Zoho Corporation cancels bonuses, but avoids any layoffs due to Covid-19

In view of dip in US GDP, the company has prepared itself for a larger hit on its business

Software-as-a-Service (SaaS) major Zoho Corporation has said that it has cancelled bonuses for its employees and may go for a pay cut if required in future, but will not at any cost lay off staff. The company's CEO Sridhar Vembu said the SaaS industry will see some much-expected consolidation with the Covid-19 crisis, adding that economic recovery would be slower going forward.

While the United States, which accounts to about 45 per cent of the company's business, has seen a 30 per cent drop in GDP owing to the pandemic, some of the larger organisations seeking savings at this time