Page 11 - Layoff

ZEE Entertainment's Punit Goenka to lay off 15% of workforce to cut costs

In the new lateral structure, Punit Goenka, MD & CEO, has proposed the elevation of certain team members across businesses

US weekly jobless claims for unemployment benefits rises more than expected

The number of people receiving benefits after an initial week of aid, a proxy for hiring, dropped 19,000 to 1.791 million during the week ending March 23, the claims report showed

US layoffs surge 7% to reach 14-month high amid govt, tech cutbacks

Tech industry continued to outpace other sectors in jobs cuts through the first quarter of this year

Edtech company Byju's goes ahead with cutbacks, fires 500 staffers

Sales, marketing, and teaching roles feel the biggest impact

Byju's laying off employees via phone calls, dropping notice period: Report

The latest round of layoffs at edtech firm is estimated to affect between 100 to 500 employees

Paytm employees stare at 'voluntary resignations', firm denies layoff buzz

Paytm said the company is undergoing a routine appraisal process involving performance assessments which may lead to 'role adjustments'

Asked to work from home, then fired: How Stellantis laid off 400 employees

Stellantis laid off around 400 employees in a video call after asking them to do work from home on a particular day. They will now get a comprehensive separation package and transition assistance

Air India lays off over 180 non-flying staff as part of fitment process

Air India has laid off more than 180 non-flying staff in recent weeks, sources said while the airline maintained that the affected people were not able to utilise the voluntary retirement schemes and reskilling opportunities. The loss-making Air India was taken over by the Tata Group in January 2022 and since then, efforts are being made to streamline the business model. An Air India spokesperson on Friday said that as part of the fitment process, employees in non-flying functions have been assigned roles based on organisational needs and individual merit. "A comprehensive process has been followed to assess the suitability of all employees over the past 18 months. During this phase, there have also been multiple Voluntary Retirement Schemes and reskilling opportunities offered to employees. "However, for less than 1 per cent of our employee base who have not been able to utilise VRS or reskilling opportunities, we have to part ways. We are honouring all contractual obligations dur

Layoff fears at Paytm as deadline for bank cutback just a day away

In Dec, Business Standard reported that Paytm was rationalising its employee cost structure, which includes revising its hiring strategy, focusing on contract employees

Healthtech unicorn Pristyn Care lays off 120 employees, eyes profitability

This is the second time the firm has laid off employees. Pristyn had, in March last year, reportedly laid off 45 employees due to poor performance

After decade-long odyssey, Apple to wind down its electric car effort

The Apple car team also has several hundred hardware engineers and vehicle designers. It's possible they will be able to apply for jobs on other Apple teams

Bumble to cut 350 jobs, plans overhaul in bid to revive slowing user growth

Bumble had more than 950 full-time employees at the end of 2022, of which about 770 are located outside of the US, according to a separate filing

US Army slashing 5% jobs in major revamp to prepare for future wars

The US Army is slashing the size of its force by about 24,000, or almost 5 per cent, and restructuring to be better able to fight the next major war, as the service struggles with recruiting shortfalls that made it impossible to bring in enough soldiers to fill all the jobs. The cuts will mainly be in already-empty posts not actual soldiers including in jobs related to counter-insurgency that swelled during the Iraq and Afghanistan wars but are not needed as much today. About 3,000 of the cuts would come from Army special operations forces. At the same time, however, the plan will add about 7,500 troops in other critical missions, including air-defence and counter-drone units and five new task forces around the world with enhanced cyber, intelligence and long-range strike capabilities. According to an Army document, the service is significantly overstructured and there aren't enough soldiers to fill existing units. The cuts, it said, are spaces not faces and the Army will not be .

Byju's crisis: Employees share stories of uncertainty, financial strain

Some say they have moved to other edtech firms at lower salaries; some have exited the sector

Vice Media to stop publishing on its website, lay off 'several' hundreds

Vice Media's CEO, Bruce Dixon, said that it was no longer cost-effective for Vice to distribute digital content, including news

Continental to cut 7,150 jobs in savings push at struggling auto unit

Some 17 sites in the Rhine-Main area will be reviewed in addition to some other locations, a company spokesperson said Wednesday

Cash-strapped SpiceJet to lay off 1,400 employees as cost-cutting measure

As part of cost-cutting measures aimed at sustaining investor interest, SpiceJet will reduce around 15% of its workforce

Licious lays off 3% of its workforce amid restructuring exercise

The affected employees were informed on Friday. Licious has offered two months of compensation, along with the variable payout for FY 2024, to the retrenched employees, said the company

Layoffs: Is AI coming for white-collar jobs? Coders, analysts should worry

Shareholders don't seem too bothered, as seen by Meta Platforms Inc.'s recent whopping $197 billion one-day market-cap gain, and neither do politicians eager to catch up in the tech race

Tesla asks managers which jobs are critical, stoking layoff fears: Report

Tesla sent out a single-line query for each job after canceling some employees' biannual performance reviews, some of the people familiar with the matter told Bloomberg