Page 2 - Job Loss

Zomato to lay off 3% of its total workforce to reduce costs: Report

Zomato, which currently has nearly 3,800 employees, stated that layoffs will be based on regular performance

Amid mass layoffs by Musk at Twitter, Koo offers to hire affected employees

Koo co-founder Mayank Bidawatka, in a tweet on Friday, offered to hire some of the Twitter ex-employees

Indonesian Internet firm GoTo lays off 12% of its workforce to reduce costs

According to TechCrunch, GoTo joins scores of local and global peers in its decision to cut the workforce to navigate the economic slowdown and rising interest rates

Laid-off tech employees find it hard to get jobs amid global slowdown

Most of those who lost their jobs at Big Tech companies recently are struggling to get jobs as there is a freeze on new hirings at nearly every top firm amid recession fears

Belt-tightening measures key to surviving pink slip, say experts

Cautious spending, reduced debt burden, and opting for gig work can help

Redfin to cut another 13% workforce, shuts down subsidiary RedfinNow

Online real estate broker Redfin is cutting 862 employees and shutting down its instant-cash-offer subsidiary RedfinNow, another casualty of two-decade high interest rates stoked by the Federal Reserve's fight against inflation. The job cuts amount to 13% of Redfin's workforce, the company announced in a regulatory filing. Redfin also laid off 470 employees in June, blaming slowing home sales. Redfin has slashed more than a quarter of its workforce since April 2022 on the assumption that the housing downturn will last at least through 2023, it said in the filing. The average U.S. long-term mortgage rate is hovering around 7%, partially a result of the Fed raising rates six times this year at it tries to stem four-decade high inflation. Fed officials have boosted their benchmark lending rate by three-quarters of a point at its last four meetings, sowing fears that its heavy-handed policy could tip the U.S. into a recession. More rate hikes are expected into next year, though inflati

You're fired! Layoff crisis getting out of control at unicorns in India

A growing list of top tech unicorns or companies with over $1 billion valuation each is laying-off employees in an attempt to conserve cash and focus on profitability amid a funding winter this year

After Twitter, Meta Platforms likely to fire thousands of employees

Will be first broad headcount reduction in the tech giant's 18-year history

'No choice', says Elon Musk as he justifies massive layoffs at Twitter

Amid massive layoffs at Twitter across the world, including in India, and the subsequent backlash, the microblogging site's new owner Elon Musk on Saturday justified the move, saying there was "no choice" when the company was losing millions of dollars daily. The company posted a net loss of USD 270 million in the second quarter ended June 30, 2022 compared to a profit of USD 66 million in the same period a year ago. "Regarding Twitter's reduction in force, unfortunately there is no choice when the company is losing over $4M/day," Musk tweeted. "Everyone exited was offered 3 months of severance, which is 50% more than legally required," he added. Hundreds of employees were handed the pink slips at Twitter on Friday as Musk, 51, started overhauling the social media platform which he bought for a whopping USD 44 billion late last month. In a letter to employees obtained by multiple media outlets on Friday, the company said employees would find out by 9 am Pacific Standard Time if th

B2B unicorn Udaan fires around 350 employees on cost cutting measures

B2B unicorn udaan has fired 300-350 employees across India on account of role redundancies and cost cutting measures, according to sources. Few of the employees told PTI that they were intimated about the layoff on Friday morning and told that the human resource department will reach out to them for final paperwork. Sources aware of the development said around 300-350 people have been laid off from the company. When contacted, udaan confirmed the development without sharing the number of employees hit by the decision. "As we move forward in our journey towards making udaan a profitable company, the efficiency enhancement drive and the evolution in business model has created some redundancies in the system, with some roles no longer required. As a responsible organisation, we are working towards providing all requisite support to the impacted employees," a company spokesperson said. The spokesperson said over the last few years, udaan has made significant investments to build a ...

Kerala govt to meet Byju's executives on Nov 2 as 170 staff asked to resign

A meeting was called by the officials of the labour department on October 25, but the company did not appear for meeting

Slowdown bites industry in Haryana; demand down 80%, 95k lose jobs: Report

From Rohtak to Bahadurgarh and Sonipat to Panipat, production at industrial units badly hit, says a media report

Ola to let go of 1,000 employees; hiring aggressively for EV biz: Report

As Ola ramps up its hiring for the electric mobility biz, the urban mobility firm is in the process of firing nearly 1,000 employees, a report said

50K startup workers stare at job loss as India preps for 200 new unicorns

As startups in India keep firing their staff to navigate through the 'funding winter' and more than 60,000 can lose their jobs in 2022 alone, the country is preparing to welcome 200 unicorns

Over 15K tech sector workers lost jobs in May globally, says report

More than 15,000 people working in the technology sector lost their job in the month of May globally, as global macro-economic factors hit companies, a report said

Russia impact: Surat diamond industry stares at massive job losses in June

The month of May offers some respite with 25 per cent workers sent on leave till June

21.5 mn people in tourism sector lost their jobs since Covid outbreak: Govt

Around 21.5 million people, involved in the tourism industry, have lost their jobs due to the three waves of Covid-19, Union Tourism Minister G Kishan Reddy said on Monday.

Merger of banks created chaos and job loss, says Sitaram Yechury

The aim of bank nationalisation was to include the poor in the banking system so that they could avail of their advantages, but the amalgamation has negated that purpose, he claimed

ILO report says Afghanistan crisis causing massive job losses

More than a half million people in Afghanistan have lost their jobs since the Taliban takeover in mid-August, the International Labour Organisation said in a report

Indian frontline workers worry job loss if fail to adapt to new tech

Six in 10 frontline workers in India worry that they could lose their jobs if they don't adapt to new technology, a new Microsoft report showed