Edtech unicorn Vedantu has laid off 385 employees, nearly 11.6 per cent of the company workforce, according to sources. This move is being seen as part of a drive in the edtech sector towards profitability via cost-savings and consolidation, as funds dry up, they said. The Bengaluru-based firm has laid off over 1,100 employees (both full-time and contractual), so far, this year.
The Surat diamond industry has once again extended its vacation, fuelling speculations of retrenchment of workers, as global recession has severely affected the sector.
The move has surprised the print media industry which is reeling under recession with most newspaper publishers having put their expansion plans on hold.
Google will lay off 12,000 jobs across the globe, its CEO Sundar Pichai announced on Friday, becoming the latest tech giant after Microsoft, Facebook and Amazon to retrench staff en mass amid the global economic downturn. In an email to employees, the Indian-origin CEO said: "I have some difficult news to share. We've decided to reduce our workforce by approximately 12,000 roles." Pichai said the layoffs at Google were carried out after a "rigorous review" of its operations.
Disney+ Hotstar reported its biggest decline in paid subscribers to date - a fall of 3.8 million subscribers, or 6 per cent of its total - in the October-December period. The drop in numbers came after two warnings by the company that Hotstar's paid subscriber base would shrink as it didn't have streaming rights for the Indian Premier League (IPL) for the 2023-27 media cycle. The IPL would start on April 1 this year and continue till May 28.
The Indian economy recovered from the Covid-induced downturn during 2022 and is poised for further improvement in the coming quarters though downside risks emanating from geopolitical tensions, strengthening dollar and elevated inflation will continue. The positive trajectory in the growth trend and improved fundamentals will help the nation in neutralising the impact of global headwinds which are expected to have a bearing on the country's exports in the months to come. The challenges before the government and the Reserve Bank in the new year would be to arrest inflation, check declining value of rupee against US dollar and promote private investment and growth, with a view to ensure that the country remains one the fastest growing major economies of the world.
Hampshire-based De La Rue, which produces over 150 currencies around the world, faced production difficulties after employees allegedly falsified paper test certificates for the Reserve Bank of India, which has been its biggest client.
Palanivel Thiaga Rajan was on the hit-list, not because the chief minister was unhappy with his performance, but because there were constant complaints from other ministers that he was sitting on their files far too long, observes N Sathiya Moorthy.
'Investors should hold equity assets for 3 to 5 years.'
After job cuts at Twitter, Facebook's parent company Meta is planning to begin "large-scale layoffs" this week in what could be the largest reduction to date at a "major technology corporation in a year that has seen a tech-industry retrenchment," a media report said.
The best possible way to deal with job uncertainty is accepting the fact that it could happen to anyone and if it does, then it is important to work on a multi-pronged strategy on how to get through it in the best possible manner, advises Sumit Sabharwal.
The first step to keeping your job safe, experts tell Rediff.com's Divya Nair, is understanding why layoffs happen.
Networking solutions giant Cisco will lay off up to 6,000 employees globally, including India, after it reported a marginal decline in profits and revenues for the fourth quarter.
Workers fear that GM might close down one or two production plants in Germany in the process of restructuring Opel. It may also lay off thousands of workers and force the remaining workers to make sacrifices to protect their jobs.
On a cloudy Monday this month, Mohammed Irshad flew from Kochi to Gurugram to attend an exclusive investor networking event. Among a handful of founders selected for the event, Irshad was to pitch his peer-to-peer learning start-up Notespaedia for funding in front of top venture capital investors such as AngelBay, Elevation Capital, and Inflection Point Ventures. He failed to woo them, but the feisty entrepreneur was determined to continue his hunt.
This time, not only would the job cuts be higher, but they would be even more broad-based, encompassing various levels of employees.
The company, which is part of tech giant Microsoft, has about 1,200 employees in India. It, however, did not comment on the impact of the job cuts on its India operations.
India Inc has weathered many a storm during Covid-19: from supply chain disruptions to demand dips, steep increase in input costs to shortage of key raw materials. As most companies navigated unprecedented challenges on multiple fronts, realisation dawned also about the criticality of employee welfare in the survival of the business. And it was the human resources (HR) department that faced the greatest test on this front.
