'Perhaps unlike any previous era of software, this one requires a rethink in even the lifecycle of how we build.'
...compared with 153,000 in all of 2024.
Don't let a pink slip derail you. Anu Krishna, mind coach and co-founder of Unfear Changemakers, tells you how to prioritise your finances, upskill yourself and prepare for your next job.
Edtech firm Unacademy has laid off 250 people across verticals, according to people familiar with the matter, reducing its employee strength by 50 per cent from what it was two years ago. Of those, 100 are from core functions such as marketing, business, and product, while the rest are from sales.
Fintech firm One97 Communications, owner of Paytm brand, is laying off an undisclosed number of employees and claimed that it is providing outplacement support for their smooth transition, according to a company statement. Paytm's sales employee headcount in March 2024 quarter dropped by about 3,500 to 36,521 personnel on a quarter-on-quarter basis, mainly due the impact of the Reserve Bank of India's ban on services of Paytm Payments Bank.
No one is indispensable, says Lakshmi Murthy, chief people officer, ITM Group of Institutions.
Getting emotional won't help; have a well-planned exit strategy even when you are getting into your first job.
'I won't name her; she's very successful and experienced.'
The airline has been laying off cabin crew starting from April 30 and 30-50 employees are being given pink slips almost on a daily basis, an industry source said.
Is there a way in which you can avoid being fired from your job?
Is there a way in which you can avoid being fired from your job?
'Many were caught in a burnout race, chasing unsustainable growth without innovating.'
Among the blizzard of pink slips on Wall Street, some banks are growing their staffs ... others aren't.
The move, however, is unlikely to prompt its rivals in India - Chinese manufacturers like Oppo, Vivo, and Xiaomi - to do the same.
With the third and final round of layoffs implemented by Facebook's parent company Meta Platforms, Inc. in process globally, India, too, has seen its impact, with some senior executives being asked to leave. Some of the executives to have been impacted are Avinash Pant, India's director of marketing; Saket Jha Sourabh, director and head of media partnerships; and Amrita Mukherjee, one of the directors on the legal team. An email sent to the company did not elicit any comment on the development until the time of going to press.
The Indian operation of the Swiss food group employs more than 5,000.
United States Vice-President Joe Biden has criticised Republican presidential hopeful Mitt Romney, who won the New Hampshire primary, alleging that the latter knows how to hand over pink slips.
Since work was suspended at the plant, worker unions have been on a sit-in protest.
Unacademy is conducting another round of job cuts and laying off 350 employees or 10 per cent of its workforce of 3,500, as the SoftBank-backed edtech firm targets profitability and reduces costs, according to an internal note sent by Gaurav Munjal, co-founder and CEO of Unacademy group, to the staff. Munjal said the restructuring exercise would affect about 10 per cent of employees across the group. "I am deeply saddened to share that we will have to say goodbye to some of our extremely talented Unacademy employees," said Munjal in the letter addressed to employees and reviewed by Business Standard.
The airline has been defaulting on salaries for some time, making partial payments in some cases or not paying at all, as it continues to lose money mainly in domestic routes where it can't raise fares facing competition from low-cost airlines.
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.
Unemployed Paul W Nawrocki of New York, hangs a poster around his neck seeking job, giving his resume to everyone, outside the Grand Central Station, 42nd Street New York on November 8, 2008. Employees across the globe are worried with many global giants laying off their staff in big numbers in the wake of the global financial crisis.
'When I called the HR department, they abused me.'
The firm, which has sacked 1,000 employees, says nothing new about it, laggards weeded out every year, this year is no different
Crisis-hit SpiceJet plans to hand out pink slips to at least 1,000 employees in the coming days as the airline works to significantly reduce costs and streamline operations of its depleted aircraft fleet, officials said on Monday. Faced with financial woes, legal battles and other headwinds, the no-frills carrier might ask more staff to leave as there is excess manpower now compared to the number of planes in service. A final decision on the quantum of layoffs is expected this week, one of the officials in the know said.
'Due to the fear caused by the Byju's crisis, several employees have chosen to take up entry-level jobs in firms other than edtech.'
After startups and Big Tech, the layoff season may have begun at the $245 billion Indian information-technology (IT) industry. Bengaluru-based IT major Wipro is looking to cut hundreds of jobs, targeting mid-level employees working onsite as the company looks to improve margins, according to a media report, citing two sources. The company has said it is aligning its business and talent to the changing market environment.
As of date, the company has 449 employees on its roll, a company spokesperson said, adding it would be difficult to say off-hand the number of non-critical employees removed from the service.
Google Vice-President, People Operations, Laszlo Bock said, 'Given the state of the economy, we... needed fewer people focused on hiring,' following which it decided to 'wind down almost all our contracts with external contractors and vendors providing recruiting services... After much consideration, we have with great regret decided that we need to go further and reduce the overall size of our recruiting organisation by approximately 100 positions.'
The expatriates get between $15,000 to 18,000 salary per month besides perquisites such as five-star hotel accommodation and business class conveyance to their home country. Earlier, around Diwali, Jet had sacked about 1,000 temporaray staff but later rescinded its move by taking back all the employees.
Currently, industries with up to 100 workers were allowed to do this.
PHF sacks entire coaching staff of Pakistan men's team ahead of Asian Games
Three senior executives have resigned from Byju's at a time when the most valuable edtech company has been trying to address challenges such as due diligence issues, legal battles with lenders, challenges in raising fresh capital, and a markdown in its valuation by investors. Prathyusha Agarwal, the chief business officer of Byju's, has quit, according to sources. They said Himanshu Bajaj, business head of Byju's tuition centres, and Mukut Deepak, business head for Class 4 to 10, have also moved on.
With debt woes and a legal case in the US courts, educational technology (edtech) giant Byju's is expected to be laying off more employees, according to media reports. According to The Morning Context report, Byju's intends to lay off 1,000 employees. This number, however, could not be confirmed by Business Standard independently. A spokesperson for the company declined to comment on the reports.
The IT-BPO industry is becoming increasingly alert on fake biodatas. India's largest IT serivces provider, Tata Consultancy Service, has recently asked close to 20 employees at its Kolkata centre to leave after the company, during the background verification, found that these employees have used fudged resumes to get jobs.
Among India's tech companies, education-associated start-ups are the worst affected, recording the maximum number of layoffs.
Average tenure of CEOs and MDs has come down to 1-3 years.
Capping days of frenetic confabulations and suspense, 136 ministers, mostly belonging to the Congress in over half a dozen states, were today shown the door on the last day of government downsizing exercise to meet the Constitutional requirement
"HCL's employees know that bill tightening has to happen, but in a collaborative manner. There is a trust factor between the employees, the company and the customers and we do not have a pink slip policy. That is why we squeezed utilisation up to 75 per cent and our hiring in the last two quarters has not been much," says Vineet Nayar, CEO, HCL Technologies.
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