A layoff frenzy has gripped India Inc, and it may worsen in 2020

With financial stress mounting, India’s established corporates and startups alike are giving the pink slip to employees.Massive layoffs, which began to grip the country’s embattled automobile and IT sectors last year, have now spread to more segments. While hospitality major OYO says it is weeding out obsolete roles, others like digital payments giant Paytm and IT…

A layoff frenzy has gripped India Inc, and it may worsen in 2020

With financial stress mounting, India’s established corporates and startups alike are giving the pink slip to employees.Massive layoffs, which began to grip the country’s embattled automobile and IT sectors last year, have now spread to more segments. While hospitality major OYO says it is weeding out obsolete roles, others like digital payments giant Paytm and IT major Cognizant are cutting costs.Here’s a snapshot of the country’s aggravating jobs crisis:OYO: The Softbank-backed unicorn is trimming its workforce and has warned about more layoffs in future. OYO “will reorganise more teams across businesses and functions,” CNN reported quoting a letter by CEO Ritesh Agarwal to employees. “This means that, unfortunately, some roles at OYO will become redundant as we further drive tech-enabled synergy, enhanced efficiency and remove duplication of effort across businesses or geographies,” Agarwal added. The letter did not mention the number of jobs being axed, but media reports estimate it to be as high as 2,400.Walmart India: The retail giant has let go of 56 top executives at its Gurugram headquarters. “All the impacted associates (eight in the senior management and 48 in the middle/lower management) have been offered enhanced severance benefits and outplacement services to support their transition,” Krish Iyer, the company’s president & CEO said while confirming the development on Jan. 13. A report in the Economic Times had claimed that the company is letting go of a third of its top management as “profit has eluded Walmart in India with tepid sales growth, more than a decade after entering the country.”Samsung India: At the consumer electronics gi
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