Tag: Cost Cutting

Netflix lays off 150 employees in the US

In the wake of slowdown in growth and loss of subscribers, Netflix, the global streaming giant, is laying off 150 employees. These employees constitute...

Unacademy lays off 6,000 as part of cost cutting

Unacademy, the Indian edtech startup, has let go of about 600 employees from its almost 6,000-strong team — about 10 per cent of its...

Nokia to cut 1,500 jobs in India, as part of cost-cutting,...

Last week, Nokia, the Finnish telecom equipment manufacturer, had revealed plans to downsize its workforce by about 10,000 over a period of two years....

Nokia to slash 10,000 jobs

Nokia, the Finnish telecom equipment manufacturer, is all set to get rid of per cent of its workforce. That means, about 10,000 employees will...

2,000 to be laid off at Jaguar Land Rover

Jaguar Land Rover is all set to shrink its global workforce by about 2,000 as part of a cost-cutting exercise. Employees have already been...

HSBC to cut 340 jobs, close 82 branches in Britain

As part of a restructuring exercise, HSBC will shut down 82 branches across Britain, during April to September 2021. This will also involve slashing...

IndiGo employees to return to work, LWP removed across departments

Ronojoy Dutta, CEO, IndiGo, in a letter to his employees, announced the decision to give paid leave to all employees from January 1, 2021...

ABN Amro to lay off 2,800 people, to digitise

As part of cost-cutting measures, ABN Amro plans to lay off about 15 per cent of its workforce. This means, about 2,800 people will...

Should HR claim incentives for reducing employee costs?

Amidst the current economic slump and pandemic-induced recession, businesses are under pressure to cut costs and also boost morale across the organsiation, without compromising...

Arsenal cuts 55 jobs as the sports arena reels under pandemic

The COVID pandemic has impacted the sports, leisure and entertainment sectors deeply. The latest to feel the impact is Arsenal, the London-based professional football...

Raymond to slash jobs in an endeavour to cut costs

Raymond Group, the Indian branded fabric and fashion retail company, is slashing jobs as part of its cost-cutting strategy. The Company, which is amongst...

Oyo staff successfully use combo of home + co-working spaces

Hospitality company, Oyo, has allowed its employees to follow a combination of ‘work from home’ and ‘work from flexible co-working spaces’. It is mainly...

50% salary cut for Trujet staff

Hyderabad-based airline, Trujet, has decided to cut 50 per cent of its employees’ salaries. The decision has been conveyed to the employees via an...

5-year leave without pay for 600 Air India employees

About 600 permanent employees of Air India, are to be offered a ‘leave without pay (LWP)’ scheme for a period of six months to...

Up to 20% pay cut for Vistara staff till December

Vistara, the Indian full-service airline will impose a pay cut of five to 20 per cent from July 1 to December 31, 2020, for...

Tata Motors to lay off 1,100 at JLR unit

Tata Motors is planning to lay off 1,100 temporary employees at its luxury Jaguar Land Rover (JLR) unit, in pursuit of a target of...

Wipro to utilise existing staff; defer campus offers, hikes, promotions

Wipro will be putting a stop to the hiring process for this financial year. It will instead focus on utilising the current staff effectively...

Pay cut for GoAir staff in March

With the COVID-19 pandemic affecting earnings of airlines the world over, GoAir announced that its staff will be taking pay cuts this month. Last...

Daimler intensifies cost cutting, will lay off 15,000 jobs

Daimler is cutting costs with greater intensity now, and is reportedly planning to lay off about 15000 employees. In November last year, the German...

Julius Baer will lay off 300

Following a huge drop in profits last year, Swiss private bank, Julius Baer (JB), is now planning to cut 300 jobs in 2020. The...

Over 500 to be laid off at Noor Bank as part...

With economic growth being extremely slow in the United Arab Emirates (UAE), particularly in Dubai, the Dubai Islamic Bank (DIB) is expected to let...

Jaguar Land Rover to lay off 500 in the UK

Jaguar Land Rover (JLR), owned by Tata Motors, will be laying off about 500 employees—10 per cent of the workforce— at its factory in...

