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<ul><li><keyword id="105311" type="General" weightage="20" keywordseo="inox-leisure" source="Orion">INOX Leisure</keyword> expects to create employment opportunities for 3,000 employees.</li><li>The company hopes to do so by opening 77 new screens across India in the FY2023.</li><li>The movie theater company added 32 screens in fiscal year 2022 that ended in March.</li></ul>Movie theater company INOX Leisure expects to hire 3,000 employees as it plans to open 77 new screens this financial year. It plans to open them in Delhi, Lucknow, Hyderabad, Mysore, Visakhapatnam and more, the company’s CEO Alok Tandon told Business Insider India. “Apart from direct employment, we also give a lot of employment to the people who supply us with ancillary items. On an average, in a four-screen-plex we have about 70-80 people. Now when I talk about having 77 screens, we will be employing roughly about 1,500-2,000 people directly and thousands of people indirectly,” Tandon explained. The indirect employment includes people who supply INOX with food, chairs, mechanical equipment, projectors, lights and more. “So, 1,000 would be over and above our direct employment,” he added. This is good news since the month of May has seen many layoffs and experts expect<a href="https://www.businessinsider.in/business/startups/news/60000-jobs-in-startup-companies-may-lose-their-jobs-this-year-in-india-experts-say/articleshow/91804572.cms"> 60,000 people working at startups to lose their jobs</a>. While <keyword id="11018" type="General" weightage="20" keywordseo="jobs" source="Orion">jobs</keyword> in the <a href="https://www.businessinsider.in/business/corporates/news/it-jobs-are-safer-than-startup-jobs-but-a-salary-bubble-burst-awaits-them/articleshow/91808349.cms">IT sector are expected to be safe</a>, the paycheck may reduce. <cmsannotation type="cmsannotation" annotationid="Multi-screen theaters and new properties" comment="subhead" text="Multi-screen theaters and new properties">Multi-screen theaters and new properties</cmsannotation> Tandon elaborated that the company plans to launch four new theaters in Delhi with 14 screens; a theater in Lucknow with 10 screens; two new properties in Hyderabad with 9 screens and many more. The company hopes these additions will help increase their total footfalls. It currently manages 692 screens at 163 properties in 73 cities. “It is difficult to say how much the footfalls will increase,” he added. INOX reported a revenue of ₹705.7 crore in the fiscal year 2022, while its net loss was at ₹239 crore. The company — which added 32 screens in FY22 — reported 23 million footfalls throughout the year. Of which, 11 million came only in the last quarter that ended in March 2022. SEE ALSO <a class="tout-title-link" href="https://www.businessinsider.in/stock-market/news/ril-maruti-suzuki-tata-motors-bajaj-auto-among-stock-to-watch-out-for-on-june-2/slidelist/91953190.cms">RIL, Maruti Suzuki, Tata Motors, Bajaj Auto among stock to watch out for on June 2</a> <a href="https://www.businessinsider.in/business/corporates/news/infosys-could-remain-the-vendor-of-choice-even-if-recession-comes-say-analysts/articleshow/91952813.cms">Infosys could remain the ‘vendor of choice’ even if recession comes, say analysts</a> <a href="https://www.businessinsider.in/business/telecom/news/mukesh-ambanis-jio-lags-behind-airtel-which-is-the-top-telecom-brand-in-india/articleshow/91935279.cms">Mukesh Ambani's Jio lags behind Airtel which is the top telecom brand in India</a>

