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<ul><li><keyword id="19897758" type="General" weightage="100" keywordseo="samsung" source="keywords">Samsung</keyword> will lay off over 200 people in India</li><li>Employees across various departments will be affected</li><li>Affected employees will receive three months of salary</li></ul> The tech industry has seen a wave of layoffs in the recent months and another company has now joined the fray. <keyword id="19945681" type="General" weightage="20" keywordseo="samsung-electronics" source="keywords">Samsung Electronics</keyword>, known across the world for its smartphones, appliances, and much more, has now decided to cut more than 200 jobs in India. The layoffs come at a time when the company is grappling with lesser sales due to lower consumer demand, a report in ET reveals. <h2>Samsung plans to lay off people in India </h2> Industry insiders told ET that the layoffs will affect various departments including mobile phones, home appliances, and consumer electronics. The cuts are part of Samsung’s broader effort to lower costs and maintain profitability during this challenging period. The layoffs represent around 9-10 percent of Samsung’s managerial staff in India, where the company employs about 2,000 executives. Those affected will receive three months’ salary along with a severance package offering one month’s salary for every year of service. <h2>Samsung's restructuring plans </h2> As part of its cost-cutting measures, Samsung is also considering merging some of its business divisions, such as television and home appliances. This restructuring, which aims to streamline operations and reduce inefficiencies, could lead to further layoffs. While no official decision has been made yet, reports suggest that the final plan will be confirmed after Diwali, a key festival season in India. The report also mentioned that Samsung has already frozen new hires, and positions left vacant by executives who have resigned are not being filled. Additionally, the company is expected to reduce the number of off-roll employees to further cut costs. <div type="Article" hostid="261" msid="112853351" title="Samsung launches AI-powered washing machines, all you need to know" mstype="2" mssubtype="0"><payload><![CDATA[See also]]></payload></div> <div type="Article" hostid="261" msid="112165411" title="India&amp;#39;s smartphone shipments dip 2% in Q2 2024 as heatwave, slower demand takes toll" mstype="2" mssubtype="0"><payload><![CDATA[See also]]></payload></div>

Samsung Electronics plans to lay off over 200 Indian employees to reduce costs, details inside