Rising costs force hospitality major OYO to increase layoffs

OYO Hotels and Homes is planning to increase the number of job cuts to 2000, that is, about 1500 more than what was planned...

IT jobs at risk in the upcoming quarters, unemployment to rise

Following layoffs announced by Infosys and Cognizant, it is predicted that most big information technology (IT) companies in the country will be reducing their...

BSNL and MTNL to be merged, Cabinet approves VRS package for...

As part of the rescue plan to revive Bharat Sanchar Nigam (BSNL) and Mahanagar Telephone Nigam (MTNL) the Governemnt has decided to merge the...

HSBC expected to lay off about 10,000 jobs

HSBC, the British multinational investment bank and financial services holding company, may lay off about 10,000 employees in a major step towards cutting costs....

Wells Fargo reorganising its centres in India, hundreds of job cuts...

A few hundred employees can expect to lose their jobs at Wells Fargo’s development centres in Hyderabad, Bengaluru and Chennai. The American banking and...

Separation schemes announced for staff of Ashok Leyland

It is reported that in a bid to cut costs, the employees of Ashok Leyland have been offered certain separation schemes. The packages are...

Cognizant to spend carefully, will cut down on hiring and travel...

Information technology company, Cognizant, is taking measures to cut down on expenses. Not only will the company slow down hiring, but it will also...

Increase in variable pay expected at Cognizant

American multinational IT services company, Cognizant, is reportedly planning to increase the variable component of its employees’ pay package. This will help the Company...

Maruti Suzuki trims workforce, lays off 1,000 temp workers

In an attempt to cut costs and tackle the slowdown that has hit the automobile industry, Maruti Suzuki India has laid off more than...

Uber lays off 400 marketing staff owing to slow growth and...

Ride-hailing company, Uber, is reducing its 1200 strong global marketing team by 400, in order to bring down costs and do away with overlapping...

Walmart’s cost cutting drive targets its pharmacy staff

Walmart, the American multinational retail company, is expected to lay off about 40 per cent of its senior pharmacists and also some new recruits...

Reliance Jio downsizes, asks 4,500 contractual staff to leave

Reliance Jio, the Indian mobile network operator, has laid off about 4500 to 5000 employees, of which about 500 are permanent employees and the...

Cognizant’s CFO earned $5.5 million last year, amidst cost cutting

A cost-cutting drive at US-based IT company, Cognizant, did not stop its senior executives from getting double-digit hikes in salary last year. Former CEO of...

Hiring, firing and cost cutting in telecom

Reliance Jio plans massive hiring; Idea cuts down employee cost at the dawn of merger with Vodafone.

Why a coaching culture and not any other culture?

“Would you tell me, please, which way I ought to go from here?” “That depends a good deal on where you want to get to,”...

Latest

Welspun One Logistics Parks successfully completes over 3 million Safe Man Hours

Welspun One Logistics Parks (WOLP), an integrated fund, development and asset management company successfully achieved a milestone of over 3 million ‘Safe man-hours’ at...

27 years of perfect attendance for what?

After 27 years of hard work and perfect attendance, an employee looks forward to being rewarded for his service. While Kevin Ford, an employee...

Allsec Technologies decides to merge into Quess Corp

The board of Allsec Technologies and Quess Corp. have decided to approve the Scheme of amalgamation, which provides for the merger of Allsec into...

IKEA opens stores in Bengaluru & Oman; creates jobs for locals

IKEA, the Swedish home furnishings firm, recently opened two stores — one in Nagasundara near Bengaluru in Karnataka, India, and the other in the...

DIALOGUE

“The big change has been that we have moved from jobs to skills,” Amaresh...

Q. How would you define the culture at GE? A. Having been present in this region since 1902, GE has been around for 120 years....

“Being good to everyone is being unjust to performers,” Mathew Job, CEO, Crompton

Q. In today’s times, what’s more challenging for a CEO like you — profit & business growth, talent & people, diversification, compliance or managing...

“A CEO needs to acknowledge the silent majority who create the company’s fortunes” S...

Q. RPG is a diversified group with businesses spread across sectors and domains. however, its brands have a strong individual identity unlike other business...