INTERVIEW: INOX Leisure to hire 3,000 people as it plans to add 77 new screens

<ul><li>Reports of job cuts and salary cuts in Indian media have started to flow in while many other sectors have reduced hiring by as much as half.</li><li>There will be more unemployed youth on the streets in the days to come as new jobs dry up and existing ones vanish. </li><li>India needs an estimated 10 million jobs a year to employ the new youth joining the workforce annually.</li><li>The rising anxiety over livelihoods will make it difficult for Prime Minister Narendra Modi to enforce lockdown and ensure people adhere to the extension of lockdown required to contain the spread of novel coronavirus in India. </li></ul>WhatsApp groups and other social media in India are flush with messages of job losses even before the first 21 days of lockdown to contain the spread of Covid-19 coronavirus came to an end. The lockdown has been extended in many states and the Prime Minister, Narendra Modi, is expected to seek public support for an extended lockdown to ensure the epidemic doesn’t claim more lives. The excitement and cooperation seen for ‘janta curfew’ (the one-day voluntary lockdown on March 22) and on April 5 (when Modi asked people to light candles and lamps for 9 minutes at 9 PM) will be tested as people across the country get increasingly anxious about who’s next on the firing line. Watch: Psychologists explain Modi’s messaging strategy during coronavirus lockdown <div type="Youtube" id="2uSUiWwxSGY" title="Coronavirus: Indian Prime Minister Is Using A 1969 Woodstock Tradition Used By Rockstars" thumbUrl="https://i.ytimg.com/vi/2uSUiWwxSGY/mqdefault.jpg"></div> An unemployment crisis was expected but not so soon The damning impact of bringing the economy being brought to a grinding halt is no surprise but most people hoped that companies will have the wherewithal, and the empathy, to help people survive in an unprecedented situation like this. However, a majority of India's employers are unorganised and small and do not have the ability to sustain costs with little or no revenue. Unemployment in India was already high at about 7.5% to 8% even before the lockdown came into effect⁠— it has been rising steadily since mid-2017. The latest estimate for unemployment in India is a shockingly high 23%, <a href="https://www.cmie.com/kommon/bin/sr.php?kall=warticle&amp;dt=2020-04-07%2008:26:04&amp;msec=770" data-type="tilCustomLink" target="_blank">according to the Centre for Monitoring Indian Economy</a>. <table style="width: 332pt;"> </colgroup> <tbody><tr> <td class="xl65" style="height:15.0pt;width:250pt">Sector</td> <td class="xl66" style="border-left-width: initial; border-left-style: none; width: 82pt;">Hiring in March 2020</td> </tr> <tr> <td class="xl70" style="height: 16.5pt; border-top-width: initial; border-top-style: none;">Hotels, restaurants, travel, airlines etc. </td> <td class="xl68" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">-56%</td> </tr> <tr> <td class="xl70" style="height: 16.5pt; border-top-width: initial; border-top-style: none;">Retail</td> <td class="xl68" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">-50%</td> </tr> <tr> <td class="xl67" style="height: 15pt; border-top-width: initial; border-top-style: none;">Automobiles and ancillaries</td> <td class="xl68" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">-38%</td> </tr> <tr> <td class="xl67" style="height: 15pt; border-top-width: initial; border-top-style: none;">Pharmaceuticals</td> <td class="xl68" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">-26%</td> </tr> <tr> <td class="xl67" style="height: 15pt; border-top-width: initial; border-top-style: none;">Insurance</td> <td class="xl68" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">-11%</td> </tr> <tr> <td class="xl67" style="height: 15pt; border-top-width: initial; border-top-style: none;">Software</td> <td class="xl68" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">-9%</td> </tr> <tr> <td class="xl69" style="height: 15.75pt; border-top-width: initial; border-top-style: none;">Banking and financial services</td> <td class="xl71" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">-9%</td> </tr></tbody></table>Source: naukri.com The <a href="https://indianjournalismreview.com/2020/04/13/you-need-to-stay-healthy-we-need-to-fight-another-day-as-it-sends-half-its-staff-on-leave-without-pay-raghav-bahls-quint-waives-non-compete/https://indianjournalismreview.com/2020/04/13/you-need-to-stay-healthy-we-need-to-fight-another-day-as-it-sends-half-its-staff-on-leave-without-pay-raghav-bahls-quint-waives-non-compete/" data-type="tilCustomLink" target="_blank">media sector is taking the early hit</a> as companies cut back on advertisements, choking cash flow for many smaller firms in the space. Not just news organisations, Business Insider has learnt that the CEO of Prime Focus ⁠— an Indian firm that contributed visual effects for the Hollywood blockbuster Avatar ⁠— has told the employees there will be reduction in headcount. Even for market leaders like Zee Entertainment and Sun TV, the ad revenues between Jan-March 2020 are down 28% and 20% respectively, a report from Emkay Global estimated. Many more sectors are likely to succumb to the pressure, and according to one estimate, <a href="https://www.businessinsider.in/careers/news/over-136-million-jobs-are-at-risk-due-to-corona-lockdown-here-are-the-worst-hit-sectors/articleshow/74941658.cms" data-type="tilCustomLink" target="_blank">nearly 136 million jobs are on the line</a>. Hiring by technology majors like Tata Consultancy services (TCS), Infosys, HCL Technologies, and their peers fell 9% in March, for the first time in two years, according to CLSA. WATCH: Here's How Coronavirus Has Made Infosys Cautious On Everything From New Hiring To Deals <div type="Youtube" id="pkgKNyWmm38" title="Here's How Coronavirus Has Made Infosys Cautious On Everything From New Hiring To Deals" thumbUrl="https://i.ytimg.com/vi/pkgKNyWmm38/mqdefault.jpg"></div> There