Companies laying off employees
Companies announced mass layoffs
Intelligence has curated a list of major companies that have announced mass layoffs, job cuts, downsizing, hiring freezes, and furloughs.
Unlike, Google and Microsoft, companies laying off employees are increasing and has created fear among people as they may be the next in queue.
Who is next?
In the past we have observed many high-end companies like Amazon, Twitter, Google and Microsoft laying off their employees. It is being observed that this is becoming a trend of firing employees among companies since Covid came into existence.
Similarly, VerSe Innovation, Bengaluru based startup has decided to sack 150 employees and cuts pay for employees earning Rs 10 lakh or more. While, this decision is made in context to cut costs and streamline operations by firing 5% of their workforce.
VerSe Innovation
VerSe Innovation is the parent company of short video platform Josh and news aggregator Dailyhunt. The company has gain spike since the news of ending the venture came up after Byju’s, Udaan and Zomato.
Reviewing companies standards, a pay cut has also been taken into consideration by the company. Further, a pay cut of 11% of employees who are earning 10 lakhs or more per annum is at the verge of declination.
As per reports, the co-founders of the company, Virendra Gupta and Umang Bedi, announced the layoff. The decision was made in a town hall meeting to lay off 150 employees or 5% of its workforce.
The reason for these declining steps is companies fresh funding of $800 million which started this year in April.
Statement Released
However, an official statement was released by Umang Bedi, co-founder of VerSe Innovation stating, “Given the current economic climate, like other businesses, we’ve evaluated our strategic priorities. Considering the long-term viability of the business and our people, we have taken steps to implement our regular bi-annual performance management cycle and made performance and business considerations to streamline our costs and our teams”.
To know more about such companies firing their employees, read our related posts.
