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Livspace Lays off 450 employees due to impact from COVID-19

26May By AdityaNo Comments

News

Livspace Lays off 450 employees due to impact from COVID-19

Bengaluru-based Livspace, which is into home design and renovation, has laid off 450 employees 15 percent of its total workforce due to an adverse impact of the coronavirus-induced lockdown. The decision to lay off was taken last week. Earlier this month, leading co-working operator WeWork India also announced laying off nearly 100 employees. Founded in 2015 by Ramakant Sharma and Anuj Srivastava, Livspace provides a three-sided marketplace and a design automation platform that connects homeowners, certified designers and vendors. Livspace uses data science-enabled algorithms to match homeowners with designers (based on style preferences, budget, scope of work and timelines). "Due to the COVID-19 pandemic, like every business in the discretionary purchase sector, Livspace also...

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...

Airbnb lay off nearly 1,900 employees, about 25% workforce

6May By PriyankaNo Comments

News

Airbnb lay off nearly 1,900 employees, about 25% workforce

Airbnb, an online marketplace for homestays said it has laid off near 1900 employees, about 25 percent of the workforce of the company. In a note sent to Airbnb employees, Airbnb Co-Founder and CEO Brian Chesky said, "Out of our 7,500 Airbnb employees, nearly 1,900 teammates will have to leave Airbnb, comprising around 25% of our company. Since we cannot afford to do everything that we used to, these cuts had to be mapped to a more focused business. " These decisions are not a reflection of the work from people on these teams, and it does not mean everyone on these teams will be leaving us. Additionally, teams across all of Airbnb will be impacted. Many teams will be reduced in size based on how well they map to where Airbnb is headed, he added. Due to the Covid19, global travel c...

2Mar By AdityaNo Comments

News

WeWork Fired 300 Employees

The giant co-working space company WeWork which now known as the We Company fired 300 employees which are 3% of its total staff, as per the report by TechCrunch. Head office based in New York, WeWork raises total $8 billion funding and valued at a whopping $47 billion. SoftBank Vision Fund is the largest shareholder in the company, invested $2 billion in January. The company employs 10,000 people around the world. As per the sources, the reason behind the layoffs was performance and the company’s routine process of shedding underperformers. Most of the layoffs happen in WeWork’s engineering team, product and user experience design. “Over the past nine years, WeWork has grown into one of the largest global physical networks thanks to the hard work and dedication of our team,” ...

Technology Giant Microsoft Will Cut Up to 3,000 Jobs

6Jul By AnkitaNo Comments

News

Technology Giant Microsoft Will Cut Up to 3,000 Jobs

Technology giant Microsoft is undertaking a major reorganisation that will likely see the company cutting about 3,000 jobs from its global workforce, a media report said today. The layoffs under the restructuring at the technology giant led by India-born Satya Nadella will mostly affect sales, and as many as 3,000 jobs will be cut, CNBC reported. The media report quoted a Microsoft spokesperson as saying that the company is implementing changes to better serve its customers and partners. "Today, we are taking steps to notify some employees that their jobs are under consideration or that their positions will be eliminated. Like all companies, we evaluate our business on a regular basis. This can result in increased investment in some places and, from time-to-time, re- deployment in...

Infosys Will Hire 20,000 People, Fired Only 400 People This Year

2Jun By AdityaNo Comments

News

Infosys Will Hire 20,000 People, Fired Only 400 People This Year

IT services major Infosys today said it will hire 20,000 people this year as against only 400 people being asked to leave on performance grounds and termed reports of large-scale job losses as "overstated". Infosys COO UB Pravin Rao said the technology-driven transformation presents new opportunities for companies like Infosys. "With respect to all the talks of layoffs, it's regular performance based things that we do every year. The number is really 300-400, which is consistent with what we have seen every year," Rao told reporters after a 30-minute meeting with IT Minister Ravi Shankar Prasad. He said the country's second largest software exporter is "creating more jobs, adding more people and letting go of only minuscule number of people, purely from performance related perspec...

