Tag: Realignment

  • New Year 2023 Likely To Bring More Tech Layoffs As ‘January’ Ideal Month for ‘Organisational Realignment’: US Data

    New Year 2023 Likely To Bring More Tech Layoffs As ‘January’ Ideal Month for ‘Organisational Realignment’: US Data

    San Francisco, Dec 30: After a holiday lull, more layoffs are around the corner and several companies across the spectrum, led by tech firms, are set to layoff thousands of employees, starting January.

    According to data from the Bureau of Labor Statistics in the US, January is the highest month for layoff and discharges. Microsoft Layoffs: Tech Giant Fires Around 1,000 Employees Across Multiple Divisions.

    “Business leaders want to set up finances for success in 2023. It’s a good bet that tech companies that haven’t yet laid off employees are carefully considering whether or not to do so,” according to J.P. Gownder, vice president and principal analyst for advisory firm Forrester Research.

    “It wouldn’t be surprising to see more layoffs in the next few weeks,” he told Wall Street Journal.

    December marks the end of the fiscal year for many companies, making January an ideal month for “organisational realignment and adjustment”.

    Goldman Sachs CEO David Solomon has warned employees that job cuts are coming in the New Year and headcount reduction will take place in the first half of January. Tech Layoffs: upGrad Denies Reports That It Is Planning to Layoff Hundreds of Employees.

    The investment bank’s CEO warned in his annual year-end memo to staff that mass layoffs will begin in the next few weeks, reports The New York Post.

    “We are conducting a careful review and while discussions are still ongoing, we anticipate our headcount reduction will take place in the first half of January,” Solomon said.

    Google and Amazon are set to lay off thousands of employees in early 2023.

    Google is already evaluating employees with its performance rating system called Google Reviews and Development (GRAD).

    Under the new system, Google is expected to lay off about 6 per cent of full-time employees.

    According to The Information, “under the new system, managers have been asked to categorise 6 per cent of employees, or roughly 10,000 people, as low performers in terms of their impact for the business.”

    Some Google employees are interpreting recent management decisions as warning signs that the company may be planning broader layoffs.

    More than 91,000 workers in the US tech sector were laid off in mass job cuts in 2022, according to a Crunchbase tally.

    (The above story first appeared on Morning Tidings on Dec 30, 2022 11:31 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website morningtidings.com).

  • PayU Layoffs: Digital Payments Firm Sacks Around 150 Employees as Part of ‘Organisational Realignment’

    PayU Layoffs: Digital Payments Firm Sacks Around 150 Employees as Part of ‘Organisational Realignment’

    New Delhi, Dec 26: Online payments solutions provider PayU has laid off close to 150 employees, less than 6 per cent of its total workforce, as part of an “organisational realignment”.

    The layoffs came as PayU witnessed a successful year and its revenues grew 38 per cent to $183 million in the first half of the FY 2022-23.

    “As we stay focused on our vision of creating a full-stack digital financial services ecosystem in India, it’s important to ensure PayU has the right structure and resources in place and is nimble enough to respond to a fast-evolving fintech market and seize the opportunities it presents,” a PayU spokesperson told IANS. Microsoft Layoffs: Tech Giant Cuts About 1,000 Jobs Across Multiple Divisions, Says Report.

    “Keeping in mind our highest strategic priorities, we are realigning teams across some businesses in India. As a result of which, regretfully, we will part ways with some of our colleagues,” the spokesperson added.

    PayU said it does not have any plans for any major downsizing and “any attritions would be a part of our usual course of business”.

    PayU is one of the leading payment gateways in India and has empowered more than 4.5 lakh businesses, including leading enterprises, e-commerce giants and SMBs.

    It enables businesses to collect digital payments across more than 150 online payment methods.

    According to the company, any job cuts within PayU “are always in accordance with the contractual terms and conditions”.

    PayU India aims to create a full-stack digital financial services platform to serve all (tapped and untapped) financial needs of customers (merchants, banks and consumers) through technology. Tech Layoffs: upGrad Denies Reports That It Is Planning to Layoff Hundreds of Employees.

    According to Manas Mishra, Chief Product Officer, PayU Payments, in 2022, it supported government initiatives through product innovations which helped merchants and issuers adapt to regulations.

    “It’s been an exciting year for us, as the country returned to normal and PayU recorded a 48 per cent increase in TPV to $28 billion in the first six months of FY23. We have a pipeline of exciting products for 2023 & we look forward to the coming year,a he had said in a statement last week.

    (The above story first appeared on Morning Tidings on Dec 26, 2022 12:56 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website morningtidings.com).