05/01/2023 11:51 AM | Click to read full article
According to Salesforce co-CEO Marc Benioff, the company is cutting up to 10% of its current staff. Benioff blames mid-pandemic hiring practices. Employees who are let go will receive nearly five months of pay, insurance, and other resources. Salesforce indicated in a regulatory filing that its budget for all the costs in making cuts will spend $1 billion and $1.4 billion on employee transitions in addition to as much as $650 million on reducing office spaces.