Layoffs
While some have laid off employees offering them a good compensation and support, some have forced employees to resign with no prior notice.
The COVID-19 pandemic and the subsequent lockdown has left thousands jobless as companies grapple with the economic slowdown and loss in revenues. From hospitality, to retail and startups, companies across the board have let go scores of employees. While some have laid off employees, while offering them a good compensation and support, some have forced employees to resign with no prior notice.
A survey by naukri.com revealed that at least 1 in 10 Indian jobseekers have confirmed that they have been laid off and nearly three in 10 jobseekers fear a layoff is imminent.
Here is a comprehensive list of companies that have so far laid off employees.
BookMyShow
The latest company to announce layoffs is movie and event ticketing platform BookMyShow, which has said that 270 employees out of its total workforce of 1450 in India and globally will be impacted. This will be a mix of furloughs and layoffs across functions and teams.
Those being furloughed will continue to remain employed with BookMyShow and will be eligible for all medical insurance, gratuity and other benefits as per their employment standards.
Laid off employees will be given a severance pay equivalent to a minimum of 2 months of salary irrespective of their tenure or as per notice period, whichever is higher. Medical insurance cover for affected employees and their nominated family members will be valid till September 30, 2020. They will also receive career transition support.
Indiabulls
Financial services group Indiabulls Group has reportedly asked over 2000 employees to resign. According to employees, they were informed by their managers over a WhatsApp call that the company is undergoing restructuring as a result of which their role will no longer be required in the company. There has been no information on compensation being offered to them.
Swiggy
Swiggy is laying off 1,100 of them across levels and business functions as it looks to build a leaner organisation and reduce costs to achieve profitability.
All impacted employees are being given at least three months of salary irrespective of their notice period or tenure, along with health insurance and outplacement support.
Zomato
Zomato is letting go 13% of its workforce, which adds up to around 650 employees. It also announced pay cuts for the entire organisation. Laid off employees will receive financial support, insurance, outplacement services and equity.
Ola
With the volume of cab rides falling drastically due to the lockdown, Ola is laying off 1,400 employees across its mobility, foods and financial services businesses.
Announcing the layoff, CEO Bhavish Aggarwal said that with of employees working from home, and with air travel being limited, the impact on Ola will be long drawn and that Ola’s revenue has fallen 95% in the last two months.
Those who have been laid off will get a minimum three months fixed salary, irrespective of notice period.
Uber
In India, Uber has laid off 600 employees across business functions as part of the global layoffs where 6,700 employees lost their jobs. The company is also closing 45 offices globally. In total, Uber has now laid off 25% of its global workforce.
Every laid off employee will receive a minimum 10 weeks pay-out, medical insurance coverage for the next six months and outplacement support.
Cure.fit
As Cure.fit moved to a digital fitness model, the company downsized its employee base across cities it is present in and also closed some operations in tier 2 cities. While the company didn’t divulge how many were laid off, as per reports and estimates of employees, over 800 employees lost their jobs. These included trainers, management staff at centres, employees of its food business, among others.
WeWork
Co-working major WeWork India has said that 20%of its staff will be let go as companies continue to work from home, impacting the revenue of the company.
In an email, Karan Virwani, CEO, WeWork India, said that the company needs to make fundamental changes to the company by streamlining its workforce around a more focused business strategy which would entail reduction of its workforce across different roles by around 20 per cent.
Raymond
Clothing and retail major Raymond has reportedly let go around 700-1,000 employees. An employee took to Reddit to claim that the company was forcing employees to resign. However, the company has denied reports of any layoffs.
Lendingkart
Fintech lending startup Lendingkart has reportedly laid off nearly 200 employees. In Lendingkart’s case as well, employees have taken to Twitter and local media in Ahemdabad to complain that they were called by the HR and their managers via Google Hangouts and WhatsApp calls and ask them to send in their resignation citing ‘personal reasons’ for the same.
Sharechat
Regional language social media platform ShareChat has let go one-fourth of its employees, amounting to 101 amid COVID-19-induced uncertainties in the advertising market.
“… today with the market uncertainties due to COVID-19, we are compelled to take a relook at our business. We have had to make a few decisions that would allow us to become leaner and position the company better for the future,” Ankush Sachdeva, Cofounder and CEO said in the email.
