New Delhi, August 22: Five9, a Call & Contact Center As A Service (CCaaS) Provider, is reportedly planning to reduce its workforce by 7 percent, as part of its restructuring efforts. The layoffs are said to streamline its operations. The job cuts at Five9 are expected to impact several employees within the company.

As per a report of ABP Live, Five9 is planning to lay off 7 percent of its employees in an effort to restructure and optimise its business model. The company might be taking these steps to improve its profits. It is expected that the layoffs might affect various departments, though specific details regarding the roles or regions is not yet disclosed. According to reports, the 7 percent of job cuts could impact 200 employees. It means that approximately 200 employees could be impacted out of a total of 2,684 full-time staff as of December 31. ReshaMandi Layoffs: Bengaluru-Based Startup Lays Off Its Entire Employees, Shuts Down Website Amid Financial Problems.

In an email to employees, Five9 CEO Mike Burkland reportedly said, “sadly, we have made the very difficult decision to say painful goodbyes to some of our team members.” As per a report of CRN, the company is planning to implement job cuts as part of its strategy to achieve balanced and profitable growth. The decision might support the company's long-term outlook and its focus on increasing the value for its shareholders. By making these changes, the company hopes to create a stronger and more sustainable future for itself. Mastercard Layoffs: Financial Service Company To Lay Off 3% of Its Employees Globally Amid Restructuring Efforts.

The company is expected to allocate a budget of approximately USD 12 million to USD 15 million for various expenses related to the job cuts. These expenses could include payments for notice periods, severance packages, employee benefits and other related costs. It is anticipated that most of these payments will likely be made during the 3rd and 4th quarters of this year.

(The above story first appeared on LatestLY on Aug 22, 2024 10:40 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).