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Swiggy to layoff 6% of workforce impacting 400 jobs

Economic Times

Economic Times · 1y ago

Swiggy to layoff 6% of workforce impacting 400 jobs

Food delivery company Swiggy is reportedly planning to lay off around 350-400 employees, or 6% of its workforce, in an effort to cut costs and achieve profitability. The layoffs will primarily affect teams such as technology, call centre, and corporate roles. Swiggy's food-delivery business is profitable, but it has been burning cash on its grocery unit, Instamart. The company aims to optimize its operations and improve financials before going public. This move follows similar cost-cutting measures taken by other internet firms in response to the technology sector's downturn.

Related News

Tech layoffs in January 2024: CEO fires the whole company over 2-minute call; Google, Microsoft, Amazon continue layoffs; job cuts at TikTok, Flipkart, Swiggy, and others

Startup News FYI

Startup News FYI · 1y ago

Tech layoffs in January 2024: CEO fires the whole company over 2-minute call; Google, Microsoft, Amazon continue layoffs; job cuts at TikTok, Flipkart, Swiggy, and others

In January 2024, several tech companies implemented job cuts. Frontdesk fired all 200 employees during a two-minute call, Google laid off hundreds of staff across various divisions, Microsoft cut 1,900 jobs, Amazon announced layoffs in Audiobooks, Prime Video, and Twitch divisions, Xerox reduced its workforce by 15%, Unity Software cut 1,800 jobs, Discord laid off 17% of its employees, eBay cut 1,000 jobs, Flipkart laid off 1,000 employees, Swiggy laid off 400 employees, Riot Games cut 11% of its staff, TikTok laid off 60 workers, and Salesforce announced 700 job cuts.

Intel cuts over 500 jobs in Oregon as part of layoff plan - The Economic Times

Economic Times

Economic Times · 1m ago

Intel cuts over 500 jobs in Oregon as part of layoff plan - The Economic Times

Intel is set to cut over 500 jobs in Oregon as part of a broader layoff plan, aiming to reduce around 20% of its workforce. The job cuts will affect facilities in Aloha and Hillsboro, eliminating 529 positions permanently. This move follows a recent layoff in California, where 107 employees were let go. The effort seeks to streamline operations under new CEO Lip-Bu Tan, aiming for a leaner and more efficient company.

Hasbro to lay off 900 more employees amid weak toy sales

Livemint

Livemint · 1y ago

Hasbro to lay off 900 more employees amid weak toy sales

Hasbro, the toymaker, has announced that it will cut an additional 900 jobs globally, making it a total of 1,900 layoffs or 29% of its workforce. This move comes as a result of weaker sales and market headwinds. The company had previously announced the reduction of 1,000 full-time positions in January. Hasbro now expects to achieve cost savings of $350 million to $400 million by the end of 2025. Shares of the company fell about 6% in extended trading.

Boeing cuts hundreds of jobs in Washington, California amid workforce reduction plan | Company Business News

Livemint

Livemint · 8m ago

Boeing cuts hundreds of jobs in Washington, California amid workforce reduction plan | Company Business News

Boeing has recently laid off hundreds of workers across Washington state and California as part of its plan to reduce its workforce by 17,000 jobs. The company previously announced that it would cut its workforce by 10% to address financial and operational challenges. Approximately 400 employees in Washington and over 500 in California were affected by these layoffs.

Meta lays off employees in Reality Labs division: Report

Economic Times

Economic Times · 4m ago

Meta lays off employees in Reality Labs division: Report

Meta has reportedly laid off employees in its Reality Labs division, impacting Oculus Studios and hardware development teams, including the Supernatural VR fitness game project. This move aims to enhance efficiency while maintaining a commitment to Quest and Supernatural content. These layoffs follow a February job cut of about 5% of Meta's global workforce amid a broader push by CEO Mark Zuckerberg to create a leaner organization. Public criticism and allegations followed, questioning the layoff criteria.

HR firms log an uptick in TCS staffers hunting for job - The Economic Times

Economic Times

Economic Times · 1m ago

HR firms log an uptick in TCS staffers hunting for job - The Economic Times

Tata Consultancy Services (TCS) announced a layoff of 2% of its workforce, over 12,000 employees, primarily impacting middle and senior levels by fiscal 2026. This announcement has led to an increase in job search queries from TCS employees, according to executive search firms like Transearch, CIEL HR, and Michael Page. Many expect more job cuts than those announced. Opportunities may be found in IT services, global capability centers, and startups, especially for those with expertise in emerging technologies.

Sundar Pichai opens up on Google's biggest layoff: ‘Could have done differently’

Livemint

Livemint · 1y ago

Sundar Pichai opens up on Google's biggest layoff: ‘Could have done differently’

Google and Alphabet CEO Sundar Pichai discussed the company's largest layoff ever, involving 12,000 employees in 2022. During an all-hands meeting, Pichai defended the decision to reduce the workforce by 6%, citing the impact on employee morale and the need for future investments. He acknowledged that the method of informing and cutting off access to laid-off personnel simultaneously across time zones was not the right approach, stating they could have handled it differently.

More than 30,000 tech employees lose jobs globally in first month of 2024

Economic Times

Economic Times · 1y ago

More than 30,000 tech employees lose jobs globally in first month of 2024

According to data compiled by layoff-tracking website Layoffs.fyi, more than 30,000 tech employees have lost their jobs globally in the first month of 2024. This comes after a year in which tech companies, including startups, fired over 425,000 employees worldwide. Several well-known companies, including Zoom, Okta, PayPal, iRobot, Salesforce, Swiggy, eBay, YouTube, and Google, have announced significant job cuts. The CEO of Google, Sundar Pichai, has also warned that there may be more job cuts in the future.

Unity Software cutting 25% of staff in 'company reset' continuation

Economic Times

Economic Times · 1y ago

Unity Software cutting 25% of staff in 'company reset' continuation

Unity Software, a videogame software provider, is planning to lay off approximately 25% of its workforce, amounting to about 1,800 jobs. This marks the company's largest layoff, with completion expected by the end of March. While Unity may not be well-known outside of the gaming industry, it is relied upon by over 1.1 million game creators monthly. The layoffs are part of a "company reset" announced by interim CEO Jim Whitehurst in an effort to focus on the core business and drive long-term profitability. This comes after a period of controversy and leadership changes for the company.

AI Is Eliminating Jobs for Younger Workers

Wired · 3d ago

AI Is Eliminating Jobs for Younger Workers

Stanford University research indicates that AI is beginning to replace certain jobs, particularly impacting younger workers. However, it's not a straightforward narrative, as the shift also opens new opportunities for more experienced workers in different sectors. While AI is reshaping the workforce, the effects are complex and varied across industries. This development underlines the nuanced impact of technology on employment, challenging assumptions about AI's role in the labor market transition.

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