The CEO of Zoho, Sridhar Vembu gave a hopeful announcement to all the job seekers by saying Zoho is planning to hire 1000 employees and will not do any layoffs for the previous ones. In the past, we have learned that many big organizations have laid off more than 1000 employees. The announcement by Zoho’s CEO will be a ray of hope for everyone.
Software-as-a-service major Zoho Corporation is a Chennai-based organization. According to the CEO, the whole organization is optimistic and is not expecting stellar growth in this coming Financial Year 2023. Sridhar also conveyed this message through CNBC-TV18.com that the organization is looking to hire 1000 employees; at the same time, they will not fire anyone in financial year 24.
As per the reports by the Entrackr, the Zoho organization saw a hike in its annual revenue. It was noted that they have a hike of 43 percent for the financial year 2022, and the profit was Rs. 2,748.82 crores.
He said they had structured a thick base of investment R&D (Research and Development), and everyone can see that with the numbers that Zoho has achieved till now. He said that though the rise of 43% in FY’23 is not possible, the whole organization is cautiously positive.
He added: “We will not resort to layoffs because that isn’t part of our culture — we want our employees to feel secure about their jobs — but our hiring has drastically slowed down. We still want to hire 1,000 people this year across the board, especially in R&D sales and support.”
Another good news for Zoho Corporation is the growth of IT management, ManageEngine. The organization has stated that India will soon become its second-largest market in the coming three years. All of this happened because of the country’s increased pace of cloud adaptation.
The ManageEngine has reported a growth of 50 percent annually in its business in India for the year 2022. This comes with a hike in customer count by 30 percent which is mainly driven by demand from real estate, BFSI, and manufacturing sectors. It was further claimed that Zoho would reach $1 billion soon in revenue.
Vembu added that the Indian Economy would grow under the heated situation, as he believed the better R&D investment was a non-compromising thing.
In the previous year, 2022, the organization reported revenue of around 1 billion dollars, and the CEO also warned about the Economy shrinking in the coming three to four years. The Economic Survey reported a slowdown of revenue and 6.8% next fiscal year. There will be a ray of recovery in the year 2024.