Sunday, April 21, 2024

Byju's layoffs over a phone call, shock to hundreds of employees leader

Leaders Online: The legendary edtech company Byju's has once again started job cuts. 100 to 500 employees are likely to be affected in the new round of layoffs. Especially the employees of the sales department of the company are likely to be fired.

MoneycontrolAs reported by , Byju's has started firing its employees with just a phone call. An employee working in Baiju took leave to take care of one of his family members who was ill. But on March 31, HR suddenly called him and told him that he was fired. HR informed him that his discharge process has been started immediately and his last day of work will be on the same day.

When the said employee asked the reason for the layoff, HR cited the poor financial condition of the company. It further stated that the top management of the company has decided to lay off some employees. The employee was shocked to hear this.

Troubled edtech company Byju has started layoffs over just one phone call. Sources in Moneycontrol reported that employees were being asked to leave without putting them on a Performance Improvement Plan (PIP) or giving them a notice period.

According to sources, 100 to 500 employees may be affected in this round of layoffs. Byju has laid off around 10,000 employees in the last two years. Because the company is facing dwindling funds and legal battles with investors and other stakeholders. As per the data obtained, Byju India employs around 14 thousand employees on payroll.

The reason given for layoffs

Meanwhile, Byju's spokesperson has confirmed the layoffs. “We are in the final stages of a business restructuring process announced in October 2023 to simplify operating structures, reduce costs and better manage cash flow,” he said. The spokesperson further added, “We are going through an extraordinary situation due to ongoing legal matters. Every employee and ecosystem is going through tremendous stress due to the current situation.”

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