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Vimeo has terminated some of its employees, which is equivalent to six percent of its total workforce. The company employs a total of 1,447 workers based on its LinkedIn profile.
As per Fox Business, Vimeo had to reduce the number of its employees because of the economic downturn that is also affecting other tech companies not just in the United States but around the world. The company’s chief said that the job cut only affect a small portion of the company and concentrated on some structural areas of the business only.
“Today I have hard news to share: after careful consideration, we have made the decision to reduce our workforce by 6%. We are making this decision in order to ensure we come out of this economic downturn a stronger company,” Vimeo’s chief executive officer, Anjali Sud, said in a blog post.
He added, “Our people are what makes Vimeo great, and losing any of them is a personal failure that I feel deeply but after assessing the challenging market conditions and uncertainty ahead, I believe this is the responsible action to take.”
Sud admitted that the layoffs are difficult but think “It is the right thing to do,” adding that regardless, the situation is “still a painful outcome that impacts the jobs and lives of people we care about and have worked with side-by-side.”
In any case, Vimeo made a promise that each of the terminated staff will get a minimum of 12 weeks worth of salary plus additional time based on job tenure. The company will also offer an extended timeframe to exercise their equity, Consolidated Omnibus Budget Reconciliation Act (COBRA) health coverage for medical, dental, and vision in the United States.
On top of these, the American video hosting, sharing, and services platform provider headquartered in New York City will also provide support for mental well-being and job transition, including professional outplacement services.
At any rate, Vimeo’s move to reduce the size of its workforce comes after it has been actively evaluating and changing its investment priorities and expenses. The company also slowed down the pace of its job recruitment before the job terminations were carried out. Vimeo has been actively hiring since the beginning of this year, before the economic situation for businesses started turning bad.