<div type="image" title="Companies are embracing the unbossing trend" msid="113256383" hostid="261" sizebytes="1440779"></div> If there’s one thing both a productive team member and an underperformer hates in the corporate world, it’s being micromanaged. Now, imagine a workplace where the boss isn’t calling all the shots. Instead, everyone has a voice, and innovation flows freely. The recent corporate trend of "Unbossing" promises to do just that, empowering employees by eliminating the heavy hands of hierarchy. Sounds too good to be true? Well, globally, not just the new-age start-ups, but dozens of major corporations have embraced this trend and trimmed their middle management. <h2>Managers managing managers — no more!</h2>In January last year, <keyword id="399907" type="General" weightage="20" keywordseo="META" source="Orion">Meta</keyword> CEO Mark Zuckerberg made headlines for declaring 2023 as the “year of efficiency” and saying that he doesn’t want a management structure that's just “managers managing managers”. <div type="image" title="Meta CEO Mark Zuckerberg" agency="ANI" msid="113256403" hostid="261"></div> The same month, it was also reported by Command Line that Meta's chief product officer Chris Cox, had shared a post on the company's communication platform, Workplace, highlighting the necessity to "flatten" the organisation's structure. What followed was reports of Meta slashing middle management roles. Gradually, other companies like Shopify, Bayer, and Cisco began making headlines for showing the exit door to some of their middle managers. Loosely, unbossing is essentially cutting down the middle management roles. It cuts significant costs for the company and the new-age workforce also endorses the trend as efficient in enabling faster decision-making and innovation. However, critics argue this trend also limits the extent of mentorship that the younger generation receives while entering the workforce, which often remains an intangible value if your boss turns out to be a good mentor. Therefore, for some, it’s not about firing the middle management, but just another leadership philosophy on how leaders (and ‘bosses’) should conduct themselves. This approach advocates bosses working along with the team as a part rather than shouting instructions from the top. Whatever one’s understanding, this trend of “Unbossing” appears to be taking corporate America by storm in 2023, as evidenced by hundreds of media reports highlighting the same. Overall, most agree that the trend is restructuring organisational hierarchy to enable direct communication between employees and leaders. Cut to 2024, this trend is still prevalent and making headlines. A Bloomberg report recently said that Georges Elhedery, the incoming CEO of HSBC Holdings, might also consider plans to streamline the company's operations by reducing layers of middle management. But what’s the scenario in India? Are Indian companies ready to ditch the old-school approach and adopt this new way of working? Let’s dive in and see what the experts have to say! <h2>Layoffs to impact senior professionals: Naukri.com survey</h2>A survey by job portal Naukri.com early last year had suggested that recruiters in India expect a decline in layoffs during the first half of 2023. The survey, which included responses from 1,400 recruiters and consultants across ten industries, revealed that only 4 percent of participants anticipated layoffs to be the main focus of hiring activities within their organisations. However, the survey also highlighted that information technology roles and senior professionals were likely to be the most affected by hiring adjustments. About 20 percent of recruiters predicted that layoffs would predominantly impact senior professionals, while freshers are expected to face the least disruption from these hiring corrections. Interestingly the survey came around the same time when the Unbossing trend had begun picking up pace abroad. <h2>Layoffs at Wipro, <keyword id="18635" type="General" weightage="20" keywordseo="amazon" source="Orion">Amazon</keyword> and Collegedunia</h2>In January this year, Wipro India was in the limelight for laying off hundreds of its mid-level executives. The company reportedly culled many jobs as part of its strategy to improve margins. An ET report citing two sources familiar with the situation had said that the leading Indian IT firm reduced mid-level roles at its onsite locations. "Notices began being issued earlier this month, and hundreds of mid-level executives onsite are being let go," one source revealed. Another source added, "They have costly resources onsite in Capco, and although growth is returning, it's not sufficient. Aparna Iyer, Wipro's chief financial officer, has been tasked with delivering better margins this quarter." <div type="image" title="Amazon decided to lay-off middle managers in May" msid="113256170" hostid="261"></div>Then in May, Amazon also decided to reduce layers of middle management within its customer service divisions as part of an organisational restructuring, a Fortune report had said. The cuts impacted over 100 customer service managers in Level 5 and Level 6 middle management roles, both in call centres and virtual positions, primarily based in the U.S. and India. Not just large tech companies, startups too seem to be adapting the <keyword id="23125775" type="General" weightage="100" keywordseo="unbossing-trend-in-India" source="Orion">unbossing trend in India</keyword>. Last month, educational portal Collegedunia confirmed that around 100 employees from its Study Abroad department had been given the pink slip. A report in CNBC-TV18 had said that additional job cuts were happening across other departments as part of a broader reorganisation. The restructuring, as per the report, was aimed at automating many tasks to reduce costs. Interestingly, despite the layoffs, Collegedunia had posted 13 job openings on LinkedIn for various roles in different locations, primarily entry-level positions requiring up to two years of experience. "While Collegedunia is laying off several employees, it is also hiring fresh talent, allowing them to keep staffing levels up but at a lower cost," one employee told CNBC-TV18 at the time. Another source confirmed that while Collegedunia had been actively recruiting for some months, it has also been letting go of employees, including senior staff members with 7-8 years of experience at the company. <h2>What do experts say?</h2> <div type="image" title="Experts&amp;#39; opinion on unbossing trend" msid="113256250" hostid="261"></div>Mr. Sumit Kumar, Chief Strategy Officer at TeamLease Degree Apprenticeship, told Business Insider India, “From the perspective of HR leaders and CEOs, the strategic culling of middle management is viewed as a means to streamline operations, reduce overhead, and foster a culture of autonomy and innovation.” He also noted that even though employees can “exercise greater ownership and agility in decision-making” through this approach, there are also significant downsides. “The erosion of middle management creates a vacuum in leadership development, mentorship, and the retention of institutional knowledge, potentially leading to disengagement, a weakened talent pipeline, and misalignment with organisational objectives,” Kumar noted. Talking specifically about the Indian scenario, he said, “Implementing this trend in India would be a strategic move, positioning organisations to remain competitive in a rapidly evolving business environment. However, to fully capitalise on this approach, developing a more robust talent pipeline that integrates the ability to multitask at all levels is imperative. In today's landscape, leadership demands thinkers, strategic visionaries, and individuals who can execute with precision. We need to cultivate a new breed of leaders who are both thinkers and doers, capable of navigating complex challenges while driving innovation and growth. By building versatile, agile leaders through targeted talent development programs, Indian organisations can ensure they are well-prepared to thrive in a decentralised, high-performance environment.” RP Yadav, Chairman and Managing Director of Genius Consultants Limited, told ET recently that the Unbossing approach simplifies hierarchies and encourages open communication between frontline employees and senior management. He had added that the concept of “the oldest in the room is always the wisest of all” is no longer applicable. Meanwhile, Aditya Narayan Mishra, MD and CEO of CIEL HR Services told ET that the unbossing trend is predominantly seen in tech companies, creative roles, and startups, where swift decision-making and the unrestricted exchange of ideas are crucial. For example, the tech sector often thrives with flattened hierarchies that support rapid innovation and agility, while creative industries such as advertising and media use unbossing to cultivate a more collaborative and idea-focused environment. Thus, the unbossing trend is gaining traction beyond global companies and is finding its way into Indian organisations as well. While this approach can streamline operations, reduce costs, and enhance agility, experts caution that it also brings challenges, such as gaps in leadership development and the loss of institutional knowledge. To fully harness the benefits of unbossing, Indian companies must focus on cultivating agile leaders who can navigate complex challenges and drive growth. By building a strong talent pipeline and fostering a culture of innovation and collaboration, Indian organisations can position themselves to thrive in a more decentralised and dynamic business environment. Do you have insights or personal experience to s hare on layoffs, <keyword id="34447" type="General" weightage="20" keywordseo="workplace-trends" source="Orion">workplace trends</keyword>, or career changes? Contact us at businessinsider@timesinternet.in.

SIMPLY PUT: What’s with all “Unbossing” talks? Are Indian companies also embracing this global trend?

