Salesforce Layoffs 2022: What to Know About CRM Job Cuts, Hiring Freeze

  • Salesforce (CRM) layoffs have CRM stock investors talking on Friday.
  • The company just cut “at least 90 jobs” and enacted a hiring freeze.
  • These jobs were reportedly temporary recruiting contractors.
A hand with pink painted fingernails holds a Salesforce sticker representing CRM stock.

Source: Bjorn Bakstad / Shutterstock.com

Salesforce (NYSE:CRM) stock is on the minds of investors Friday as they react to reports of layoffs and a hiring freeze at the U.S. cloud company.

According to reports, the company has laid off “at least 90 employees.” The reasons behind the Salesforce layoffs, as well as the finer details of the job cuts, are unknown. However, the cuts appear to be limited to mostly contract workers.

A statement from Salesforce backs this up. The company says it has ended relationships with “some temporary recruiting contractors.” These contractors were brought on for a short time to help bolster numbers during a hiring period.

CRM Stock: Details on the Hiring Freeze

Insiders claim that Salesforce only opened up to hiring new employees for about one month. Adding to that, the company noted to Protocol that “most departments have reached their hiring goals for the fiscal year.”

Sources close to the matter claim that Salesforce’s hiring freeze is set to last until January 2023. Investors following CRM stock will remember that the company also enacted a hiring freeze back in May 2022. All of this comes as tech stocks deal with the ongoing effects of inflation, rising interest rates and a recession.

CRM stock is down 1.3% as of Friday afternoon and down 44% since the start of the year.

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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.


Article printed from InvestorPlace Media, https://investorplace.com/2022/10/salesforce-layoffs-2022-what-to-know-about-crm-job-cuts-hiring-freeze/.

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