Extramarks
Noida-based edutech company Extramarks Education has laid off around 1% of its total workforce of 5000 employees as the pandemic affected its business, resulting in it having to shut down its coaching centres.
Udaan
B2B trade platform Udaan has reportedly laid off over 3,500 contract workers across the country in April. This happened in April, where around 600 in Bengaluru alone lost their jobs. They were given a month’s salary as compensation.
Livespace
Home design startup Livspace has reportedly laid off 450 employees, which is around 15% of its workforce as the lockdown had an adverse impact on its business.
This came after the founders said that they will forgo their annual salary and the leadership team gave up annual bouses.
Cardekho
Used car platform CarDekho has reportedly laid off over 200 employees as the automobile sector takes a major hit not just due to COVID, but also due to the economic slowdown over the past year.
Earlier in April as well, several startups laid off employees, including Bounce, Treebo, among others.
Bounce
The bike-rental startup reportedly laid off 20% of its staff, who mostly belonged to mid and senior levels as a measure to cut costs. It also instituted pay cuts between 20-60% for employees, while founders took a 100% cut in pay.
Travel Triangle
The holiday package marketplace laid off 250-300 people, reported Entrackr. The report added that many were not paid severance.
Fab Hotels
The budget hotel chain laid off over 100 employees due to hardships caused by COVID-19,
PTI reported that the budget hotel chain laid off over 100 employees as part of a ‘resource optimisation’ exercise across operations, tech, sales and supply acquisition teams
Acko
The insurance technology startup laid off around 45-50 employees, while the top management took pay cuts of 45-70%.
Meesho
The social commerce copy reportedly laid off around 200 employees.
Shuttl
The app-based office commute service reportedly let go of 40 people and asked 100 people to resign voluntarily.
IT and ITeS
While large IT companies have said that they will not be laying off employees, Centre of Indian Trade Unions (CITU) claimed in a letter to the Union Labour Ministry in April that at least 496 people working in Bengaluru’s IT and ITES sectors have lost their jobs.
Other than this, many media houses have laid off people. This includes Hindustan Times, Vikatan and Times of India. Read TNM coverage on Vikatan and ToI. Many media companies have instituted pay cuts, read a list here.
A survey by naukri.com revealed that at least 1 in 10 Indian jobseekers have confirmed that they have been laid off and nearly three in 10 jobseekers fear a layoff is imminent.
Here is a comprehensive list of companies that have so far laid off employees.
BookMyShow
The latest company to announce layoffs is movie and event ticketing platform BookMyShow, which has said that 270 employees out of its total workforce of 1450 in India and globally will be impacted. This will be a mix of furloughs and layoffs across functions and teams.
Those being furloughed will continue to remain employed with BookMyShow and will be eligible for all medical insurance, gratuity and other benefits as per their employment standards.
Laid off employees will be given a severance pay equivalent to a minimum of 2 months of salary irrespective of their tenure or as per notice period, whichever is higher. Medical insurance cover for affected employees and their nominated family members will be valid till September 30, 2020. They will also receive career transition support.
Indiabulls
Financial services group Indiabulls Group has reportedly asked over 2000 employees to resign. According to employees, they were informed by their managers over a WhatsApp call that the company is undergoing restructuring as a result of which their role will no longer be required in the company. There has been no information on compensation being offered to them.
Swiggy
Swiggy is laying off 1,100 of them across levels and business functions as it looks to build a leaner organisation and reduce costs to achieve profitability.
All impacted employees are being given at least three months of salary irrespective of their notice period or tenure, along with health insurance and outplacement support.
Zomato
Zomato is letting go 13% of its workforce, which adds up to around 650 employees. It also announced pay cuts for the entire organisation. Laid off employees will receive financial support, insurance, outplacement services and equity.
Ola
With the volume of cab rides falling drastically due to the lockdown, Ola is laying off 1,400 employees across its mobility, foods and financial services businesses.
Announcing the layoff, CEO Bhavish Aggarwal said that with of employees working from home, and with air travel being limited, the impact on Ola will be long drawn and that Ola’s revenue has fallen 95% in the last two months.
