Today I shared the difficult news with our team that Vimeo is reducing our workforce by 6%, in order to give ourselves the financial flexibility to come out of this economic downturn a stronger company. While it might seem like we’re just another tech company confronting this new reality, there is no comfort in being one of many. Our people are what make Vimeo great, and losing any of them is a personal failure that I feel deeply. It’s a sad day having to tell colleagues you care about that their job has been impacted by events beyond their control. We have truly incredible people leaving us. I have worked with many of them side-by-side over the years, and it’s because of their work that Vimeo has innovated and scaled. So I’d like to ask the extended Vimeo community of employees, alumni, partners, users and supporters to consider this talent pool in your next hire. If you know of an opportunity, please reach out to vimeotalent@vimeo.com so our team can connect you with anyone relevant who is leaving us. For Vimeans, we will look to honor our colleagues’ contributions by continuing to build Vimeo to transform the way people communicate with video. Our leadership team and I are all in: on our strategy, our ability to win in an enormous and early market, and our commitment to building a world-class business. As a company we will continue to adapt, be resilient, and prove our beliefs— that sometimes means hard choices, which we will always make with care, empathy, and a long-term view. I’m posting the full text of my internal email to employees here, and will be focused today on my colleagues and on moving Vimeo forward.
Rajiv Bawa
1y
It always shocks me when you hear leaders cut people, yet talk about how people are the most valuable part of their company, etc. Rarely do leaders take a pay cut, or reduction from their multimillion dollar compensation packages to keep more employees on the payroll.
Arham Khan
1y
Woah.. I’m not sure if this is entirely appropriate. Did your laid off employees get any stock comp? Because you priced your initial offering at $52 a share, the company is worth 1/10 of this today. They get the boot after this? Then this post about letting people go? This doesn’t do well for your IR and PR communication despite this attempt of salvaging the reputation of your firm. The public is easy to fool, sometimes shareholders are too, but not the internal organization or institutions monitoring the business
Here's an idea, how about Director and above take a 10% pay cut and rest take a 5% pay cut to save on costs. No loss in talent.
Jim Silva
1y
Tough to justify a $900 producers account when folks are streaming and RTMP-ing content all over the place at little or no cost around you guys. I've always felt Vimeo was a great idea but that kind of annual hit for a small timer just to be able to stream to multiple destinations is no longer justifiable. Folks out there broadcasting their kids games etc... from Mevos/Go Pros etc.. or similar events just wont pay that for the multi cast. Perhaps you should focus on reconnecting with your vision- to bring guerilla video content to the masses. There are ENORMOUS marketplaces in youth sports/public education sectors etc... that you simply alienated by pricing them out. Ignoring the legions of users of these streaming cameras, not partnering with Athletesgolive etc... The few that did pay, when they cut back...lose their content- CLASSY. Where has your strategy taken you? to today unfortunately. Don't pat yourself on the back too hard showing empathy, you haven't felt any real accountability as those who lost their jobs have. Good luck to Vimeo. I really hope it makes it through. I really hope it reconnects to it's purpose.
Anjali Sud I have never seen such a graceful & more supportive message during these difficult times. A true inspiration to many who want to lead by example. 🙌🏽
Amit Gosar
1y
Anjali Sud, would a 10% paycut for the entire company plus additional 15% paycut for Director+ save those 6% of the people who lost their jobs until the company can ride the economic downturn for couple years? I am sure you would have looked at all the options before letting people go but there are many companies who think about themselves more than they think about their employees. So just wondering…
This is never an easy decision. The scars of the layoff can be healed but require proactive effort to communicate the reasons and necessity for the impactful action. Hopefully, this is a rare action. I wish your organization the best as you move forward.
Anjali Sud - I too appreciate your public response. I bet your employees and former employees both think of you as a great leader. Business is tough, and there will always be the chance of down turns any layoffs. I never saw my dad cry much as a child, but when he had to layoff employees it always got to him. The naysayers here all want to quickly judge or offer up solutions without understanding the context. I wish you and everyone at Vimeo only the best in the future.
CEO Discover Blind Spots
1ySo I just got off the phone with a sales rep from Vimeo. I was expressing my concern over pricing increasing by 300% and service reducing by 80%. I asked if this was their way of saying "Screw you, we don't care if you use Vimeo or not" and she said "Yes". Then I asked to speak to her manager and she said she could not do that. I asked for the manager's name and she refused. Vimeo, you are not the only option.