Amid India’s growing population and rampant unemployment issues, companies are laying off their employees. In the last two years, many start-ups like Unacademy, Ola, CoinDCX, and others have carried out mass layoffs. Swiggy, a food delivery company, laid off 380 employees on Friday. Here is why this food delivery giant is rethinking its employee count.
Swiggy Mass Layoff
This news is hard to digest for the employees, but Swiggy’s mass layoff was a part of its restructuring exercise. According to the email sent to them, the decision of reducing their team size was extremely difficult. But after exploring other options, they have reached this decision. Furthermore, it stated that they are losing some talented people in this process.
To support these employees, the company has put together an Employee Assistance Plan that will help them with their physical and financial needs during this transition.
Meat Market To Shut Down
The mail even stated that their Meat marketplace will be shut down with immediate effect. Despite solid inputs and planning, they have not hit the product market. Further, they will explore different market opportunities to invest. As for customers, Swiggy’s Instamart will continue to deliver meat. Also, the company is scrutinising its possible growth market and taking tough calls. According to CEO Sriharsha Majety, they have already increased their own timeline. The CEO revealed that the company cannot be dependent on its cash reserves and make it a crutch. So, it was important to identify their efficiencies whatsoever.
The decision was followed after the layoffs in Twitter, Microsoft and other big companies. Also, it questions the state of upcoming recession and employment opportunities.
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