‘This Is Naked Greed, Nothing Less’: Zoho’s Founder Sridhar Vembu Slams Corporate Greed, Questions Layoffs & & Stock Buybacks At Financially Stable Firms|Image Source: Wikipedia (Representative).
Sridhar Vembu, the creator of Zoho, in a present article shared on the social networks system X, beforehand Twitter shared a message that appeared a pointy evaluation, revealed his displeasure of corporations priotritise investor passions at the price of workers member safety, significantly when solvent.
Although Vembu didn’t talk about Freshworks by identify, his remarks got here a day after the agency launched discharges of 660 staff and a $400 million provide buyback.
Taking to the system X, Vembu revealed “A company that has $1 billion cash, which is about 1.5 times its annual revenue, and is actually still growing at a decent 20% rate and making a cash profit, laying off 12-13% of its workforce should not expect any loyalty from its employees ever. And, to add insult to injury, when it can afford $400 million in a stock buyback.”
“I can understand the unfortunate reality of layoffs when a business is struggling or declining and making a loss. This is not that situation, this is naked greed, nothing less,” he included.
Vembu Asks Key Questions concerning Leadership
Vembu questioned about whether or not administration had the perception to purchase varied different places of enterprise versus selecting discharges. “Don’t you have the vision and imagination to invest $400 million in another line of business where you can deploy those people you hired but don’t want anymore?” Vembu requested. He challenged the corporate’s empathy and strategic pondering, asking, “Are you so lacking in curiosity, vision, and imagination?”
“This behavior, sadly, has become all too common in the US corporate world and we are importing it in India. It has only resulted in large scale employee cynicism in the US and we are importing that too,” he composed much more.
“This is why we choose to remain private. We put our customers and employees first. Shareholders should come last,” he added
Netizens Reaction
Vembu’s put up garnered a dialog amongst netizens.
Many expressed their assist for his views, with one person commenting, “Laying people off to make more money when you already have plenty should be criticized.”
Another person shared, “You require to establish an atmosphere of trust fund with your workers that obtains appeared these activities.”
Screengrab of the remarks|
