Edtech firm, Byju’s is set to cut down its existing 35,000-strong workforce by 11 per cent. That means, about 4,000 employees will be rendered jobless. This is reportedly part of a restructuring being undertaken at the company. Byju’s is in the process of making its operating structures simpler, cutting costs and improving cash flow. The exercise will be concluded in a few weeks’ time and help make the firm more sustainable. The company has witnessed quite a few senior-level exits over the past few months. As per media reports, the latest round of layoffs will primarily impact Think & Learn,…
Author: HRK News Bureau
Operational efficiency, reduced turnaround times, secure investments, and innovative business models. These will be outcome of the Infosys and Microsoft tie-up. The collaboration comes at a time when there is a global discussion on whether Generative AI will replace most workers and take away their jobs. The fact Genertive AI’s impact is restricted to automating certain tasks is established. Infosys and Microsoft have come together to develop solutions that will leverage the power of Infosys Topaz, Azure OpenAI Service and Azure Cognitive Services to transform the way enterprises operate by using artificial intelligence (AI). Together, the two firms aim to…
Jane Fraser, CEO, Citigroup is determination to give Citigroup a new shape and she wants full cooperation from the workforce. In a message to the bank’s 2,40,000 employees, she has clearly stated that they should be ready to embrace the sweeping changes she’s implementing or just consider moving on. This comes after Fraser announced significant organisational adjustments on 13 September 2023, to streamline Citigroup’s structure and operations. While previously projecting an approachable image, Fraser’s recent message signals a shift in tone as she takes decisive steps to reshape the bank. Her recent announcement outlined plans to eliminate complexity within the…
Could you be marked absent and also have your salary deducted if you were stuck in an elevator by no fault of your own? Sounds unfair but that is what an employee reported on Reddit recently. The said had apparently got into an elevator and was unfortunately stuck due to some technical issue on his way to his office on the seventh floor of a building. He was inside the elevator for a few hours and understandably arrived late for work. By then, he was marked absent for the day. That wasn’t all. He was informed that he would have…
Amid the delay in salaries, several pilots of Bamboo Airways in Vietnam have resigned in the past two months. As per the report by Reuters, around 30 foreign pilots left their positions during this period, which accounts for over 10 per cent of the airline’s total pilot workforce as of June. The report states that some pilots have recently chosen to resign, while others have been terminated from their positions. The airline had apparently embarked on some significant restructuring measures, including adjustments to its route network, fleet and workforce. The foreign pilots had reportedly not received their August salaries, which…
SMFG India Credit, the non-banking finance company, has elevated Gaurav Terdal to the post of chief human resource officer (CHRO). Terdal has been with the company for a little less than two years, having joined as head – HR operations, compensation and governance, in February 2022. In the initial years of his professional journey, Terdal served as assistant manager at Manpower for a couple of years, before he joined Fullerton India Credit in 2007, as AVP – compensation, benefits and systems. There, he spent over five years implementing and maintaining HR systems, including HRMS, LMS and HRDMS along with compensation…
The recent labour market reforms have resulted in a significant rise in the female labour force participation rate among Saudi nationals, nearly doubling from 19 per cent in 2016 to approximately 36 per cent in 2022! This increase has, in turn, pushed the overall participation rate to a historic high of 61.7 per cent in March 2023, in contrast to a previous low of 54.2 per cent in June 2017. Saudi Arabia has reported a significant decrease in its unemployment rate, and this drop can be primarily attributed to the increased participation of women in the workforce. In the first…
Airbus is on the lookout for software, cryogenics, robotics, cyber security and manufacturing engineers. It is also keen to hire project and programme managers as it gears to expand its UK workforce by at least a thousand. It is inviting talent across a broad range of aerospace-related activities. A recent Airbus/Oxford Economics survey report reveals that Airbus is already providing a means of livelihood to at least 79,000 people across England, Scotland, Wales and Northern Ireland. About half of its suppliers come under the category of small and medium enterprises (SME) in the UK. Not surprisingly, Airbus accounts for $875…
Jubilant FoodWorks has recently allocated 46,830 equity shares to its employees as part of its employee stock option plans (ESOPs). On 25 September 2023, the company’s shares were trading at Rs 540, reflecting a 1.69 per cent increase. The allocation of these shares was approved by the nomination, remuneration and compensation committee (NRC) of Jubilant FoodWorks. Eligible employees were allocated 46,830 equity shares through JFL’s stock option schemes, including 9,267 stock options, where each option can be converted into one JFL equity share with a face value of Rs 2. The price per stock option was set at Rs. 531,…