<keyword id="19902762" type="General" weightage="100" keywordseo="Google" source="keywords" meta.keywordsubtype="org" meta.entityname="Google" meta.hostid="261" meta.entityid="Google">Google</keyword> laid off thousands of employees in 2023 and many found their lives turned upside down with just an email notification. After all, when you have given your heart and soul to an organisation, it is never easy accepting the fact that you are being asked to leave at a moment’s notice. The situation becomes even more complicated when you have been with the company for more than a decade. Something similar happened with <keyword id="23300967" type="General" weightage="20" keywordseo="Nicholas-Whitaker" source="keywords">Nicholas Whitaker</keyword>, who had been working with the company since 2010 and found out about his <keyword id="20118388" type="General" weightage="20" keywordseo="layoff" source="keywords">layoff</keyword> abruptly. <h2>The 3 am email bringing bad news</h2>“My layoff experience was traumatic. I got an email at 3 am to my personal email, that I only found because a colleague pinged me on Linkedin in the DMs to ask if I was ‘Ok’ and if I was ‘safe’,” Whitaker told <keyword id="21390875" type="General" weightage="20" keywordseo="Business-Insider-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Business Insider India" meta.hostid="261" meta.entityid="Business Insider India">Business Insider India</keyword> in a conversation. He added that when his colleague enquired about his safety, he thought it was a “shooting or some natural disaster.” In other words, he didn’t even imagine that he was being laid off from Google. He then revealed that when he checked his work email, he discovered that he was locked out of his laptop and phone. He then checked his personal email and there it was, the “short and impersonal email” that told him that his role at Google was being eliminated. <h2>The layoff process was uncomfortable</h2>When Google announced large-scale layoffs last year, the company made a lot of headlines for handling them in an unprofessional manner. In March 2023, several Google employees had even written an open letter to Google CEO Sundar Pichai, asking him to deal with layoffs in a better manner. Whitaker, narrating his own experience, shared with Business Insider India that after receiving the dreadful layoff email at 3 am, he spent the next few months completing formalities to get his payments that were due. He said, “It took all of the next several months for me to mail back my laptop, badge and any gear that I had that was Google property. (I also had to) navigate unemployment, health insurance and get all of the documentation I had to submit to "self Offboard" and to receive payments that I was supposed to get.” “Along the way there were multiple errors and miscommunications from the team that made it all even more uncomfortable,” he said. Whitaker also noted a complete lack of communication and empathy from his old team at Google. “I got a single text message from my prior manager asking how I was doing a few days after I was laid off, but otherwise no one reached out to check on me or offer assistance from my old team. Overall I found the process to be brutally impersonal and inhumane,” he said. <h2>Experience at Google</h2>But was Google always “inhumane” in his experience? Not really. There were some amazing days too and Google, according to Whitaker, was a different company when he had joined. “My initial experience working at Google was like it was a completely different company. I started as a temp, contractor and then a vendor for Google back in 2010, and at the time I think it was something like 40,000 employees. It had a real startup feel to it. Teams were agile and collaborative, and there was a lot of room for growth. It may have been specific to my team and org, but it felt like you had a lot more room for experimentation and autonomy to make decisions, and failure wasn't seen as a bad thing, but a necessary part of innovation,” he said. Whitaker also said that a “class system” was there at Google, especially since he was a TVC (Temporary, Vendor and Contractor). “As a TVC you wouldn't be included in many of the activities and learning opportunities that full time employees had, and didn't get invited to extracurricular activities. There was a real bias towards culture at the time, and words like Don't be Evil, and be Googly were often used.” However, in general, he added that the atmosphere was positive and full of possibilities. “Colleagues generally were very supportive, collaborative and encouraging to work with. I was excited as this was my first time working in big tech, or Corporate America and I saw that period of time as a real coming of age for me. I learned how to be a professional at Google and appreciated all of the early guidance and support that I got from colleagues and leaders.” <h2>Helping others</h2>It has now been over a year since Whitaker was laid off. He now has his own venture and helps other people navigate their careers. Talking about what motivated him to kick-start his own venture, he said, “After 13 years in big tech, the last few years in particular being particularly difficult due to toxic teams and leaders, I didn't want to jump right back into that kind of experience again. A year before getting laid off, I had experienced a bad <keyword id="19956983" type="General" weightage="20" keywordseo="mental-health" source="keywords">mental health</keyword> crisis that was the result of workplace bullying, gaslighting and toxic leadership. "I wanted to help others avoid and recover from similar situations and create a community where people can find mutual support and coaching on how to best navigate their careers in a conscious way. My severance after working so long at Google allowed me to fund the launch of my coaching business, and eventually ‘changingwork.org’." <keyword id="23300968" type="General" weightage="20" keywordseo="Changing-Work" source="keywords">Changing Work</keyword>, Whitaker explained, is his way of addressing a deep need in corporate life — helping people rediscover their sense of purpose and alignment in their careers and finding ways to build more conscious leaders and businesses. He added, “What makes this so transformative for me personally is that it allowed me to step into a role where I could integrate all the lessons from my own career—especially the parts that were hardest for me. During my time at Google, I saw firsthand how high-pressure environments can lead to burnout, anxiety, and a disconnect from our true selves.” The recent tragic death of a young CA at Ernst &amp; Young (EY) employee in India has turned the spotlight on toxic work cultures prevalent in many high-pressure industries. Broader debates on burnout, mental health struggles, and unrealistic expectations in corporate environments in the workplace have occupied social media platforms. This incident serves as a painful reminder that companies must prioritize <keyword id="21050364" type="General" weightage="20" keywordseo="employee-well-being" source="keywords">employee well-being</keyword> and mental health to foster sustainable, humane workplaces. And makes the work that people like Whitaker are doing all the more important. “I’ve spoken publicly about how mindfulness practice, coaching and therapy literally saved my life during some of my darkest times at Google. Changing Work is the culmination of that journey. It’s not just about helping others find balance and fulfillment—it’s about creating a space where I can live those values every day,” he concludes.

