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Swiggy to Lay off 1,100 employees, will give 3 months salary

18May By PriyankaNo Comments

News

Swiggy to Lay off 1,100 employees, will give 3 months salary

Food ordering and delivery platform Swiggy said it is laying off 1,100 employees across grades and functions in cities and the head office over the next few days due to the impact of coronavirus pandemic on its business, including cloud kitchens. In an email to all employees, SwiggyCo-founder & CEO Sriharsha Majety said, "Today is one of the saddest days for Swiggy as we have to go through an unfortunate downsizing exercise."COVID-19 has hit the company with a huge blow of uncertainty, forcing it to look even harder at its cost base and preparedness for the road ahead, he added. Giving the reasons for the laying off of 1,100 employees, Majety shared the management outlook and key business decisions that were reasons for this decision. The core food delivery business has been s...

OYO cuts 25% of fixed pay of Employees; sends some staff on Leave

22Apr By Press Trust of IndiaNo Comments

News

OYO cuts 25% of fixed pay of Employees; sends some staff on Leave

Softbank backed online hotel room booking platform OYO informed employees that 25 percent of their fixed salaries will be cut and asked some staff to go on a four-month leave with limited benefits from May 4 as the hotel rooms aggregator grapples with "economic pressures" due to COVID-19. The company, which has around 10,000 employees in the country, is a leading player in the hospitality industry that has been ravaged by the coronavirus pandemic. The nationwide lockdown, which has been extended till May 3, to curb spreading of infections has also significantly disrupted economic activities. "We had to take the hard decision of placing some OYOpreneurs on a leave with limited benefits (LwLB) from May 4, 2020, for four months until August 2020," OYO India and South Asia CEO Rohit K...

20Jan By Press Trust of IndiaNo Comments

BLOGS

‘Fake it until you make it’ Attitude May Backfire at Work

According to a study, Faking a positive attitude to elicit benefits may backfire when used with co-workers and making an effort to communicate the felt emotions can be more productive. The study, published in the Journal of Applied Psychology, surveyed working adults in a wide variety of industries including education, manufacturing, engineering, and financial services for two types of emotion regulation surface acting and deep acting. "Surface acting is faking what you're displaying to other people. Inside, you may be upset or frustrated, but on the outside, you're trying your best to be pleasant or positive," said Allison Gabriel, study co-author. "Deep acting is trying to change how you feel inside. When you're deep acting, you're actually trying to align how you feel with how ...

German Bank Deutsche slash 18,000 jobs by 2022

8Jul By AdityaNo Comments

BUSINESS

German Bank Deutsche slash 18,000 jobs by 2022

Germany's biggest lender Deutsche Bank would stop all share trading activity & cut 18,000 jobs by 2022, as the former leading light of the country's financial sector looks to escape years of turmoil. The slashing of around one in five of its workforce, to 74,000 employees, is an unprecedented round of departures for Deutsche. The bank said the layoffs would reduce annual costs by six billion euros ($6.7 billion) over the same period. "Today we have announced the most fundamental transformation of Deutsche Bank in decades," chief executive Christian Sewing said, dubbing the scheme "a restart for Deutsche Bank". The lender did not immediately make clear where the axe would fall. But with executives looking to find synergies in the integration of subsidiary Postbank and centra...

France based Saas Startup Payfit Raises $79 million

17Jun By AdityaNo Comments

FUNDING

France based Saas Startup Payfit Raises $79 million

French startup Payfit raises $79 million funding from Eurazeo and Bpifrance. The funding will use to double its workforce by 2020. Founded in 2016 by Firmin Zocchetto (CEO), Ghislain de Fontenay (CTO) and Florian Fournier (CPO), PayFit raises $5.6 million from Xavier Niel and The Family in 2016 and $15.7 million from Accel in 2017. After today's round, the total funds will be more than $100 million. PayFit a software-as-a-service-based platform automates everything from RTI submissions and employee payslips to leaves and expenses. The company allows small and medium enterprises to easily and quickly pay their employees. The company now provides full-fledged HR solutions to 3000 clients based in multiple European countries. Hire around 300 people, Payfit developed its...

15Apr By AnkitaNo Comments

INDIA

Indian wants 20% Avg growth in Salary Increment

Shine.com, India’s one of the largest job portal, recently conducted a first-of-its-kind appraisal survey focusing on the expectations of employees instead of a top-down HR or company led perspective. The survey was conducted across working professionals from various industries including IT, Banking and Finance, Industrial products, education/training, FMCG, etc. In a comparison between expectations among employees in metro cities, the leading job search platform found some interesting insights. It was revealed that professionals working in cities such as Mumbai, Pune, and Chennai are looking for higher pay hikes, above 20% as compared to their counterparts in other metros like Delhi-NCR and Bangalore, wherein people expect lower hikes in salaries between 0-10 percent. The Survey found ...