Dunzo, the quick commerce startup that has been battling a financial crunch for some time now, is desperately trying to obtain funds. According to Financial Express, the firm is readying to reduce headcount by at least 30 per cent. This will not be the first time the Reliance Retail-backed firm is reducing headcount this year. About 400 people have already been let go. As per media reports, another crucial funding round is on the cards where existing investor Reliance Retail is also expected to pump in capital along with other investors. While Dunzo hopes to raise about $35million, whether this…
After a successful five-year tenure with Calderys, where he was group talent and development director, Umesh Jadhav has joined Infiiloom as chief human resources officer (CHRO). Jadhav, who has studied law from the University of Mumbai and holds a master’s degree in human- resource management, industrial relations, labour studies began his professional journey with Ispat Industries as a management trainee in 2006. He worked as assistant manager with HSBC Bank for over a year before joining Sanofi Pasteur as assistant manager – HR (sales) in 2008. Two years into this role, he was elevated to senior manager – human resources,…
The Federation of Andhra Pradesh Teachers’ Association and the Andhra Pradesh Contributory Pension System Employees Association (APCPSEA) came together to organise a protest at the Vizianagaram Collector’s office on 25 September 2023. The associations have demanded that the government reinstate the previous or old pension system (OPS), which was in effect until 2003. Led by the leader of the APCPSEA, the association claimed that the government was attempting to confuse the employees with unnecessary proposals. The employees have stated that the old pension scheme has been reinstated in several states, including Rajasthan. The workers chanted slogans criticising the government for…
The Writers Guild of America (WGA) and the representatives of the studios and streamers have managed to strike a tentative deal or “an agreement in principle on all deal points”. To what extent the rights of the writers have been protected will be clear only once the details of the agreement are made public. However, for the time being, the long negotiations seem to have borne fruit. It does, however, promise to protect the writers “in every sector of the membership”. The strike that has been on for well almost three months has affected more than 11,000 film and television…
Srijan Agarwal, BTech student of computer science at the Dr Ambedkar Institute of Technology for Handicapped (AITH), Kanpur, has bagged a job with Microsoft at an annual package of Rs 50 lakhs. What makes her achievement even more significant is the fact that she comes from a Hindi medium background, according to media reports, which posed a lot of challenges for her. Yet, she not only managed to work hard and overcome all hurdles but was able to bag an internship with Microsoft in the second year of her course. And now this pre-placement offer is the icing on the…
Glenmark Pharmaceuticals has roped in Alpana Vartak as senior vice president – human resources. She moves from Bajaj Consumer Care where she was chief human resources officer for less than a year. Armed with an MBA in human resources from Symbiosis Institute of Management, Vartak began her professional career with Whirpool Corporation as deputy manager – HR. A year later, she became HR head – corporate technology organization, Whirlpool India, for the period 2006 to 2008. The year 2008 saw her based out of Michigan Area as senior HR manager – Whirlpool Corporation. Her next stop was Levis Strauss &…
As ongoing technology tensions rise between the US and China, Qualcomm is set to reduce its workforce at its Shanghai office. The exact number of affected employees has not been mentioned, but the layoffs will primarily impact the wireless business research and development department. Qualcomm maintains offices in over a dozen Chinese cities for its semiconductor and mobile telecommunications ventures. In an August stock exchange filing discussing its quarterly revenue, Qualcomm noted its anticipation of ‘workforce reductions’ as part of broader restructuring efforts. The company mentioned that it aims to facilitate ongoing investments in critical growth and diversification endeavours, given…
The CEO of CD Disco, a technology company has stepped down from his position amid allegations of sexual assault and inappropriate conduct towards a woman employee. The Wall Street Journal reported on the incident, which occurred during a team dinner on 6 September 2023. Kiwi Camara, the 39-year-old Harvard prodigy, had grabbed headlines earlier this year for receiving a compensation package larger than that of Tim Cook, CEO, Apple. His total compensation reached $110 million, as reported by Fortune. This windfall included a $500,000 salary and $109 million in stock options, contingent on certain targets by 2032 or changes in…
