving continued profitability. The plan includes a reduction of current employee positions by approximately 3%,” the company said in the SEC filing.
The company further added that it estimates that it will incur restructuring charges of approximately $6 million in connection with this restructuring plan. The impact will be primarily seen in the company’s second quarter performance.
Severance pay for laid employee
In the SEC filing, ZoomInfo also shared the details of the severance pay that it will be giving to the impacted employees. This includes, as per the filing:
* An average of 10 weeks of severance, with some variation based on job level and tenure.
* Equity award vesting: The company is accelerating the vesting of certain employee equity up to a maximum amount based on job level.
* Health care and education fund: The company is providing US-based employees with a COBRA health insurance subsidy of at least three months, and Israel-based employees a lump sum equal to three months’ education fund deductions on average.
No hiring freeze
The company, however, clarified that there will be no hiring freeze and that it will continue to recruit across certain divisions and teams. “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, while focusing on efficiency throughout the rest of the organization and hiring where we think the investments will make the greatest impact,” the filing says.
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