Byju’s layoffs: Edtech company Byju’s initiated layoffs on phone calls and is letting go employees without putting them on a performance improvement plan (PIP), Moneycontrol reported citing people in the know. The company is also not asking employees to serve a notice period, the report claimed.
Byju’s layoffs: How many employees could be affected?
Byju’s new round of layoffs may impact anywhere between 100 to 500 employees, the report claimed. The sector most affected could be the sales function of the company.
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Byju’s layoffs so far
In the past two years, Byju’s has sacked at least over 10,000 employees as the company grapples with dwindling funds and legal showdowns with investors and stakeholders. Currently, nearly 14,000 employees are on the payroll of Byju’s India entity.
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Byju’s layoffs: What Byju said on layoffs?
Byju’s spokesperson told Moneycontrol, “We are in the final stages of a business restructuring exercise announced in October 2023 to simplify operating structures, reduce the cost base, and better cash flow management. We are going through an extraordinary situation in the company because of the ongoing litigation, where every employee and the ecosystem itself is going through tremendous stress given the present circumstances.”
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What Byju’s emailed employees regarding layoffs?
In the current wave of layoffs, Byju’s is following phone calls with emails that read, “This is to confirm that your last working day with Think and Learn Pvt Ltd will be March 31, 2024. Your full and final settlement will be done as per the exit policy. Please hand over all the assets and proprietary information of the Company that are in your possession to enable processing your full and final settlement. In case of any queries on exit formalities, please contact separations@byjus.com.”
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