Salesforce admitted that it hired too many people during the tech boom of the pandemic and it is not laying off 10% or 7,000 of its employees. Besides the layoffs, Salesforce is also going to close some of its offices as well. It says that it will undergo both staff and office building restructuring.

In an internal memo to employees, Salesforce CEO Marc Benioff admitted that he had been wrong for growing the company too quickly and was taking full responsibility for it.

“I’ve been thinking a lot about how we came to this moment. As our revenue accelerated through the pandemic, we hired too many people leading into this economic downturn we’re now facing, and I take responsibility for that,” his letter read.

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Salesforce business model involves providing software solutions to other companies and it is understandable that the pandemic boom saw it increase its revenue. However, now that we are in the post-pandemic era, several of the company’s clients are not buying as much as they did and it is suffering for that.

Benioff said that affected employees will receive benefits, for example, those in the US will be paid their salary for five months as well as health insurance for that period. Salesforce is budgeting between $1.4 billion and $2.1 billion for its restructuring exercise and expects to be done with it by the end of 2023 or beginning of 2024.

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