will be more unemployed youth on the streets in the days to come as new jobs dry up and existing ones vanish. “We believe staffing requirement would come down drastically, leading to deferment/complete halt on any fresh hiring activity and reduction in pre-crisis contracted staff levels,” a JM Financial report said while cutting down estimates for the human resources firm Teamlease by 34% for the financial year ending March 2021. <div type="image" title="teamlease" msid="75130893" hostid="261" caption="&amp;lt;p&amp;gt;Teamlease share price&amp;lt;/p&amp;gt;"></div> A recent survey by the job search platform Indeed also said that half of the Indian businesses already trimmed the contractual workforce and freelancers to cut operational costs. On the other hand, India has to generate at least new 10 million jobs a year to engage the youth entering the workforce every year. <div type="image" title="jobs" msid="75130711" hostid="261" caption="&amp;lt;p&amp;gt;There will be more unemployed youth on the streets in the days to come as new jobs dry up and existing ones vanish.&amp;lt;/p&amp;gt;"></div> From airlines to movie production houses, from daily-wage labourers in factories to contract staff at shopping malls and quick service restaurants, the livelihoods for the bottom half of the Indian pyramid are at risk. Some of the big companies in these spaces have high employee costs and a sharp fall in revenue estimates for the year. <table style="width: 436pt;"> </colgroup> <tbody><tr> <td class="xl67" style="height:15.0pt;width:194pt">Company </td> <td class="xl73" style="border-left-width: initial; border-left-style: none; width: 79pt;">Employee cost </td> <td class="xl68" style="border-left-width: initial; border-left-style: none; width: 163pt;">Change in FY21 revenue estimate</td> </tr> <tr> <td class="xl69" style="height: 15pt; border-top-width: initial; border-top-style: none;">Aditya Birla Fashion &amp; Retail</td> <td class="xl65" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">11.20%</td> <td class="xl70" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">-16.40%</td> </tr> <tr> <td class="xl69" style="height: 15pt; border-top-width: initial; border-top-style: none;">Future Lifestyle</td> <td class="xl65" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">5.80%</td> <td class="xl70" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">-18.50%</td> </tr> <tr> <td class="xl69" style="height: 15pt; border-top-width: initial; border-top-style: none;">Shoppers Stop</td> <td class="xl65" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">9.20%</td> <td class="xl70" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">-23.40%</td> </tr> <tr> <td class="xl69" style="height: 15pt; border-top-width: initial; border-top-style: none;">Dmart</td> <td class="xl65" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">1.80%</td> <td class="xl70" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">-7.40%</td> </tr> <tr> <td class="xl69" style="height: 15pt; border-top-width: initial; border-top-style: none;">Inox Leisure</td> <td class="xl65" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">6.80%</td> <td class="xl70" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">-17.90%</td> </tr> <tr> <td class="xl69" style="height: 15pt; border-top-width: initial; border-top-style: none;">Jubilant Foodworks</td> <td class="xl66" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">19%</td> <td class="xl70" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">-18.30%</td> </tr> <tr> <td class="xl69" style="height: 15pt; border-top-width: initial; border-top-style: none;">Lemon Tree</td> <td class="xl65" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">21.90%</td> <td class="xl70" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">-10.80%</td> </tr> <tr> <td class="xl69" style="height: 15pt; border-top-width: initial; border-top-style: none;">PVR</td> <td class="xl65" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">10.90%</td> <td class="xl70" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">-22.10%</td> </tr> <tr> <td class="xl71" style="height: 15.75pt; border-top-width: initial; border-top-style: none;">Titan</td> <td class="xl74" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">4.60%</td> <td class="xl72" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">-23.80%</td> </tr></tbody></table>Source: Various brokerage estimates From Ratan Tata to Mukesh Ambani to Sunil Mittal to Azim Premji, many Indian billionaires have made significant contributions to the PM-CARES, a fund dedicated to combat the novel coronavirus pandemic. The Indian Prime Minister needs the support of smaller businessmen, in the form of keeping livelihoods intact and providing income visibility to their employees as well as contract staff, to ensure that a population of a billion-plus people continues to cooperate with the fight against the epidemic. SEE ALSO: <a href="https://www.businessinsider.in/careers/news/there-is-a-government-directive-against-salary-cuts-in-private-companies-but-can-they-be-stopped/articleshow/75068611.cmshttps://www.businessinsider.in/careers/news/there-is-a-government-directive-against-salary-cuts-in-private-companies-but-can-they-be-stopped/articleshow/75068611.cms" data-type="tilCustomLink" target="_blank">There is a government directive against salary cuts in private companies — but can they be stopped?</a> <a href="https://www.businessinsider.in/careers/news/these-are-the-job-listings-in-top-e-commerce-companies-posted-after-april-1/articleshow/75117512.cms" data-type="tilCustomLink" target="_blank">These are the job listings in top e-commerce companies posted after April 1</a> <a href="https://www.businessinsider.in/careers/news/here-are-the-sectors-that-can-gain-in-the-times-of-coronavirus/articleshow/75019841.cms" data-type="tilCustomLink" target="_blank">These three sectors can grow and even hire people despite Covid-19 crisis</a>

