The company is apparently looking at controlling costs and revamping its strategies.
As a measure to control costs and re-think its business strategies in the Indian market, Chinese smartphone and smart television maker, LeEco, is apparently considering a rightsizing of its workforce in the country as part of a global exercise. This is also because the larger focus of the company will now be on online sales of its products.
LeEco India is reportedly scaling down its operations in the country, laying off people —both permanent employees and temporary workers — and exiting offline sales to focus on online sales. The move may be a result of the funds drying up from the parent organisation, which is currently facing a severe financial crisis.
For LeEco, India is one of the top three markets globally and it wants to focus on sustainability and profitability of the business here. Hence, the company aims to be agile and sustainable in order to withstand economic headwinds and still be profitable. In line with that, the company has implemented a rightsizing exercise across all its offices in various geographies, including India.
At the same time, LeEco India has ensured complete legal compliance to all labour-related regulations. It is even open to offering outplacement services to the affected employees, who specifically seek assistance to orient them towards the future.
Value our content... contribute towards our growth. Even a small contribution a month would be of great help for us.
Since five years, we have been serving the industry through daily news and stories. Our content is free for all and we plan to keep it that way.
Support HRKatha. Pay Here (All it takes is a minute)
