Salesforce to lay off 10% of workforce amid economic challenges

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Salesforce to lay off 10% of workforce amid economic challenges

Salesforce Inc., a leading provider of customer relationship management software, recently announced that it will be laying off a significant portion of its workforce, estimated to be around 10%. The decision to undertake these layoffs was reportedly due to the company hiring too many people prior to the economic downturn and a decrease in customer spending. The restructuring is expected to be substantially complete by the end of fiscal 2024 and will also involve a reduction in real estate holdings, set to be completed in fiscal 2026.

The layoffs are expected to come with a cost for the company, ranging from $1.4 billion to $2.1 billion, with as much as $1 billion expected to come in the fourth quarter of fiscal 2023. CEO Marc Benioff acknowledged the challenging business environment and stated that those affected by the layoffs will receive a minimum of five months' worth of pay, health insurance, career resources, and other benefits. Those outside the United States will receive similar support in accordance with local employment laws.

The news of the layoffs has understandably caused concern and uncertainty for those affected and their families. However, Benioff has attempted to reassure employees by stating that the company will be providing support and resources to help those impacted by the restructuring to find new employment opportunities.

Despite the difficult decision to lay off a portion of its workforce, Salesforce remains committed to its mission of helping companies connect with their customers in new and innovative ways. The company has a strong track record of growth and success and is confident that the restructuring will ultimately position it for continued success in the future.

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