India’s looming jobs crisis is starting to unravel within the first 21 days of coronavirus lockdown

The massive job cuts have hit several divisions, especially the <keyword id="196611" type="General" weightage="20" keywordseo="alexa" source="Orion">Alexa</keyword> virtual assistant <keyword id="6355515" type="General" weightage="20" keywordseo="business" source="Orion">business</keyword> and the <keyword id="216973" type="General" weightage="20" keywordseo="luna" source="Orion">Luna</keyword> cloud gaming unit. <keyword id="18635" type="General" weightage="20" keywordseo="amazon" source="Orion">Amazon</keyword> CEO Andy Jassy has warned employees that there will be more layoffs at the company in early 2023 "as leaders continue to make adjustments". The e-commerce giant publicly confirmed some layoffs on Wednesday and now, Jassy has said more layoffs are coming as Amazon's annual planning process extends into the new year. "Those decisions will be shared with impacted employees and organisations early in 2023," he said in a statement late on Thursday. "We haven't concluded yet exactly how many other roles will be impacted (we know that there will be reductions in our Stores and PXT organisations), but each leader will communicate to their respective teams when we have the details nailed down," Sassy added. Amazon will prioritise communicating directly with impacted employees before making broad public or internal announcements. "This year's review is more difficult due to the fact that the <keyword id="34412" type="General" weightage="20" keywordseo="economy" source="Orion">economy</keyword> remains in a challenging spot and we've hired rapidly the last several years," said Jassy. The company did not reveal the exact number of employees being hit although earlier reports put the number at 10,000 employees or 3 per cent of its workforce. The massive job cuts have hit several divisions, especially the Alexa virtual assistant business and the Luna cloud gaming unit. "We communicated the difficult decision to eliminate a number of positions across our Devices and Books businesses, and also announced a voluntary reduction offer for some employees in our People, Experience, and Technology (PXT) organisation," Jassy further said. "I've been in this role now for about a year and a half, and without a doubt, this is the most difficult decision we've made during that time," the Amazon CEO added. Dave Limp, Senior Vice President of Devices and Services, also wrote an internal post, saying that "after a deep set of reviews, we recently decided to consolidate some teams and programmes". "One of the consequences of these decisions is that some roles will no longer be required," Limp said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/inox-green-energy-services-ipo-allotment-today-checkout-current-gmp-value/articleshow/95593914.cms">Inox Green Energy Services IPO allotment today: checkout current GMP value</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/a-suitable-boy-writer-vikram-seth-and-his-curious-case-of-missing-racks/articleshow/95593360.cms">A Suitable Boy writer Vikram Seth and his curious case of missing racks</a>

Amazon CEO says more layoffs to come in 2023 as leaders continue to make adjustments

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INTERVIEW: INOX Leisure to hire 3,000 people as it plans to add 77 new screens

Kritti Bhalla

India’s looming jobs crisis is starting to unravel within the first 21 days of coronavirus lockdown

Sriram Iyer

Amazon CEO says more layoffs to come in 2023 as leaders continue to make adjustments

IANS

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