Walmart to Purchase Flipkart ESOPs worth $800 Million

20Sep By Gauri SinghNo Comments

ACQUISITION

Walmart to Purchase Flipkart ESOPs worth $800 Million

After the Flipkart-Walmart deal, many steps have been taken by Walmart in favor of the merger. This time the company has planned to purchase from Flipkart employees ESOPs worth nearly $800 million. The worth of Flipkart’s total Esop is about $1.5 billion based on the per-share purchase price. Flipkart announced to its current employees that they will be allowed to liquidate their employee stock ownership plans (ESOPs) at $126-128 a unit, on the basis of the charges applicable. The retail giant Walmart is obligated to purchase 6,242,271 shares from Flipkart’s ESOP pool of 11,947,026 shares. “The ESOP repurchase programme, a yardstick for the industry, is part of our continuing efforts to thank and reward our employees for their service,” a spokesperson for Flipkart said. The employees...

After Raising $200 Mn, PoilcyBazaar Will Hire 2,500 New Employees

3Jul By Gauri SinghNo Comments

News

After Raising $200 Mn, PoilcyBazaar Will Hire 2,500 New Employees

PolicyBazaar.com has announced that it will employ more people in the current financial year. The number of jobs that the company intends to create will be around 2,500 which will take the total count of the employees to 6,000. The purpose of the company behind this move is to increase the customer base and expand the revenues. The company that was backed by SoftBank Fund will add positions in various areas including customer support and tech functions. "...the company announced that it will create 2,500 more jobs in FY'19, taking its employee strength to 6,000 people. Growing 100 percent year-on-year, PolicyBazaar.com is aiming to underwrite premium worth Rs 10,000 crore, expand its unique customer base to one crore and increase its revenue to Rs 1,500 crore by 2020," the company said...

31Mar By NitishNo Comments

FUNDING

Employee Engagement and Benefits Startup Raises Seed Funding

Gurgaon based HR Technology startup Benepik that provides a mobile-based solution for Employee Communication, Engagement, Rewards and Recognition, has raised an undisclosed amount in seed funding. Benepik has raised the seed funding from a group of investors including Vishal Bali. Vishal is a serial investor and has invested in several startups including Bengaluru based Health Tech start-up Feet Apart. Delhi-based HR Leader Yogesh Misra and a Delhi based HNI also participated in the round. Benepik was founded in 2015 as an Employee Benefits platform. Saurabh Jain, Founder & CEO is an alumnus of Delhi School of Economics and has worked in consulting and technology practices at Capgemini, Deloitte and UNDP across India & Europe. In the last two years, Benepik has evolved ...

First Time Facebook To Build Houses in Silicon Valley

9Jul By reutersNo Comments

News

First Time Facebook To Build Houses in Silicon Valley

The shortage of housing in California's Silicon Valley has gotten so severe that Facebook Inc on Friday proposed taking homebuilding into its own hands for the first time with a plan to construct 1,500 units near its headquarters. The growth of Facebook, Alphabet Inc's Google and other tech companies has strained neighborhoods in the San Francisco Bay area that were not prepared for an influx of tens of thousands of workers during the past decade. Home prices and commute times have risen. Tech companies have responded with measures such as internet-equipped buses for employees with long commutes. Facebook has offered at least $10,000 in incentives to workers who move closer to its offices. Those steps, though, have not reduced complaints that tech companies are making communities ...

RBS to Cut Over 400 Jobs in UK, Move Many of Them to India

26Jun By AdityaNo Comments

News

RBS to Cut Over 400 Jobs in UK, Move Many of Them to India

British lender Royal Bank of Scotland said today that it is cutting 443 UK jobs dealing with business loans, and plans to shift many of the roles to India. The UKs largest government-owned bank said it was moving the jobs, which help handle loans for small businesses, as part of an ongoing cost-cutting drive. "As we become a simpler, smaller bank, we are making some changes to the way we serve our customers. Unfortunately, these changes will result in the net reduction of 443 roles in the UK," a spokesperson for the bank said. The bank said it would support staff affected by the "disappointing news", including by moving them into new roles where possible. Workers union Unite said British workers and taxpayers would lose out from the move. "By shipping these jobs to India, RB...

24Jun By PriyankaNo Comments

CHINA

16 Apple Employee Arrested in China For Selling iPhone Data

Chinese police have arrested 16 employees of an Apple contractor for selling personal information of iPhone users from eastern Chinas Zhejiang Province. In January, police in Cangnan county Zhejiang Province suspected several employees or former employees of an Apple distributor and a contractor of stealing user data, the county procuratorate said in a statement today. In May, police caught 22 people, 20 of whom worked for the two companies, from Guangdong, Jiangsu and Fujian provinces, state-run Xinhua news agency reported. So far, 16 people have been arrested and four remain under investigation. Fifteen of those arrested work for Guangzhou Telecom Yingke Company, a contractor which provides consulting and after-sales service for Apple. Prosecutors said that starting from A...