Fired from Google after 13 years of service, he used his severance to build a business around helping others with their careers

The state of the job market has been worrisome for people across the country ever since companies started carrying out large scale layoffs. In 2022, Twitter (now called X) laid off thousands of employees and eventually, companies like Meta, Google, Amazon, Microsoft and so on also began handing the pink slip to employees. Thousands of people took to social media platforms to share their ordeals. While some have successfully moved on to new roles now, many are still searching for opportunities, elevating competition in the job market. However, the situation isn't so grim everywhere. <keyword id="78512" type="General" weightage="100" keywordseo="iim-calcutta" source="Orion">IIM Calcutta</keyword> students bagged offers worth nearly 2 lakh per month for their summer internship programme. Curious? Read on to know more. The 61st batch of IIM Calcutta's flagship MBA programme saw all 475 students secure internships during the recent placement season. The numbers also speak volumes: a staggering median stipend of ₹2 lakh per month, a record-breaking achievement, and an average of ₹1.89 lakh that closely follows. And it doesn’t stop there—the highest domestic offer came in at ₹3.67 lakh, while international placements soared with top offers of ₹6.75 lakh per month. For many, this success story from IIM Calcutta is a reminder that when it comes to premium talent, there’s always a demand, even when the world feels uncertain. Professor Ritu Mehta, Chairperson of Placement Activities at IIM Calcutta, said as per a report in ET, "The outcome of the <keyword id="23806452" type="General" weightage="20" keywordseo="summer-internship-offers" source="keywords">summer internship offers</keyword> has yet again demonstrated the future readiness of our students in a highly competitive landscape. Globally, there is an ongoing recalibration of managerial jobs and pullback of job postings, hence we are very grateful to our recruiters to repose their trust in our students and our academic processes." Meanwhile, IIM Calcutta said, "The cluster-cohort placement process that involved various policies such as ‘dream offer’ enabled recruiters to find a better student-recruiter fit, making the overall process a win-win for both recruiters and students." For the unversed, IIM Calcutta, established in 1961 as the first Indian Institute of Management, is one of the most prestigious business schools in India and is globally renowned for its academic excellence. Known for its rigorous MBA programme, it has built a reputation for producing leaders equipped with strong analytical and strategic thinking skills. The institute has consistently attracted top-tier recruiters across various industries, and people across the industry keep a close eye during its placement season.

₹1.89 lakh per month for summer internship! Freshers at this institute bag bumper monthly stipend

Getting laid off from a company can be a jarring experience that you remember for a long time. Nobody is really prepared to receive a termination letter out of the blue. And when that happens in a global-scale organisation, it can come as quite a shock. This is exactly what happened with a <keyword id="19908290" type="General" weightage="20" keywordseo="microsoft-india" source="keywords">Microsoft India</keyword> <keyword id="20073977" type="General" weightage="20" keywordseo="employee" source="keywords">employee</keyword> back in 2005. He shared his experience on LinkedIn and wrote how he was laid off without a warning from the tech giant. <h2><keyword id="22643393" type="General" weightage="20" keywordseo="ex-microsoft" source="keywords">Ex-Microsoft</keyword> employee on getting laid off</h2>"No warning, no explanation - just a cheque and shown the door," the ex-Microsoft employee wrote. He added, "The mix of emotions I felt: anger, confusion, and that sinking feeling of failure was overwhelming. I called my wife, and she asked me to drive straight home. Instead of lashing out or drowning in self-pity, my wife and I sat down and talked and wrote down our choices. Acceptance didn't come easy, but it was the first step." He then mentioned how he went on a relentless job hunt after this experience and eventually started working at a new place. The ex-Microsoft employee also added that now when he looks back at the time when he was fired, it looks like that was a turning point in his life and forced him to confront fears, re-evaluate goals, and find a path that was "more aligned with his true likes." He then addressed people who are going through similar situations and reminded them that they are not alone. <h2>Layoffs in the tech world</h2>The tech industry has been seeing a rise in the number of layoffs since 2022. Major IT giants like <keyword id="19895622" type="General" weightage="100" keywordseo="Microsoft" source="keywords" meta.keywordsubtype="org" meta.entityname="Microsoft" meta.hostid="261" meta.entityid="Microsoft">Microsoft</keyword>, Meta, Amazon, Google, X (earlier Twitter) collectively laid off millions of employees across the world. People often share their experiences on LinkedIn, in hopes of either finding a better role or connecting with other like-minded people. Earlier today, Intel was making headlines for announcing a fresh round of layoffs. The chipmaker will be reducing 15 percent of its workforce and the decision was communicated to employees by CEO Patrick Gelsinger.

'No warning, no explanation': Former Microsoft India employee talks about his layoff experience