Those who have been laid off will get a minimum three months fixed salary, irrespective of notice period.
Uber
In India, Uber has laid off 600 employees across business functions as part of the global layoffs where 6,700 employees lost their jobs. The company is also closing 45 offices globally. In total, Uber has now laid off 25% of its global workforce.
Every laid off employee will receive a minimum 10 weeks pay-out, medical insurance coverage for the next six months and outplacement support.
Cure.fit
As Cure.fit moved to a digital fitness model, the company downsized its employee base across cities it is present in and also closed some operations in tier 2 cities. While the company didn’t divulge how many were laid off, as per reports and estimates of employees, over 800 employees lost their jobs. These included trainers, management staff at centres, employees of its food business, among others.
WeWork
Co-working major WeWork India has said that 20%of its staff will be let go as companies continue to work from home, impacting the revenue of the company.
In an email, Karan Virwani, CEO, WeWork India, said that the company needs to make fundamental changes to the company by streamlining its workforce around a more focused business strategy which would entail reduction of its workforce across different roles by around 20 per cent.
Raymond
Clothing and retail major Raymond has reportedly let go around 700-1,000 employees. An employee took to Reddit to claim that the company was forcing employees to resign. However, the company has denied reports of any layoffs.
Lendingkart
Fintech lending startup Lendingkart has reportedly laid off nearly 200 employees. In Lendingkart’s case as well, employees have taken to Twitter and local media in Ahemdabad to complain that they were called by the HR and their managers via Google Hangouts and WhatsApp calls and ask them to send in their resignation citing ‘personal reasons’ for the same.
Sharechat
Regional language social media platform ShareChat has let go one-fourth of its employees, amounting to 101 amid COVID-19-induced uncertainties in the advertising market.
“… today with the market uncertainties due to COVID-19, we are compelled to take a relook at our business. We have had to make a few decisions that would allow us to become leaner and position the company better for the future,” Ankush Sachdeva, Cofounder and CEO said in the email.
Extramarks
Noida-based edutech company Extramarks Education has laid off around 1% of its total workforce of 5000 employees as the pandemic affected its business, resulting in it having to shut down its coaching centres.
Udaan
B2B trade platform Udaan has reportedly laid off over 3,500 contract workers across the country in April. This happened in April, where around 600 in Bengaluru alone lost their jobs. They were given a month’s salary as compensation.
Livespace
Home design startup Livspace has reportedly laid off 450 employees, which is around 15% of its workforce as the lockdown had an adverse impact on its business.
This came after the founders said that they will forgo their annual salary and the leadership team gave up annual bouses.
Cardekho
Used car platform CarDekho has reportedly laid off over 200 employees as the automobile sector takes a major hit not just due to COVID, but also due to the economic slowdown over the past year.
Earlier in April as well, several startups laid off employees, including Bounce, Treebo, among others.
Bounce
The bike-rental startup reportedly laid off 20% of its staff, who mostly belonged to mid and senior levels as a measure to cut costs. It also instituted pay cuts between 20-60% for employees, while founders took a 100% cut in pay.
Travel Triangle
The holiday package marketplace laid off 250-300 people, reported Entrackr. The report added that many were not paid severance.
Fab Hotels
The budget hotel chain laid off over 100 employees due to hardships caused by COVID-19,
PTI reported that the budget hotel chain laid off over 100 employees as part of a ‘resource optimisation’ exercise across operations, tech, sales and supply acquisition teams
Acko
The insurance technology startup laid off around 45-50 employees, while the top management took pay cuts of 45-70%.
Meesho
The social commerce copy reportedly laid off around 200 employees.
Shuttl
The app-based office commute service reportedly let go of 40 people and asked 100 people to resign voluntarily.
IT and ITeS
While large IT companies have said that they will not be laying off employees, Centre of Indian Trade Unions (CITU) claimed in a letter to the Union Labour Ministry in April that at least 496 people working in Bengaluru’s IT and ITES sectors have lost their jobs.
Other than this, many media houses have laid off people. This includes Hindustan Times, Vikatan and Times of India. Read TNM coverage on Vikatan and ToI. Many media companies have instituted pay cuts, read a list here.
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Source: TheNewsMinute.com