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During his earnings call, Salesforce CEO Marc Benioff did not mention the layoffs. Instead, he talked about events in 2020 - one day after the company announced a thousand layoffs. He also said he was proud of the financial results of the company, which he called "an excellent example of stakeholder capitalism."
About 1,000 employees will be affected by the layoffs
The company has begun to notify some of its employees that they will lose their jobs. However, Salesforce hasn't announced the layoffs in a public manner yet. The company recently reported record sales and a stock price jump. Salesforce's chief executive, Marc Benioff, has vowed to make no more significant layoffs for 90 days. He has urged other CEOs to follow suit.
The company's decision to cut about 1,000 jobs is part of a wider restructuring that involves reallocating resources to higher growth areas. Some positions will be eliminated that don't map to its business priorities, but the rest will be incorporated into other segments. Investors aren't concerned, as Salesforce is investing in other businesses and is also seeking new revenue streams through the acquisition of Tableau.
The company's decision to cut about 1,000 jobs is part of a wider restructuring that involves reallocating resources to higher growth areas. Some positions will be eliminated that don't map to its business priorities, but the rest will be incorporated into other segments. Investors aren't concerned, as Salesforce is investing in other businesses and is also seeking new revenue streams through the acquisition of Tableau.
This is the second round of layoffs since March Benioff's 90-day "no significant layoffs" pledge
The company's stock price has soared in the last few days after the company reported a 29 percent increase in revenue for the second quarter and gave rosy predictions for the third quarter. However, the company confirmed Wednesday that it is laying off 1,000 workers, making its second round of layoffs since Benioff's pledge expired in March. Despite the rocky situation, the company has stayed upbeat about its future and its growth prospects.
After Marc Benioff's announcement, many of Salesforce's employees are starting their search for new jobs. Benioff hasn't ruled out hiring Taylor as his successor. After all, he had worked for Amazon for nearly 20 years and was part of most of the story. Meanwhile, Taylor only joined Salesforce in 2016.
After Marc Benioff's announcement, many of Salesforce's employees are starting their search for new jobs. Benioff hasn't ruled out hiring Taylor as his successor. After all, he had worked for Amazon for nearly 20 years and was part of most of the story. Meanwhile, Taylor only joined Salesforce in 2016.
Reasons for the layoffs
In late August, Salesforce.com laid off nearly 1,000 employees, including executives and managers. The company has been facing a difficult financial situation, and the layoffs reflect the need to refocus its resources. Executives such as Chuck Robbins have described keeping workers employed as a moral imperative. Cisco executives, on the other hand, have said that they do not plan to cut jobs during a time of economic crisis. In fact, they have the resources to keep their payrolls as they are.
The announcement of the layoffs came just days after Salesforce CEO Marc Benioff vowed not to conduct significant layoffs for 90 days. The decree affected both hourly and salaried employees around the world. However, Salesforce did take steps to distance itself from the scandal, closing staffing facilities to implement social distancing measures. The layoffs are the second round of the company's layoffs, following the first wave that affected more than 1,000 employees.
The announcement of the layoffs came just days after Salesforce CEO Marc Benioff vowed not to conduct significant layoffs for 90 days. The decree affected both hourly and salaried employees around the world. However, Salesforce did take steps to distance itself from the scandal, closing staffing facilities to implement social distancing measures. The layoffs are the second round of the company's layoffs, following the first wave that affected more than 1,000 employees.
Impact on ExactTarget
The announcement that Salesforce.com is cutting 600 jobs has left many ex-ExactTarget employees wondering how their futures will be affected. ExactTarget employees will be given at least 60 days to find another position, and 18 weeks of severance are paid. In addition, Salesforce CEO Marc Benioff has pledged not to conduct any significant layoffs for 90 days. This pledge extends to hourly employees across the globe.
While the company announced record sales for the first time this week, there are rumors that some of those employees will be laid off. In fact, one-third of its employees will be impacted by the cut. Salesforce also recently acquired Radian6 for $300 million, adding another $60 billion to its valuation. While this acquisition was intended to create jobs, Salesforce has failed to do so.
While the company announced record sales for the first time this week, there are rumors that some of those employees will be laid off. In fact, one-third of its employees will be impacted by the cut. Salesforce also recently acquired Radian6 for $300 million, adding another $60 billion to its valuation. While this acquisition was intended to create jobs, Salesforce has failed to do so.