Crisis-hit <keyword id="19987725" type="General" weightage="20" keywordseo="spicejet" source="keywords">SpiceJet</keyword> plans to hand out pink slips to at least 1,000 employees in the coming days as the airline works to significantly reduce costs and streamline operations of its depleted aircraft fleet, officials said on Monday. Faced with financial woes, legal battles and other headwinds, the no-frills carrier might ask more staff to leave as there is excess manpower now compared to the number of planes in service. A final decision on the quantum of layoffs is expected this week, one of the officials in the know said. When contacted, a SpiceJet spokesperson said the airline has initiated several measures, including manpower rationalisation, for achieving profitable growth but did not provide any numbers. The airline has around 9,000 employees and is now looking at reducing the strength by 10-15 per cent, the official said, adding that layoffs are necessary to reduce the overall costs and annual savings could be up to Rs 100 crore. A reduction of 15 per cent would mean around 1,350 people will lose their jobs. The second official in the know said that layoffs are expected across departments and the final list is being prepared. People from the management and consultancy are working on chalking out the contours of letting staff leave, and all the departments have been asked to give their inputs, the official added. There was no official comment from SpiceJet on the proposed job cuts. The second official explained that the airline has stopped operations on certain RCS (Regional Connectivity Scheme) routes and at those stations, there is excess manpower, especially staff with lower salaries. Relocating such people will be a challenge, the official noted. Currently, SpiceJet has a fleet of little over 30 aircraft apart from 10 planes that are on wet lease. "As part of our turnaround and cost-cutting strategy, following the recent fund infusion, SpiceJet has initiated several measures, including manpower rationalisation, aimed at achieving profitable growth and positioning ourselves to capitalise on the opportunities in the Indian aviation industry. "Through this initiative alone, we anticipate an annual saving of up to Rs 100 crore," the airline spokesperson said in a statement. During a meeting with the airline's senior officials last month, SpiceJet Chairman and Managing Director <keyword id="19916067" type="General" weightage="20" keywordseo="ajay-singh" source="keywords">Ajay Singh</keyword> emphasised the importance of judicious spending and that he will personally oversee all major expenditures. The carrier will prioritise fleet upgrades, enhance on-time performance and cost-cutting measures will be implemented to streamline operations, according to an internal note last month. SpiceJet, which has undergone multiple ownership changes since inception and is currently helmed by Ajay Singh, is in the process of raising funds from various investors. On January 26, the carrier announced that it has received Rs 744 crore as the first tranche of the total Rs 2,250 crore proposed to be raised through the issuance of securities on a preferential basis. There were reports that there has been a delay in raising the requisite funds. The airline has also availed funds worth around Rs 1,000 crore under the government's Emergency <keyword id="20097541" type="General" weightage="20" keywordseo="credit-line-guarantee-scheme" source="keywords">Credit Line Guarantee Scheme</keyword> (ECLGS) and Singh has committed to infuse Rs 500 crore. In recent times, SpiceJet also witnessed lessors taking legal recourse to take back their leased aircraft due to non-payment of dues. <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword> is one of the world's fastest growing civil aviation markets and the domestic air traffic is on an upward trajectory. However, SpiceJet has been struggling for sometime now. In 2023, the carrier flew 83.90 lakh passengers and had a domestic market share of 5.5 per cent. 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Crisis-hit SpiceJet plans to hand out pink slips to at least 1,000 employees

Amazon has announced to lay off "several hundred employees" from its <keyword id="196611" type="General" weightage="20" keywordseo="alexa" source="Orion">Alexa</keyword> division, including in India, amid a renewed focus on artificial intelligence (AI).The number of employees being impacted by the decision in India could not be ascertained yet. The e-commerce giant will "communicate with impacted colleagues in India next week". In a memo sent to employees, Daniel Rausch, vice president of Alexa and Fire TV team, said that the company is eliminating "several hundred roles". "As we continue to invent, we're shifting some of our efforts to better align with our business priorities, and what we know matters most to customers -- which includes maximising our resources and efforts focused on generative AI," he told employees in the memo. "These shifts are leading us to discontinue some initiatives, which is resulting in several hundred roles being eliminated," Rausch added. He said that the company "will communicate with impacted colleagues in India next week, and are following local processes in other regions, which may include time for consultation with employee representative bodies, and possibly resulting in longer timelines to communicate". Amazon did not provide further details on the initiatives being discontinued. The e-commerce giant had conducted layoffs in its Devices &amp; Services division last year as part of company-wide cuts. Rausch said that the investments in generative AI are bringing "our vision for an even more intuitive, intelligent, and useful Alexa closer than ever before". "We will reach out to colleagues in the US and Canada who are impacted by these role reductions. Notification emails will be sent out shortly, and we expect all notifications in the .S and Canada to be completed this morning (Pacific time)," the memo further read. "To those of you impacted by these reductions, please know we did not make this decision lightly," it added. The company is providing impacted employees packages that include a separation payment, transitional health insurance benefits, external job placement support, and paid time to conduct job search. Dave Limp, in charge of the Devices &amp; Services division at Amazon, in August announced to leave the company. Former Microsoft executive Panos Panay has succeeded him.

Alexa, where is my job? Amazon's job cuts hit India too

<ul><li>Building an <keyword id="163208" type="General" weightage="20" keywordseo="emergency-fund" source="Orion">emergency fund</keyword> of 6-12 months of expenses is crucial as <keyword id="6357067" type="General" weightage="20" keywordseo="layoffs" source="Orion">layoffs</keyword> become common. </li><li>Once the goal of 50% of emergency funds is achieved, one should start investing for the long term. </li><li>It is important to take health and term insurance to protect oneself against any eventuality. </li></ul>Bangalore based software engineer Soham Chatterjee, 24, started his career with a startup last year. He gets a salary of ₹50,000, and since he had to relocate and has to pay rent, he has to look closely at his expenses. Chatterjee and many others of his age, may have to deal with another grim possibility. 2023 has been in news because of layoffs and the situation in 2024 could also be similar. However, the layoffs may be more sector specific. “The likelihood of layoffs in India in 2024 is unlikely except for specific sectors being affected. Over 35,000 people have lost their <keyword id="11018" type="General" weightage="20" keywordseo="jobs" source="Orion">jobs</keyword> at Indian startups in the last two years. Job cuts might be expected to continue in the startup space into 2024 in the pursuit of profitability,” says Kartik Narayan, CEO of Staffing Firm, TeamLease Services, a staffing solutions firm. “The driving factors behind these anticipated layoffs include the need to reduce costs, the anticipation of an upcoming recession, the desire to increase profits, and the integration of AI, which is replacing some job functions,” he adds. According to a spokesperson of Adecco, a provider of human resource solutions, while some tech and <keyword id="44477" type="General" weightage="20" keywordseo="financial" source="Orion">financial</keyword> sectors may still adjust, overall expectations are much calmer. Some tech sub-sectors like venture-backed startups and non-essential financial services like wealth management might see targeted layoffs. In such a situation, it is important to have one’s financial house in order, especially for the <keyword id="4550079" type="General" weightage="20" keywordseo="genz" source="Orion">GenZ</keyword> who are most likely in their first jobs and have never seen layoffs before. Building an emergency fund As the same suggests, an emergency fund comes in handy during an emergency, like a job loss. GenZ folks would not have home loan EMIs or expenses related to kid’s education, but they would have student loans or loans on gadgets. An emergency fund will help one tide over such expenses. The thumb rule is to build an emergency fund of six months’s monthly expenses. “Before Covid we were looking at six months of your expenses as an emergency fund, now we are looking at 12 months,” says B. Srinivasan, director and founder, Shree Sidvin Investment Advisors. Even if they have taken a phone on EMI, that should be included in one’s expenses. “So the rule is to divide the salary into one third and two-thirds. One third of income should be compulsorily saved and it should go towards building an emergency fund, it should not go towards long term savings. Till 50% of the corpus is achieved, one should not do any long term investments,” says Srinivasan. Also, 50% of any incentives or bonus they might be getting should be earmarked for emergency funds. Where to park your emergency funds: One may keep the emergency funds in their savings account. However, it is recommended to park it in liquid funds for a slightly higher return. Srinivasan suggests that one keeps two months of one’s expenses in a savings bank account and post that invest it in conservative hybrid mutual funds which invests primarily in FD like instruments, with some exposure to stocks. Starting investments Financial planners generally advise that once the goal of 50% of emergency funds is achieved, one should divide the one third of income into two parts. One should go towards emergency funds and the rest should be invested. “Start mutual fund sips for your goals. Investing directly in stocks or trading is absolutely fine but always have your goals sorted with mutual funds or index funds,” says Ananth Ladha, founder, Invest Aaj for Kal, a financial planning firm. Getting insured Getting insured is also a requirement of the times. The employer would provide health insurance coverage, but that will not be there in case of a job loss. “Take term and health insurance in time. Term plan is needed only up to 60-65 years, buying a whole life policy won’t make sense in financial terms,” says Ananth Ladha. A term plan would be available at a very reasonable premium at this age. We live in uncertain times and layoffs are not going to go away. However, maintaining financial discipline is important to be prepared for a rainy day.

