Video conferencing service company, Zoom, has announced plans to lay off about 1,300 employees as it reacts to the global market contraction.

Zoom’s CEO, Eric Yuan, made the announcement in a memo to employees, noting that the layoff would impact every part of the organization.

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The affected workforce makes up 15% of Zoom’s net staff strength.

The layoff is the latest significant job cut in the tech industry following the pandemic-fueled surge where demand for digital services wanes.

According to Yuan, he and other executives would take a significant pay cut, adding that he had made “mistakes” in how quickly the company grew during the pandemic.

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“As the CEO and founder of Zoom, I am accountable for these mistakes and the actions we take today– and I want to show accountability not just in words but in my own actions.

“To that end, I am reducing my salary for the coming fiscal year by 98% and foregoing my FY23 corporate bonus.”

In addition, however, Yuan said members of the executive leadership team will reduce their base salaries by 20% for the coming fiscal year and forfeit their fiscal year 2023 bonuses.

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Recall with 𝕹𝖔𝖇𝖑𝖊 𝕽𝖊𝖕𝖔𝖗𝖙𝖊𝖗𝖘 𝕸𝖊𝖉𝖎𝖆 that other top tech companies globally, including Microsoft, Twitter, Google, have had to layoff a percentage of their workforce to gain stability in recent times