Swiggy Layoff: Swiggy fired 380 employees, CEO apologized
Swiggy layoff: Information about the company’s employees being fired was given in a town hall (big meeting) on 20 January.
Highlights
- The reason was given by Swiggy for taking the decision of retrenchment
- Company’s CEO sent mail to employees, apologized
- The CEO of the company said – this is a very difficult decision
New Delhi. The bad phase of startup companies continues. Startups and tech companies are continuously laying off. In this episode, now a new name for food delivery company Swiggy has been added. Actually, the company has fired its 380 employees.
A company spokesperson said on Friday that this step has been taken to streamline the business in view of the difficulties in the venture funding market. The information about the company’s employees being fired was given in a town hall (big meeting) on 20 January.
According to PTI, Swiggy CEO Sriharsh
Majety said that “this is the result of a wrong decision to hire more people than needed.” We should have done better.”
Apologized to the affected employees by sending a mail
the affected employees by sending an internal mail and said that after considering all the options, this very difficult decision has been taken. He said that the growth rate of the company is slow contrary to the goals of the company.
Re-review of indirect costs
Majeti said, “This means we will have to re-review all indirect costs to meet our profit targets. We have already started taking steps to reduce direct expenditures like infrastructure, office, etc. We also needed to change the number of personnel keeping in view the future goals. Majeti said in his email that hiring more people than necessary was a case of wrong decision and I should have done better in this area. Earlier, in the morning he addressed the employees of Swiggy.
What will the retrenched employees get?
As an employee support scheme, Swiggy has proposed to give cash for 3 to 6 months depending on the tenure and category of the affected employees. In this, the affected workers will be paid three months’ pay or timely notice before termination of employment and 15 days’ ex-gratia for each year of employment completed, as well as the balance of EL (paid leave), May go.