GenZ and finance: Layoffs to continue in 2024 – Here’s how to be financially prepared

New Delhi, Even as tech giant <keyword id="6355629" type="General" weightage="100" keywordseo="google" source="Orion">Google</keyword> continues to cut down staff, a sacked Indian employee stated that the layoffs are not based on performance. In a LinkedIn post, Google India employee Animesh Swain stated that pink slips were also served to employees with highest ratings. The list also has names who were recently awarded promotions. "The people who managed to stay (including me) are not necessarily better than those laid off," Swain was quoted as saying in the post. Another employee Gurugram-based Aakriti Walia, working as a Google Cloud programme manager, was laid off just 10 minutes before a meeting. "The 'access denied' message on my system left me numb as I was preparing for my meeting just 10 mins away," Walia posted on the professional networking platform. "As I celebrated my 5-year Googleversary just a few days ago, little did I know it would be my last," she said. Earlier, Jennifer Vaden Barth, a creative Strategist at Google, said that the "layoff impacted very talented and highly rated professionals". Barth, who had worked at Google for 15 years said that "layoffs hit women particularly hard, especially women over 40". Meanwhile, in a bid to further cut costs, Google has even asked employees who return to work to share their work desks with a "partner" to maximise office space. Google India has recently terminated more than 400 employees. The layoffs at Google India were part of the larger job cuts that impacted 12,000 workers globally at the company. Denying that the layoffs were done "randomly", Alphabet and Google CEO Sundar Pichai had said earlier that he is "deeply sorry" for reducing the workforce. In an email to employees, Pichai said he takes "full responsibility for the decisions that led us here". The layoffs at Google's parent company were expected amid the deepening funding winter that has hit companies of all sizes in the global slowdown and recession fears. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/oppos-new-flexion-hinge-has-made-flip-phones-more-practical-and-crease-minimal/articleshow/98213979.cms">Oppo’s new Flexion hinge has made flip phones more practical and crease minimal</a> <a href="https://www.businessinsider.in/tech/gadgets/news/noise-and-fire-boltt-entered-in-top-five-in-global-smartwatch-shipments/articleshow/98171390.cms">These two Indian brands have together sold more smartwatches than Samsung in 2022</a> <a href="https://www.businessinsider.in/business/news/mukesh-ambanis-jiocinema-to-take-on-disney-hotstar-and-amazon-prime-with-free-4k-ipl-streaming/articleshow/98150380.cms">Mukesh Ambani’s JioCinema to take on Disney+ Hotstar, and Amazon Prime with free 4K IPL streaming</a>

