Byju’s, an edtech company, commenced layoffs via phone calls, bypassing performance improvement plans (PIP), as reported by Moneycontrol. Employees are reportedly not required to serve a notice period.
Byju’s latest layoffs, as per the report, might affect 100 to 500 employees, primarily impacting the sales department within the company.
Over the past two years, Byju’s has laid off more than 10,000 employees due to financial constraints and legal disputes with investors. Currently, about 14,000 employees are employed by Byju’s India entity.
Byju’s spokesperson told Moneycontrol, “We are nearing completion of a business restructuring initiative announced in October 2023 to streamline operations, cut costs, and enhance cash flow management. The company is facing extraordinary challenges due to ongoing litigation, causing significant stress for employees and the ecosystem.”
In the recent round of layoffs, Byju’s is proceeding with phone calls followed by emails stating, “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 company assets and proprietary information in your possession to facilitate the processing of your full and final settlement. For any queries on exit procedures, please contact separations@byjus.com.” further stated.
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