Page 13 - Layoff

Spotify axes 17% of workforce in third round of layoffs this year

Spotify says it's axing 17 per cent of its global workforce, the music streaming service's third round of layoffs this year as it moves to slash costs while focusing on becoming profitable. In a message to employees posted on the company's blog on Monday, CEO Daniel Ek said the jobs were being cut as part of a strategic reorientation. The post didn't specify how many employees would lose their jobs, but a spokesperson confirmed that it amounts to about 1,500 people. Spotify had used cheap financing to expand the business and invested significantly in employees, content and marketing in 2020 and 2021, the blog post said. But Ek indicated that the company was caught out as central banks started hiking interest rates last year. We now find ourselves in a very different environment. And despite our efforts to reduce costs this past year, our cost structure for where we need to be is still too big, he said. Ek said the leaner structure of the company will ensure Spotify's continued ...

Small-town freshers learning new-age tech skills to crack IT sector jobs

More and more candidates are registering to learn these skills in hopes of finding better employment opportunities in an increasingly competitive job market

ByteDance to fire hundreds and shut Nuverse in major gaming retreat

TikTok's owner will fire several hundred people, unwind projects under development and weigh potential sales of existing titles, people familiar with the matter said

Physics Wallah may lay off up to 120 employees due to performance issues

Edtech firm Physics Wallah may lay off up to 120 employees due to performance issues, according to the company. The company in a statement said that less than 0.8 per cent of its total workforce will be impacted due to the performance review exercise. "At PW, we regularly assess performance through mid-term and end-term cycles. For the cycle ending in October, less than 0.8 per cent of our workforce, ranging from 70 to 120 individuals with performance concernsmay be asked to transition. "Our primary focus remains on fostering a dynamic, high-performing team. We plan to hire an additional 1,000 employees in the next six months," PW, CHRO, Satish Khengre said in a statement. The company has around 12,000 employees. Several edtech companies, including unicorns like BYJU'S and Unacademy had hired excess staff to meet the sudden spike in demand for online classes during the COVID period. This is the first mass lay-off that has been announced by Physics Wallah (PW). "We deeply value t

Global coal industry expected to layoff over 400,000 miners by 2035: Report

The coal industry is expected to shed more than four lakh mining jobs, equivalent to nearly 100 workers per day, by 2035, even without climate pledges or policies to phase out coal, with China and India likely to be the hardest hit, according to a new report. The primary reason will be the market shift toward cheaper wind and solar power generation and a lack of planning to manage a transition to a post-coal economy, said the report compiled by Global Energy Monitor, a US-based NGO that analyses the evolving international energy landscape. The report suggests that 9,90,200 coal-mining jobs will cease to exist at operating mines given the foreseeable closures of coal facilities, potentially laying off more than one-third (37 per cent) of the existing workforce. China and India are expected to be the hardest hit. China's Shanxi province would witness the largest number of job losses globally -- 2,41,900 by 2050 -- while Coal India is the producer facing the largest potential job cuts

Ford furloughs another 500 workers due to United Auto Workers strike

UAW struck GM's Lansing Delta Township assembly plant that makes Buick Enclave and Chevrolet Traverse SUVs after previously striking at GM's Missouri assembly plant and 18 parts distribution centers

Edtech firm Byju's to lay off 4,000 employees in major restructuring

The restructuring exercise will be undertaken by Arjun Mohan, who was recently elevated as chief executive officer (CEO) of its India business, replacing Mrinal Mohit, according to the sources

Google parent Alphabet fires hundreds from global recruitment team

Firm cut about 12,000 jobs in January, reducing workforce by 6%

Parag Agrawal: Not the fire-breathing dragon Twitter needed, said Elon Musk

Walter Isaacson's biography reveals key insights into Elon Musk's takeover of Twitter and subsequent firing of top execs, including CEO Parag Agrawal

Crypto unicorn CoinSwitch lays off 44 employees citing role redundancy

The company has 519 employees, according to its LinkedIn profile. This would mean around 8 per cent of CoinSwitch's workforce has been shown the door

After quiet quitting & quiet firing, are companies now quiet cutting?

Quiet cutting is a move by companies where they remove positions but do not fire any employees

Top headlines: Boeing starts production of Apache choppers for Indian Army

Business Standard brings you the latest headlines at this hour

Tech industry records over 226,000 layoffs in 2023, up 40% since 2022

Since the beginning of 2021, tech companies have laid off over 405,000 individuals

Gaming unicorn MPL lays off 350 employees, revisits office infra costs

The move comes at a time when the GST Council has recommended imposing a 28 per cent tax on full deposit value, with no distinction made between games of skill and chance

UBS Group to cut two-thirds of Credit Suisse dealmakers in Asia-Pacific

That would cost about 200 jobs at its global banking division in Asia over the next couple of months, the people said, asking not to be identified because the matter is confidential

As startups lay off staff to cut costs, employees head out for job hunt

Employees not just from edtech but also from commerce and digital media startups are looking out for new jobs amidst massive layoffs

CVS Health Corp to cut 5,000 jobs amid shift away from retail focus

None of the job losses will impact customer-facing positions in stores, pharmacies, clinics or customer services centers, a spokesman for the company said

Delhi's municipal corporation removes 2,181 positions across 14 departments

The decision came after an independent third-party audit by EY. Officials confirm that there will be no layoffs

Anheuser-Busch lays off hundreds of US corporate workers after sales slump

Anheuser-Busch, the maker of Bud Light, confirmed this week is laying off hundreds of positions across its US corporate staff. In a statement to The Associated Press, the beer maker said the layoffs will impact less than 2 per cent of its workforce. Anheuser-Busch's website says the company employs 19,000 employees nationwide. Warehouse staff, drivers and other frontline employees will not be affected, the company said. The job cuts arrive during a rocky time for Anheuser-Busch, which has seen a months-long sales decline for Bud Light since April when conservative critics vowed to boycott the brand after the brewer sent a commemorative can to transgender influencer Dylan Mulvaney. Bud Light has also faced backlash from Mulvaney's supporters and LGBTQ+ rights groups, who say the brand didn't do enough to support her. Mulvaney later shared that she felt abandoned by Bud Light, and faced more bullying and transphobia than I could have ever imagined" over the partnership. Bud Light is

Saarthi.ai fires employees in batches, withholds salaries; cites 'pressure'

Bengaluru-based AI tech support startup Saarthi.ai has fired some employees buckling under "investor pressure" to become profitable, and has allegedly withheld salaries of several employees since March 2023. While an employee took to a social media platform to claim that withholding of salaries has affected a substantial chunk of staff, the numbers could not be independently verified. Responding to queries, Founder and CEO Vishwa Nath Jha said the company has "let go" of employees in batches owing to "investor pressure" to become profitable, but declined to divulge the number of employees affected by the move. "Our team has been restructured in light of technological advancement and many team members were let go in batches as a result. We had to automate low level professional cognitive skills of our staff due to investor pressure to become profitable," he told PTI. Addressing concerns of withholding salaries, he said that the full and final settlement for early batches of the ...