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Edtech giant Byju’s has reportedly initiated layoffs via phone calls, opting to release employees without putting them through a performance improvement plan (PIP) or requiring them to serve a notice period. The company’s decision has raised concerns and drawn attention to the impact on affected staff.
According to a report by Moneycontrol, Byju’s is not asking employees to serve a notice period as part of the layoff process. This approach deviates from typical industry practices and has sparked discussions about the fairness and transparency of the company’s actions.
The new round of layoffs at Byju’s is estimated to affect between 100 to 500 employees, primarily impacting the sales function within the organization. This move comes amid challenges faced by Byju’s, including financial constraints and ongoing legal disputes with investors and stakeholders.
Over the past two years, Byju’s has reportedly let go of over 10,000 employees as part of its efforts to navigate financial difficulties and streamline operations. Currently, the company’s India entity employs around 14,000 individuals.
In response to queries about the layoffs, a Byju’s spokesperson stated, “We are in the final stages of a business restructuring exercise announced in October 2023 to simplify operating structures, reduce the cost base, and better cash flow management.” The spokesperson highlighted the challenging circumstances faced by the company, including ongoing litigation, which has contributed to stress within the organization.
Employees affected by the layoffs have received emails confirming their last working day and outlining the process for full and final settlement. The communication also instructs employees to return all company assets and proprietary information.
Byju’s email to employees regarding the layoffs reads, “This is to confirm that your last working day with Think and Learn Pvt Ltd will be March 31, 2024. Your full and final settlement will be done as per the exit policy. Please hand over all the assets and proprietary information of the Company that are in your possession to enable processing your full and final settlement.”
The layoffs at Byju’s have sparked discussions about corporate responsibility and employee welfare, highlighting broader conversations about the treatment of employees during organizational restructuring and cost-cutting measures.
Sources By Agencies
