The coronavirus outbreak and a followed lockdown has caused huge losses to the corporate world. With organizations closing in on their offices, sending employees to work-from-home until the crisis in over, global economy has come to a halt. Lately, there have been many reports about companies laying off employees or sending them on furlough in…
British multinational engineering company Rolls-Royce Holdings Plc is reportedly planning to cut 15% jobs as the airline industry globally struggles to tide over the ongoing coronavirus crisis. According to a Financial Times report, senior executives of the aero-engine maker have begun work on a restructuring plan that would shrink the 52,000-strong workforce by up to…
While the coronavirus pandemic has led to a surge in consumption of online streaming platforms, Singapore-based Hooq recently announced that it is filing for liquidation and has shutdown its services. According to a TechCrunch report, the five-year-old on-demand video platform has reportedly terminated its partnerships with Disney’s Hotstar, Grab and Indonesia’s VideoMax. A joint venture…
The coronavirus pandemic has brought us on the verge of a global recession. Some sectors of the economy are looking at a crisis, which would take years to recover. Among these are airline and travel industry. With governments imposing travel restrictions and nationwide lockdowns the airline industry has come to a standstill. Airline companies have…
American online travel company TripAdvisor recently announced that it has decided to lay off 900 employees or 25% of its global workforce due to the impact on travel industry because of the coronavirus pandemic. In a blog post, TripAdvisor CEO and Co-Founder Stephen Kaufer announced that the company would be reducing its workforce in light…
London-based multinational investment bank HSBC recently announced that it has put on hold the plan to cut 35,000 jobs. The bank said that the decision to put job cuts on a halt was because it does not want to leave staff unable to find work elsewhere during the ongoing coronavirus pandemic. Earlier in February, HSBC…
The ongoing coronavirus pandemic has crippled the world economy to the extent that many are estimating that this could spark a recession worse than the 2008 financial crisis. Many sectors of the economy like travel and airlines have come to a total standstill with the travel restrictions imposed by various governments globally. In an attempt…
The coronavirus pandemic isn’t only affecting people’s health and safety. It is also impacting people’s livelihoods as the virus hits the economy. The pandemic has brought the global economy to a halt. With restrictions on movement, nationwide lockdowns, and closure of businesses, the flow of money has become really slow. The virus has not only…
As per the International Labour Organisation’s prediction, the world will witness a loss of about 2.5 million jobs due to the coronavirus pandemic. Most of these job losses are coming from new-age startups and small scale industries who are being tested the most by the economic situation. After hospitality startups like Treebo and Fab Hotels,…
Adding to the unemployment crisis caused by coronavirus pandemic, online lending marketplace LendingClub Corp recently announced that it would lay off 460 employees, including President Steven Allocca, as part of a restructuring plan to slash costs. The layoffs represent roughly a third of the company’s total workforce of 1,538 people as of Dec. 31, 2019.…
The ongoing coronavirus pandemic has forced businesses to get on their knees. The nationwide lockdown has started taking toll on businesses and food delivery companies are having a really tough time due to fear of catching the virus in consumer’s mind. Owing to the troubles because of the pandemic, food unicorn Swiggy is recently planning…
Adventure camera maker, GoPro, recently announced that it has done massive organizational changes at the company. Taking into account the impact of the coronavirus pandemic, the company is laying off 20% of its workforce to conserve cash. GoPro has announced a $100 million reduction to 2020 operating expenses including a workforce reduction of more than…
Social commerce startup Meesho has reportedly laid off more than 200 employees of its 700-strong workforce. According to a recent report by the news website Entrackr, in an attempt to conserve cash during the pandemic, the startup has laid off over 200 employees just days after entering into the grocery delivery business. According to the…
Since the Government of India imposed a nationwide lockdown to prevent the transmission of the novel coronavirus, the movement of goods has to come to a halt. Due to the lockdown, several logistics companies have started to lay off employees in an attempt to conserve cash. In recent news, online logistics solutions provider BlackBuck is…
The airline industry has long been in a soup due to the novel coronavirus outbreak. But things got even worse for the sector post the governments imposing nationwide lockdowns and travel-bans. It is being predicted that if the lockdown gets extended any further, several budget carriers will have to file for bankruptcy. In an attempt…