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Indian unicorns cut back on employee appraisals as cost-cutting takes priority

Money Control

Money Control · 2y ago

Indian unicorns cut back on employee appraisals as cost-cutting takes priority

Indian unicorns are prioritizing cost-cutting measures over employee appraisals. Due to the impact of the COVID-19 pandemic and uncertain market conditions, these startups are focusing on reducing expenses and optimizing resources. As a result, appraisals and salary hikes for employees have been scaled back to ensure financial stability and sustainability.

Related News

Intel says it's bringing back free office coffee to boost morale after a rough year

Business Insider

Business Insider · 9m ago

Intel says it's bringing back free office coffee to boost morale after a rough year

Intel is reinstating free beverages for its employees at worksites as part of an effort to improve morale. The perk had been cut in September as part of cost-cutting measures, but the company has decided to bring back the complimentary coffee and tea. However, free fruits will not be restocked. Intel has faced setbacks in recent years, including missing out on opportunities in the mobile chip and artificial intelligence markets. The company has implemented cost-cutting strategies, including cutting employee benefits and announcing layoffs.

Unacademy CEO announces no salary hikes while wearing $400 t-shirt

Inshorts · 1y ago

Unacademy CEO announces no salary hikes while wearing $400 t-shirt

During a virtual town hall, Unacademy CEO Gaurav Munjal announced that employees would not receive appraisals this year due to unmet growth targets. While delivering the news, he wore a $400 Burberry T-shirt, sparking social media backlash. Users criticised the CEO for maintaining his luxury lifestyle while cutting employee benefits.

PayPal tumbles after firm forecasts little profit growth in 2024

Livemint

Livemint · 1y ago

PayPal tumbles after firm forecasts little profit growth in 2024

Shares of PayPal Holdings Inc. dropped after the company announced that it expects earnings to remain flat in 2024 due to ongoing cost-cutting measures and operational streamlining. The fintech firm reported a 15% increase in fourth-quarter payments volume but expects adjusted earnings to remain the same as the previous year. PayPal plans to buy back $5 billion of its stock and will now provide quarterly revenue guidance instead of annual guidance. The company recently cut 9% of its workforce and aims to become more efficient.

T-Mobile USA Inc to cut off 5,000 jobs amid surging competition: Report

Livemint

Livemint · 2y ago

T-Mobile USA Inc to cut off 5,000 jobs amid surging competition: Report

T-Mobile USA is reportedly planning to cut around 5,000 jobs, affecting corporate, back-office, and some technology roles. The move is attributed to increased competition and changing customer expectations. Despite being the fastest-growing wireless carrier in the US, T-Mobile aims to counter discounts and free phone promotions as the holiday season approaches. The company's CEO mentioned that the cost of attracting and retaining customers has become more expensive. The telecom industry is facing challenges with subscriber growth as cable companies offer free mobile lines. AT&T Inc. has also been cutting jobs to reduce costs and restructure operations.

Grab unveils first-ever share buyback after profitable quarter

Reuters · 1y ago

Grab unveils first-ever share buyback after profitable quarter

Singapore-based company Grab Holdings announced its first-ever quarterly profit and a share repurchase plan worth $500 million. The profit was attributed to cost-cutting measures and increased demand for their ride-share and food-delivery services. Grab has reduced its workforce, cut back on incentives, and minimized technology costs over the last two years. The company also forecasted its fiscal 2024 revenue at $2.70 billion to $2.75 billion, with full-year adjusted core profit estimated between $180 million to $200 million. In the fourth quarter, Grab reported revenue of $653 million and a net income of $11 million.

AI will open up opportunities for youths in various sectors, says President Murmu

YourStory

YourStory · 10m ago

AI will open up opportunities for youths in various sectors, says President Murmu

President Droupadi Murmu emphasized that Artificial Intelligence (AI) is a priority for the world and will create vast opportunities for youth. She highlighted the success of India in digital inclusion and urged higher education institutions to prioritize developing low-cost solutions for local problems. Murmu stated that AI will have a profound impact on various sectors and the Indian government is promoting cutting-edge technology and fostering innovation. She encouraged interdisciplinary cooperation, particularly between engineering and health fields. The president also urged students to prioritize working for the welfare of others and continue the legacy of using technology for human welfare.

Amazon's Devices Team Faces 100 Job Cuts in Strategic Shift

StartupTalky

StartupTalky · 3m ago

Amazon's Devices Team Faces 100 Job Cuts in Strategic Shift

Amazon's Devices and Services group has cut 100 jobs as part of its strategic shift, aiming to improve team efficiency and better align with its product roadmap. This move reflects a broader restructuring effort as Amazon deals with a challenging economic climate and focuses on cost-cutting strategies to boost profitability. CEO Andy Jassy emphasizes achieving more with fewer resources, stressing meritocracy over bureaucracy within the company's culture, amidst ongoing layoffs in the tech sector.

Layoffs loom at NASA after termination of over 100 contractors amid Mars budget constraints

Gizmodo

Gizmodo · 1y ago

Layoffs loom at NASA after termination of over 100 contractors amid Mars budget constraints

NASA is cutting back on its Mars Sample Return (MSR) program due to concerns over budget cuts. The Jet Propulsion Laboratory (JPL) has laid off contractors and implemented a hiring freeze in anticipation of reduced funding. The MSR program, which aims to bring back rock and dust samples from Mars, has been criticized for unrealistic costs and timelines. The pause in work on the Capture, Containment and Return System, a key component of the MSR program, is expected due to a significant budget cut.

What’s next for India’s unicorn club in 2024?

Inc42 · 1y ago

What’s next for India’s unicorn club in 2024?

The Indian startup ecosystem experienced a slowdown in creating new unicorns in 2023, with only two emerging, marking the lowest number since 2017. However, as investors regain confidence in 2024, at least a dozen startups are expected to join the unicorn club. The fintech sector is likely to produce the most new unicorns, followed by ecommerce and enterprise tech. Startups are also considering going public to secure funds, with 14 tech startups expected to list in 2024. Additionally, the trend of reverse flipping, or redomiciling Indian startups back to India, is becoming prominent.

How India Inc is Navigating Work Amid Rising India-Pak Tensions; Check Its Detailed Roadmap Here

OutlookIndia

OutlookIndia · 3m ago

How India Inc is Navigating Work Amid Rising India-Pak Tensions; Check Its Detailed Roadmap Here

Amid escalating India-Pakistan tensions, Indian companies like Deloitte, KPMG, and Tech Mahindra advised employees in northern India to work from home and avoid travel. Deloitte has established an all-India command centre for employee support. Workers in affected border states are urged to return home. Tech Mahindra also discouraged social media posts about the situation. These precautions highlight a priority on employee safety while ensuring adherence to government guidelines, amidst ongoing geopolitical uncertainties.

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