Tag Archives: Layoffs

Global consulting giant McKinsey & Co. has unveiled plans to cut nearly 360 jobs worldwide, affecting about 3% of its specialist and technically-skilled workforce. This move comes as McKinsey adjusts its capabilities to align with shifting client priorities amid a slowdown in demand for its services.

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.

In a significant move, Zee Entertainment has initiated a substantial workforce reduction by laying off 50% of its tech team at its innovation centre in Bengaluru. This decision follows the company's failed merger discussions with Sony and is part of broader cost-cutting measures.

Paytm, the popular online payments platform, has refuted recent reports claiming a significant reduction in its workforce by 25-50%. The company has dismissed these reports as 'baseless' and clarified that it is currently engaged in its annual appraisal process, which is a routine practice and not indicative of layoffs.

In a move that has sent ripples through the tech industry, International Business Machines Corp (IBM) has reportedly initiated layoffs within its marketing and communications division. The decision, disclosed in a brief seven-minute meeting by Jonathan Adashek, IBM's Chief Communications Officer, has left many employees grappling with uncertainty.

SpiceJet, a prominent low-cost carrier in India, has initiated workforce reduction measures aimed at saving 1 billion rupees ($12 million) annually as part of its turnaround and cost-cutting strategy. The airline's decision comes following fund infusion efforts aimed at reviving its grounded planes amidst financial challenges.

As the technology landscape continues to evolve, major players are making strategic moves to adapt to changing market dynamics. In line with this trend, multinational network corporation Cisco has announced its decision to implement layoffs as part of a restructuring program aimed at focusing on "high-growth" areas.

: Google has reportedly laid off 40 to 45 workers in its news division, leading to concerns about the impact on the information ecosystem. The Alphabet Workers Union emphasizes its commitment to supporting affected employees.

Alphabet, Google's parent company, announces selective layoffs in its global recruiting team, a strategic move amidst shifting hiring trends in the tech industry, emphasizing flexibility and adaptation to economic challenges.