Zoom Video Communications recently announced plans to lay off 15% of its workforce, or around 1,300 employees, in response to the ongoing economic uncertainty caused by the Covid-19 pandemic. This news follows similar job cuts announced by other tech companies, including Dell, Google, Microsoft, and Salesforce.

In a blog post, Zoom CEO Eric Yuan stated that the company needs to adapt to the post-pandemic world and the uncertain global economy’s impact on its customers. Despite the challenges, Yuan emphasized that Zoom had made progress and improvements in serving its customers during the pandemic, but also admitted that the company made mistakes in its rapid growth.

To show accountability, Yuan announced that he will take a 98% salary cut for the coming fiscal year and forego his 2023 corporate bonus, while the executive leadership team will reduce their base salary by 20%. Yuan expressed his regret for the job cuts and stated that impacted employees will receive up to 16 weeks of salary and healthcare coverage.

As the CEO and founder of Zoom, Yuan emphasized that he is taking personal responsibility for the company’s actions and wants to show accountability through his own actions. The announcement of the job cuts sent Zoom’s shares up 7% in afternoon trading. Eric Yuan and Zoom are working to find the right balance in the new world, with the ultimate goal of providing the best experience for their customers and users.