In July 2020, Fujitsu launched an innovative ‘Work Life Shift’ programme. The company has embraced a variety of initiatives aimed at empowering employees to have greater control over where and when they work. These efforts also promote the adoption of hybrid work models and utilise data-driven management to enhance employee engagement and productivity in Japan. The company has announced its latest strategic move to optimise its Tokyo metropolitan office spaces by reducing fixed offices and enhancing the utilisation of external shared offices. It is hoped that this initiative will align office functions with specific roles and leverage data to visualise…
Foodpanda, the Singapore-based food delivery service has announced a new round of job cuts. With this move the company aims to maintain a higher level of agility, achieving optimal operational framework. The company conveyed the decision to the employees in an official letter. The letter emphasised the company’s current primary focus is on achieving greater efficiency, agility and leaner operations. Furthermore, it needs to streamline the processes in order to adopt a more organised approach in the future. This round of layoffs will encompass a review of the organisational structure within both regional and national teams. Additionally, it will also…
Through an exchange filing, Crompton Greaves Consumer Electricals offered equity shares to its employees. The company allotted 59,975 shares to its employees under its Employee Stock Option Plan 2016 (ESOP 2016). The mentioned equity shares will have equal standing with the Company’s existing equity shares in every aspect. Additionally, all the shares will be of face value Rs 2 per share. As a result of this allocation, the company’s issued capital hasn’t risen from 1,28,01,95,488, which was previously divided into 64,00,97,744 equity shares, each with a face value of Rs 2, to a new total of 1,28,03,15,438, divided into 64,01,57,719…
Mitel, the Canadian telecommunications firm has roped in Sophie Ames as its new EVP and chief people officer. Ames, who began her professional journey as HR manager, with Berlitz International AB, has also worked with Thomson Legal & Regulatory as HR director for five years. In 2005, she joined Amdocs as director, HR business partner, customer management division. Three years later, in 2008, she moved to Avaya, as senior director, HRBP, enterprise collaboration solutions. Three years into this role, she was elevated to senior director, HRBP, worldwide sales and global field operations. By October 2014, she became vice president –…
In an effort to boost employee morale Meta has now reinstated some of its previously eliminated perks. Following a challenging year marked by extensive layoffs, Meta has initiated the rehiring of employees who were earlier terminated in the last one year. As reported by Bloomberg, an employee mentioned that the company has placed orders for branded T-shirts for its workforce, which is viewed as an encouraging indicator of the company’s performance. Furthermore, to encourage employees to work from the office at least three days a week, various vendors have been engaged to set up stalls and offer interesting food options.…
DealShare, the e-commerce platform supported by Tiger Global, will be completely shutting down its business-to-business (B2B) division in the coming months due to its inability to achieve the expected outcomes. The move will render about 130 employees jobless, affecting 10 per cent of its total workforce, primarily from the B2B segment. The company has reportedly already initiated the process of reducing its B2B operations. Additionally, the current round of layoffs is part of its cost-saving measures and an effort to streamline its operations. All the departing employees will receive financial support and DealShare will use its professional networks to facilitate…
The strike by the Writers’ Guild of America (WGA) that has been on for over 100 days and had brought all production activity in Hollywood to a halt, is about to end. Discussions and bargaining sessions have taken place several times since the strike began on 2 May 2023. The disgruntled writers are of the opinion that they are not adequately compensated considering that the studios — including Warner Bros Discovery, Disney, Netflix and NBC Universal —have been raking in earnings from streaming platforms. An agreement is hoped to be reached today, that is, 22 September 2023. However, if negotiations…
The UAE’s Nafis programme, launched in September 2021 to boost Emirati participation in the private sector, has yielded impressive results in just two years. Nafis programme refers to employee programmes, with ‘Nafis’ being the arabic term for “employee. The programme aimed to have 10 per cent of private-sector jobs held by Emirati citizens by 2026. Under the Nafis programme, Emiratis employed in the private sector are entitled to salary enhancements to bridge the income gap typically found in the public sector. The UAE is committed to fostering a significant Emirati presence in the private sector, recognising its pivotal role in…
The strike by auto workers in Detroit against major car companies is causing more problems as it continues for the sixth day. The strike has affected the supply chain, resulting in temporary layoffs for non-striking workers. Ford stated that the layoffs are a direct result of the strike. The people on strike are those who are involved in a special protective process called ‘e-coating’ on some car parts, and since the department was currently on strike, it had an impact on their operations. In one of the affected locations, Ford’s Wayne, Michigan assembly plant, 13,000 UAW workers are participating in…