Olive India, an edtech company in Technopark, Thiruvananthapuram, has announced workforce reductions in two of its divisions. The company will let go of 55 employees from its Upskill and MyKademy divisions.
Having commenced operation in 2012, the company provides a range of solutions for course creation and training through its Olive VLE Suite.
In an official mail to employees, the company communicated about these recent changes and why these steps had to be taken. The email stated that it has invested significantly in its Olive VLE, which has now reached a mature stage. Since the development stage of the product is complete, the company now requires to reallocate resources. It has been determined that certain roles have become redundant.
Additionally, the mail clarified that all the affected employees will be relieved of their duties on 29 December, 2023.
Currently, the Ireland-based company in Technopark, has given notices to 12 employees, and 24 others have been contacted by HR, urging them to resign. The decision comes as part of the company’s effort to navigate challenging economic circumstances in the edtech space.
The current situation has instilled panic among the employees, who are facing challenges in securing new jobs on short notice. Some individuals have reportedly relocated from distant areas and have enrolled their children in schools in the capital, which makes yet another change of location impractical for them. However, they claim that the company’s ‘mismanagement’ is responsible for the current distressing situation.
This is said to be the third round of layoffs over a two-year period at the Olive Group, affecting 150 employees across three entities in the Indian unit — MyKademy, UBI Academy and Upskill.
Olive India is the sole Indian subsidiary of the Olive Group.