According to TOI report, the e-commerce platform, Flipkart will sack 5-7% workforce based on a performance review that will be completed by March-April.
Flipkart, excluding its fashion portal Myntra, currently employs 22,000 employees. The reports also suggested that this is not the first time Flipkart has sacked employees due to annual performance the company has been carrying a similar kind of layoffs for the past two years.
However, in March 2023 Krishna Raghavan said that the company would not be offering salary hikes to senior management officials and also would not lead to any job cuts.
Additionally, the company will not delay in onboarding freshers recruited from engineering and management colleges. The freshers will join Flipkart in June 2023.
Krishna Raghavan, the Chief People Officer has said, “Flipkart is not among those companies that hire thousands and then lay off only to reduce the headcount. We do responsible hiring”
By the end of 2023, Paytm sacked over 1000 employees amid cost-cutting measures.
The layoffs are currently impacting over 10 percent of the company’s entire workforce. The company reportedly wants to save 10-15% of staff costs over the current fiscal year.
“Our core business of payment may see manpower increase by 15,000 in the coming year,” the spokesperson said.
“We are transforming our operations with AI-powered automation, eliminating repetitive tasks and roles to drive efficiency across growth and costs, resulting in a slight reduction in our workforce within operations and marketing”, the spokesperson.
Recently, PhysicsWallah (PW) has sacked nearly 120 employees due to a performance review.
“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, reinforcing our commitment to growth”, Satish Khengre, Chief Human Resources Officer at PhysicsWallah said.
Of late, L&T Technology also sacked 200 employees amid performance reviews.
The company spokesperson said, “We conduct annual performance reviews as a standard process to assess the capabilities of our workforce every year and act appropriately based on skill sets and performance.”
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