If General Asim Munir, Pakistan's new army chief, wants to help defuse the current polarised atmosphere and shepherd civilian politicians towards negotiations on an acceptable date for elections, he may need to distance himself from any perception of needless hostility to Imran Khan, explains Rana Banerji, who headed the Pakistan desk at RA&W, India's external intelligence agency.
Falling valuations, slowing funding rounds and faltering investor sentiment seem to have prompted many start-ups to lay off employees in a bid to conserve cash. The latest to do so is SoftBank-backed Cars24, a leading e-commerce platform for pre-owned vehicles, which has laid off over 600 staff, according to sources in the know. The move, they said, is aimed at conserving cash amid cautious investor sentiment and a slowdown in funding.
UK-headquartered consumer goods giant Unilever on Tuesday announced a major organisational shakeup to make the company leaner, which involves some of its Indian-origin executives, and plans to lay off 1,500 staff as part of the wider restructuring of its global operations. Sanjiv Mehta retains executive leadership of Mumbai-headquartered subsidiary Hindustan Unilever, while Unilever chief operating officer (COO) Nitin Paranjpe will take on a new role as chief transformation officer & chief people officer, leading the business transformation and heading the HR function for the transformed organisation. The company said Sunny Jain, president of beauty & personal care, has decided to leave Unilever to set up an "investment fund in technology megatrends".
Mumbai Indians' mega-stars will be making one last ditch effort to put their derailed Indian Premier League campaign back on track when they take on a confident Rajasthan Royals in their penultimate league match in Sharjah on Tuesday.
India CMD Ramkumar Ramamoorthy clarified Cognizant would continue hiring, and that the earlier job-cut announcement was but a small one, considering the company had around 290,000 employees globally.
Job cuts in Indian IT companies will be 1.75 -2 lakh per year in next 3 years, due to under- preparedness in adapting newer technologies, says Head Hunters MD
Microsoft Corp said on Wednesday it would cut 7,800 jobs and write down about $7.6 billion related to its Nokia handset business, which it acquired in 2014.
While Vedanta Aluminium, Balco and Cairn India confirmed the job cuts, sources said Sesa Goa too had slashed jobs.
Firm attributes move to pandemic and legal spat with Fiat Chrysler, says it is in line with group's strategy to re-think capital allocation and drive efficiency.
In India, Accenture said it continues to hire, and as part of its ongoing compensation programs, it also recently recognised a number of its people with bonuses and promotions.
The group issued a profit warning last year as it was hit by the slump in oil prices.
An article in China's Global Times warned Beijing that China needs to worry about the effect of industrial transfer to India on production chain
The airline had told its pilots on Wednesday that they will not be paid salaries for April and May, adding that those who have been operating cargo flights will get paid for the number of hours flown.
Fresher hiring is expected to more than double compared to last year.
The job cuts in Finland, Hungary and Mexico are said to be driven by the world's largest mobile phone maker's plans to move its device assembly units closer to the component suppliers in Asia.
In April this year, HP had announced to lay off about 27,000 employees globally as part of its restructuring process to reduce costs.
June indicates a change in trend from previous quarters in terms of how much companies are spending on employees. The worst hit sectors included steel, air transport service and automobile firms.
Stalin owes his victory this time, like in 2019, to the hate-campaign of the local Hindutva forces, which kept haranguing him, and even his dead father, notes N Sathiya Moorthy.
The job cuts will begin this quarter and be completed 'over the next few quarters' across a range of businesses, Pandit said at a Goldman Sachs Financial Services conference in New York.
HASBC says India is a strategic market and one of the key profit centres.
MSI chairman R C Bhargava said auto sector would like to see GST benefits linked to greener/cleaner cars. The government gave tax cut on EVs but hybrid should be given duty cut. There should be tax cut on CNG vehicles.
Uber on Tuesday said it is laying off about 600 employees in India -- about a quarter of its staff in the country -- as business has taken a major hit amid the COVID-19 pandemic. The development comes days after rival Ola had announced laying off 1,400 people from its rides, financial services and food business.
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