IT Layoffs: Another big IT company moves forward on the path of layoffs, hundreds of employees will be sent home

Five9: The phase of layoffs that started in the IT sector in the year 2023 is continuing in 2024 as well. Employees have received bad news of layoffs from many big companies one after the other. Now a similar situation has happened with the employees of call center software company Five9. Five9 has announced a reduction of about 7 percent in its workforce. This decision of the company will have a bad impact on more than 200 employees.

There are 2684 permanent employees in the company, 200 will be fired

Five9 CEO Mike Burkland has informed the employees about this decision of layoffs through an email. Five9 has also announced this in the regulatory filing. Mike Burkland has written that we are having to take the difficult decision to lay off some of our employees. The company has about 2684 permanent employees. Out of these, about 200 people will be sent home. The CEO of the company said that we have to maintain growth along with profit. Also, shareholders have to be kept satisfied.

Employees will have to pay approximately $15 million

The company said in a regulatory filing that it will have to pay $12 million to $15 million to the employees due to this layoff. The company will make this money available in the third and fourth quarters. About 1400 companies are associated with Five9. Mike Berkland has described this layoff as unfortunate. He said that we will have to separate some of our good colleagues from ourselves. However, it was necessary to do so for the company to work on a new strategy.

The company will be able to save $35 million through layoffs and profits will increase

According to a report, the company will be able to save about $35 million through this layoff. This can increase the company’s profit by about 20 percent. Apart from this, the company will also be able to work on artificial intelligence. With the help of AI, they will also be able to increase their business.

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