Indian IT Industry Will Layoff 2 Lakh Engineers For Next 3 Years

14May By AnkitaNo Comments

ANALYSIS

Indian IT Industry Will Layoff 2 Lakh Engineers For Next 3 Years

Executive search firm Head Hunters India today said the job cuts in IT sector will be between 1.75 lakh and 2 lakh annually for next three years due to under-preparedness in adapting to newer technologies. "Contrary to media reports of 56,000 IT professionals to lose jobs this year, the actual job cuts will be between 1.75 lakh and 2 lakh per year in next three years, due to under- preparedness in adapting to newer technologies," Head Hunters India Founder-Chairman and MD K Lakshmikanth told PIXR8, analysing a report submitted by McKinsey & Company at the Nasscom India Leadership Forum on February 17. McKinsey & Company report had said nearly half of the workforce in the IT services firms will be "irrelevant" over the next 3-4 years. McKinsey India Managing Director Noshir...

Now Infosys Will Lay Off Around 100+ Employees

10May By AdityaNo Comments

News

Now Infosys Will Lay Off Around 100+ Employees

Infosys could hand out pink slips to hundreds of mid and senior-level employees as it carries out bi-annual performance review amid a challenging business environment. The development comes at a time when its peers Wipro and Cognizant are taking similar measures to control costs. Interestingly, Infosys has said it will hire 10,000 Americans in the next two years and open four centres in the US as it seeks to counter moves by the US to tighten visa norms. "Our performance management process provides for a bi- annual assessment of performance... A continued low feedback on performance could lead to certain performance actions, including separation of an individual and this is done only after feedback," Infosys spokesperson said in an emailed statement. The spokesperson did not di...

LeEco Says Not Exiting India But Confirms 85% Layoffs

4Mar By PriyankaNo Comments

News

LeEco Says Not Exiting India But Confirms 85% Layoffs

Chinese handset maker LeEco today refuted reports of winding up its India operations but admitted that it has undertaken an "optimisation exercise" in the world's second largest smartphone market. "India is one of the most strategic markets for LeEco and hence no exit plan... (the company) has recalibrated and reimagined its business in India since last year and taken a number of steps to ensure that the scale of operations is in sync with resources," LeEco India said in a statement. Reports said the company has laid off 85 per cent of its staff in India and may shut its operations here. Top executives Atul Jain (COO smart electronics business) and Debashish Ghosh (COO Internet applications, services and content) have also reportedly quit. "As LeEco India transits to a more...

San Francisco University Lays Off Its IT Workers, Outsourced Their Work To India

1Mar By reutersNo Comments

News, USA

San Francisco University Lays Off Its IT Workers, Outsourced Their Work To India

San Francisco: The University of California, San Francisco on Tuesday laid off 49 information technology (IT) employees and outsourced their work to a company based in India, ending a year-long process that has brought the public university under fire. The university announced the plan last July as a way to save $30 million over five years. The University of California system, which includes health care and research-focused UCSF, has been struggling to raise revenue and cut expenses. Globalization and outsourcing have become hot-button political issues in the United States, as more employers cut costs by farming out work to low-cost workers in far-flung parts of the world. President Donald Trump campaigned on promises to restore lost U.S. jobs and to penalize companies that move fact...

6Jan By reutersNo Comments

CHINA

China’s ZTE to Slash About 3,000 Jobs: Sources

Chinese telecom equipment maker ZTE, which is facing US trade sanctions that could severely disrupt its supply chain, is slashing about 3,000 jobs, including a fifth of positions in its struggling handset business in China, company sources said. The sources said the Shenzhen-based company, one of the world's biggest telecoms gear makers, is axing about 5 percent of its 60,000 global workforce. Its global handset operations will shed 600 jobs, or 10 percent of the total, with the cuts concentrated in China, where it has been losing market share. "Cuts in the handset business in China will be beyond 20 percent," said a senior executive who has been briefed on the lay-offs, which are scheduled to be completed within the first quarter. A local manager in one of the company's overse...

How You Can Insure Directors and Officers Liability in Workplace

29Nov By AdityaNo Comments

BLOGS

How You Can Insure Directors and Officers Liability in Workplace

Every company has managers, officers and directors who are vulnerable to external risks of claims incurred due to certain decisions undertaken in that position that may not go down well with the related parties relevant to the business. These related parties may include the vendors, customers, employees, contractors, and sub-contractors. Also, there are chances that the company or some of its directors may be duped for various reasons like misrepresentation of company assets, fraud, not following the work ethics or misrepresentation of funds or breach of contracts. How do you bear such costs that may go into saving the company's reputation in the long-run? For such a situation, a business organisation needs to avail Directors and Officers liability insurance policy. The top managers...