As per media reports, Walmart-owned, Flipkart to sack around 5 percent of its total workforce, which constitutes about 1,000 employees, as part of its annual performance review exercise.
Media reports also suggest that the company undertakes these performance-based job cuts every year and these fresh layoffs are just a regular process.
Recently, Kalyan Krishnamurthy, CEO of the company held a town hall with employees and he said the company’s financial health is improving and we are mulling to push its IPO to 2025.
However, in March 2023 Krishna Raghavan, CHRO, Flipkart said that the company would not be offering salary hikes to senior management officials and also would not lead to any job cuts.
According to the media reports, an Indian online food ordering and delivery platform, Swiggy will be laying off 400 employees due to a restructuring move. The employees from tech, call centre and corporate teams are likely to be impacted by the layoffs.
However, the company hasn’t commented on the layoffs.
Lloyds Banking Group is planning to cut 1,600 staff from its branch network as the company is reducing costs and pushing customers towards digital services.
Moreover, it is expected that the cuts will be on a voluntary redundancy basis. The company will close about 114 branches this year.
Moreover, Salesforce is laying off 700 employees across the company in the latest round of layoffs to hit the tech industry.
This round of layoff impacted 1% of its workforce as the company has a total headcount of roughly 70,000 employees. Last year the company also laid off about 10% of its workforce, more than 7,350 employees.
So far in 2024, there have been 172 layoffs at tech companies with 37,575 people impacted (1,392 people per day). In 2023, there were 1,996 layoffs at tech companies with 428,384 people impacted (1,174 people per day).
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