ByteDance, the parent company of TikTok, has put a stop to hiring and is trying to reallocate roles of senior managers in its India workforce. Following the recent ban of its apps Tik Tok and Helo, many of its employees in India are either leaving or considering quitting.
Given the state of relationships between India and China, many youth and job seekers are wary of taking up jobs with Chinese companies. In such a scenario, ByteDance, which has a 2,000-strong workforce in India, is making efforts to retain its staff in the country. It has also rolled out a performance review cycle in order to reassure its staff and give them a sense of security and stability.
On realising that even people who have been hired recently are feeling insecure, the Company has tried to communicate to its existing staff that there will be no downsizing and that the Company is stable.
The Chinese multinational internet technology company has its headquarters in Beijing and was valued at more than US$100 billion as of May 2020.
Meanwhile, Microsoft has been discussing the acquisition of ByteDance’s social app TikTok in the US. Matters will be finalised by the middle of next month.
Microsoft may consider buying TikTok in Canada, Australia and New Zealand as well. Microsoft may also look at involving other American investors in the acquisition.
If the deal comes through, TikTok users will experience better security, privacy, and digital safety.