Google layoffs not based on performance: Sacked Indian employee

Over 2,093 tech employees given pink slips every day in 2023 so far

India’s diamond industry is grappling with a severe downturn as both imports and exports have significantly declined over the past three years, triggering defaults, <keyword id="23043782" type="General" weightage="20" keywordseo="factory-closures" source="keywords">factory closures</keyword>, and widespread <keyword id="20013745" type="General" weightage="20" keywordseo="job-losses" source="keywords">job losses</keyword>, according to a report by the Global Trade Research Initiative (<keyword id="19962754" type="General" weightage="20" keywordseo="GTRI" source="keywords" meta.keywordsubtype="org" meta.entityname="GTRI" meta.hostid="261" meta.entityid="GTRI">GTRI</keyword>). The think tank highlighted that the sector is struggling with unsold <keyword id="20237406" type="General" weightage="20" keywordseo="rough-diamonds" source="keywords">rough diamonds</keyword> and increasing competition from lab-grown alternatives. Ajay Srivastava, Founder of GTRI, pointed out that the downturn in India’s diamond industry has had devastating effects. "This has led to defaults, factory closures, and widespread job losses. Tragically, more than 60 individuals from Gujarat’s diamond sector have taken their own lives, highlighting the intense financial and emotional stress," Srivastava said. He emphasised the urgent need for intervention to address these issues and ensure the survival of the sector. <h2>Declining imports and exports</h2>Data from GTRI paints a grim picture of the industry. Imports of rough diamonds have dropped by 24.5%, from USD 18.5 billion in 2021-22 to USD 14 billion in 2023-24, reflecting weakened global demand and fewer orders for diamond processing. After accounting for re-exported rough diamonds, net imports saw a 25.3% decrease, signalling reduced interest in processing diamonds in India. The situation is even worse on the export front. Exports of cut and polished diamonds fell by 34.6%, from USD 24.4 billion in FY 2022 to USD 13.1 billion in FY 2024. Net exports experienced an even sharper decline, dropping by 45.3% from USD 15.9 billion to USD 8.7 billion, indicating a weak global market and rising inventories of unsold diamonds. <h2>Rising inventories and market competition</h2>The report also highlighted that the percentage of unsold diamonds returned to India increased from 35% to 45.6% during this period. Additionally, the gap between net rough diamond imports and net exports of cut and polished diamonds widened from USD 1.6 billion in FY 2022 to USD 4.4 billion in FY 2024, signifying a growing stockpile of unsold inventory and insufficient export demand. Several factors contribute to this crisis. Global economic uncertainty, inflation, and geopolitical tensions — particularly in key markets like the US, China, and Europe — have led to decreased spending on luxury items such as diamonds. Fluctuating global diamond prices have added to this uncertainty, causing buyers to hesitate in purchasing rough diamonds. <div type="Article" hostid="261" msid="113445065" title="&amp;#39;The pressure became too much for her&amp;#39;: Mother blames &amp;#39;work stress&amp;#39; for 26-year-old EY employee&amp;#39;s death" mstype="2" mssubtype="0"></div>Moreover, the Russia-Ukraine conflict has disrupted the global diamond supply chain, with sanctions on Russia, a major producer of rough diamonds, further complicating trade. This slowdown has impacted the global market, stalling the flow of diamonds and affecting India’s processing sector. Another challenge facing the industry is the shift in consumer preferences toward <keyword id="20662742" type="General" weightage="20" keywordseo="lab-grown-diamonds" source="keywords">lab-grown diamonds</keyword>, which are seen as more affordable, ethical, and sustainable. This shift is particularly evident in markets where customers are becoming more conscious of the environmental and ethical implications of their purchases. <h2>Internal regulatory and operational hurdles</h2>Internally, the Indian diamond sector is facing a host of challenges. Many polishing units are burdened with unsold inventories of polished diamonds, discouraging them from importing new rough diamonds. Rising operational costs, including labour, energy, and materials, have also made it difficult for many polishing units to remain profitable. These factors have led to the closure of many shops and significant layoffs, particularly in Surat, the world’s largest hub for diamond cutting and polishing. The sector's heavy reliance on financing has also become a problem. Tighter credit conditions and reduced lending from banks have made it increasingly difficult for businesses to purchase rough diamonds, further stalling production. Additionally, a significant number of cut and polished diamonds exported from India are being returned due to quality issues, overstocking, and price fluctuations, creating costly delays and adding to the strain on exporters. <h2>Dubai's rising influence</h2>An interesting development highlighted by GTRI is the increasing share of rough diamond imports from Dubai, which does not produce diamonds itself. Instead, Dubai imports diamonds from countries like Botswana, Angola, South Africa, and Russia and re-exports them to India. Dubai’s share in India’s rough diamond imports surged from 36.3% in FY 2020 to 60.8% in FY 2024, further rising to 64.5% in April-June 2024. In contrast, Belgium’s share of these imports fell from 37.9% in FY 2020 to 17.6% in FY 2024. One major reason for Dubai's increasing role is India’s high corporate tax regime, which pushes foreign suppliers of rough diamonds to re-export their diamonds to Dubai before sending them to India. This has rendered India’s Special Notified Zones (SNZs) in Mumbai and Surat largely ineffective. <h2>Revitalising the sector</h2>To help revitalise the struggling sector, GTRI has proposed several measures. These include extending export credit terms, exempting foreign rough diamond sellers from corporate taxes in India, regulating the lab-grown diamond industry, and reconsidering the zero-tariff import of cut and polished diamonds from Dubai under the India-UAE trade agreement. The think tank also suggested that the Reserve Bank of India (RBI) extend the export credit period for cut and polished diamond exporters from six months to 12 months, as buyers are increasingly demanding longer credit terms. India’s strong foreign exchange reserves make this feasible. <div type="Article" hostid="261" msid="113449316" title="Small businesses generated 35 million job applications till Aug 2024, 14 million were from women: Report" mstype="2" mssubtype="0"></div>The Indian diamond industry, which consists of over 7,000 companies — many of them small or medium enterprises — provides direct employment to about 1.3 million workers, with Surat alone employing nearly 8,00,000 people. The industry is also crucial for millions of indirect jobs in sectors like logistics, transport, and retail. With the sector being such a vital part of India’s economy, immediate and coordinated efforts are needed to address its current challenges and ensure its long-term viability. (With inputs from PTI)

India's diamond sector faces major crisis amid plummeting imports, exports, and massive job losses

