Traditional jobs have all been under the fear of getting replaced by the new-age technologies. Automation at manufacturing has already cut several jobs and employee unions worldwide have been vocal about the impact of automation on livelihoods. But organizations have always backed such technologies to reduce manpower cost, increase efficiency and cash on profits. In…
Online ticket booking platform BookMyShow has recently downsized its employee count across offices in India and international markets. The downsizing exercise reportedly impacted about 18% of its workforce or 270 employees. The recent development at the company comes at a time when entertainment businesses like Cinemas, theater and cultural events have to come to a…
US-based IT services firm Cognizant has recently offered a voluntary separation package for select employees in the United States. As the company weighs its prospect due to the COVID-19 pandemic, it has offered the scheme to employees who move to the bench between May 1 to August 31, 2020. According to an internal email, the…
Layoffs at new-age startups are becoming more and more common during the coronavirus pandemic. As company’s struggle to keep business floating during this unprecedented crisis, layoffs have become a common tool to conserve cash. Joining the likes of many others, used car marketplace CarDekho has recently laid off over 200 employees. According to an Entrackr…
Ahmedabad-based fintech startup Lendingkart recently laid off 30% of its workforce just days after securing a ₹319Cr funding. The move is expected to impact around 200 employees of the company. Lendingkart provides collateral-free working capital loans ranging from Rs 1 lakh to Rs 40 lakh to small businesses and MSMEs, who have taken a big…
Computer hardware company IBM or International Business Machines Corp recently announced that it is planning to lay off an unspecified number of employees across five states in the United States. Incidentally, this is the first time the global tech giant is executive layoff exercise under the new Chief Executive Officer Arvind Krishna’s leadership. The company…
American magazine and multi-platform publisher, The Atlantic recently announced that it is laying off 68 employees as the coronavirus pandemic diminishes their event and advertising revenues, reported The New York Times. The cuts represent 17% of its staff. In an internal memo sent by Chairman David Bradley, the staff was informed that even though the…
Layoffs have become a common phenomenon in such a time of crisis. Every other day, we get news about small and big organizations laying off employees as the coronavirus pandemic is drying up revenues and companies opt for tough cost cutting measures to stay afloat. In recent news, diversified financial services firm Indiabulls Group has…
Global charitable foundation Oxfam is planning to lay off about 1,4500 employees and close down operations in 18 countries. The organization had been facing losses for a long time since the Haiti sex abuse scandal in 2018, and the losses piled up after the coronavirus pandemic, as reported by the Guardian. In an official press…
Indian social networking app Sharechat has recently laid off about 101 employees or 25% of its staff as the ongoing coronavirus pandemic impacts ad revenues. The development was first reported by The Economic Times. According to an internal mail sent to employees by company Chief Executive Officer Ankush Sachdeva, the advertisement market remains unpredictable this…
Indian unicorns are now struggling to keep their businesses afloat. Layoffs and salary cuts have now become a daily news from these new-age startups. Joining the likes of Swiggy, Zomato, and Uber, ride-hailing Indian unicorn Ola has decided to lay off staff. In a company blog post written by the CEO Bhavish Aggarwal, it was…
IKEA-backed home design and decor startup Livspace has recently laid off 15% of its workforce as coronavirus turmoil impacts the company’s business. The company has also cut its expense by 25-30% in order to save itself from further losses. The recent development comes just a month after the company said that it had not resorted…
Ride-hailing giant Uber recently said that it has decided to lay off 3,000 more employees as coronavirus-led restrictions has reduced the demand for ride-hailing services. These job cuts are in addition to the 3,700 Uber had announced earlier this month. The employees were informed about the decision by Chief Executive Officer Dara Khosrowshahi in an…
Just days after Zomato announced its decision to lay off employees, food delivery unicorn Swiggy also said that it is laying off 1,100 employees across functions over the next few days. In a blog written by Sriharsha Majety, Co-Founder and Chief Executive Officer, the company said, it will be laying off 1,100 employees across grades…
Indian food delivery unicorn Zomato recently announced that it is set to lay off about 13% of its workforce due to the coronavirus pandemic’s impact on business. The job cuts and temporary pay cuts for employees were announced by the company founder and Chief Executive Officer Deepinder Goyal through a blog published on the company…