Swiggy Layoffs: Online food delivery company Swiggy is about to lay off 380 employees. The company told that the employees who will be retrenched will get minimum payment of 3 months.
Swiggy Layoffs: Once again the sword of retrenchment is hanging over the employees working in online food delivery Swiggy. Swiggy confirmed on Friday that the company is about to lay off 380 of its employees. The company cited slow growth as the reason for the layoffs. The company's co-founder and CEO Sriharsha Majety told his employees that the growth rate for food delivery has slowed down compared to our projections, which means we need to reduce our overall indirect costs to meet our profit targets. Costs) need to be reconsidered.
Recruitment of more employees
He said that we have already started taking action on other costs like infrastructure, office facility etc. We also need to right size our overall personnel cost as per the projections for the future. We hired more employees, which was a bad decision. I should have done better here.
Employees will get these things
Swiggy told that the employees who will be retrenched will receive a minimum payment of 3 months. Which will include 100 percent variable pay or incentive. Along with this, joining bonus and retention bonus will be waived off. In addition, the employees who will be retrenched will also get medical insurance coverage for themselves and designated family members till May 31, 2023.
The company is closing this business
Swiggy has also said that it will soon shut down its meat marketplace, because even after the company's continuous efforts, this product could not fit in the market. Moreover, the online food delivery platform's losses doubled to Rs 3,629 crore in FY22 as compared to Rs 1,617 crore in the previous fiscal.
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