Open source developer platform <keyword id="1505863" type="General" weightage="100" keywordseo="github" source="Orion">GitHub</keyword> has laid off its entire engineering team in <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword>, its second-largest developer community after the US, which affected at least 100 <keyword id="6357081" type="General" weightage="20" keywordseo="employees" source="Orion">employees</keyword> as part of the "reorganisation plan". Tech writer <keyword id="14025441" type="General" weightage="50" keywordseo="gergely-orosz" source="Orion">Gergely Orosz</keyword>, who tracks global tech layoffs, especially among the engineering/developer teams, the GitHub team in India has been let go at once. "We're talking of 100 engineers. This was done as the team was smaller than other locations, owning fewer and lower priority stuff," he said in a tweet. Orosz said he confirmed the layoffs after "talking with (now former) GitHub India engineers". A GitHub spokesperson told IANS that as part of the reorganisation plan shared in February, "workforce reductions were made today". It was "part of difficult but necessary decisions and realignments to both protect the health of our business in the short term and grant us the capacity to invest in our long-term strategy moving forward," said the company spokesperson. Microsoft-owned open source developer platform in February announced it was laying off 10 per cent of its workforce through the end of the company's fiscal year. GitHub had about 3,000 employees before the layoffs were announced. In an email to employees, GitHub CEO Thomas Dohmke said that sustained growth is important for every business. "Today, we are the home of 100 million developers, and we must become the developer-first engineering system for the world of tomorrow. We must continue to help our customers grow and thrive with GitHub, expedite and simplify their cloud adoption journey while supporting them every day," the CEO wrote. "Unfortunately, this will include changes that will result in a reduction of GitHub's workforce by up to 10 per cent through the end of FY23. The hiring pause that I announced on January 18 remains in effect," he added. The open-source developer platform has reached 100 million members globally and is growing fast in India too where it has crossed 10 million developers on the platform. This makes India the second largest developer community on GitHub, behind the US. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/heres-whats-new-in-macos-ventura-13-3-ios-16-4-and-watchos-9-4/articleshow/99053964.cms">Apple releases updates for iPhone, Watch, and Mac: Here’s what’s new in macOS Ventura 13.3, iOS 16.4, and watchOS 9.4</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/employees-provident-fund-interest-rate-fixed-at-8-15-for-2022-23/articleshow/99054357.cms">Employees' provident fund interest rate fixed at 8.15% for 2022-23</a>

GitHub lays off entire India engineering team, at least 100 employees hit

The year 2023 has become the worst year for tech employees as nearly 2 lakh tech employees -- from Big Tech firms to startups -- have been sacked to date globally, as companies like Meta, BT, Vodafone and many others announced further plans to lay off more employees in coming months. As per the data by layoffs tracking site Layoffs.fyi, 695 tech companies have shown the doors to around 1.98 lakh employees so far this year. In comparison, 1,046 tech companies laid off more than 1.61 lakh employees in 2022. In January alone this year, close to 1 lakh tech employees lost jobs globally, dominated by companies like Amazon, Microsoft, Google, Salesforce and others. In total, about 3.6 lakh tech employees have now lost their jobs in 2022 and till May this year. As more and more Big Tech companies continue to sack employees, they listed various reasons behind the move -- over-hiring, uncertain global macroeconomic conditions, strong tailwinds from the Covid-19 pandemic and more. Meta (formerly Facebook) is reportedly going to start laying off more employees next week in its third round of <keyword id="30690" type="General" weightage="20" keywordseo="job-cuts" source="Orion">job cuts</keyword>. While the exact number has not been confirmed, it is expected that the company will lay off approximately 6,000 employees in this round. Amazon India laid off around 400-500 employees from its Cloud division AWS as well as People Experience and Technology Solutions (PXT) or HR and support verticals this month. Fintech unicorn Zepz is laying off 420 employees, or 26 per cent of its workforce. The UK telecommunication giant BT Group has announced plans to slash a massive 55,000 jobs by the end of the decade. Global telecom carrier Vodafone said it plans to reduce 11,000 jobs over the next three years, with an aim to "simplify" both headquarters and local markets. Meanwhile, Microsoft will not give any raise to salaried employees, including senior leaders, this year as global macroeconomic conditions continue to haunt Big Tech. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/zomato-net-loss-narrows-to-188-crore-in-q4-revenue-rises-70-yoy/articleshow/100358894.cms">Zomato net loss narrows to ₹188 crore in Q4, revenue rises 70% YoY</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/mankind-pharma-pnb-among-stocks-to-become-largecap-from-midcap-mutibagger-rail-vikas-nigam-to-turn-midcap-from-smallcap/articleshow/100356527.cms">Mankind Pharma, PNB among stocks to become largecap from midcap; mutibagger Rail Vikas Nigam to turn midcap from smallcap</a>

You Searched For "Layoffs in India" and got 13 results

Samsung Electronics plans to lay off over 200 Indian employees to reduce costs, details inside

BI India Bureau

SIMPLY PUT: What’s with all “Unbossing” talks? Are Indian companies also embracing this global trend?

Divyanshi Sharma

Fired from Google after 13 years of service, he used his severance to build a business around helping others with their careers

Divyanshi Sharma

₹1.89 lakh per month for summer internship! Freshers at this institute bag bumper monthly stipend

Divyanshi Sharma

'No warning, no explanation': Former Microsoft India employee talks about his layoff experience

Divyanshi Sharma

Crisis-hit SpiceJet plans to hand out pink slips to at least 1,000 employees

PTI

Alexa, where is my job? Amazon's job cuts hit India too

IANS

GenZ and finance: Layoffs to continue in 2024 – Here’s how to be financially prepared

Anagh Pal

Google layoffs not based on performance: Sacked Indian employee

IANS

Over 2,093 tech employees given pink slips every day in 2023 so far

Rounak Jain

India's diamond sector faces major crisis amid plummeting imports, exports, and massive job losses

BI India Bureau

GitHub lays off entire India engineering team, at least 100 employees hit

IANS

2 lakh techies lost jobs in 2023, more to come

IANS

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