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Edtech unicorn <keyword id="2900267" type="General" weightage="100" keywordseo="byju" source="Orion">BYJU</keyword>'s courted further controversy on Tuesday with its employees in Thiruvananthapuram claiming around 170 of them are being forced to resign from the company. The matter, raised on social media by <keyword id="7035516" type="General" weightage="50" keywordseo="technopark-today" source="Orion">Technopark Today</keyword>, an IT professionals community portal, was escalated by IT welfare organisation '<keyword id="3399247" type="General" weightage="50" keywordseo="prathidhwani" source="Orion">Prathidhwani</keyword>' to Kerala Labour Minister C. Sivankutty. Employees and Prathidhwani representatives also met the minister on Tuesday. Apart from ensuring that BYJU's does not force employees to resign, they demanded a revision of the company's exit policy for its employees. Along with ensuring payment of their October 2022 salary on November 1, employees are demanding a one-time settlement of three months' salary, earned leave encashment, and full-settlement of variable pay. According to the employees in Thiruvananthapuram numbering around 170, Byju's, with its office located in the <keyword id="6400701" type="General" weightage="50" keywordseo="technopark" source="Orion">Technopark</keyword>, is planning to wind up its operations in the state headquarters. Sivankutty, in a Facebook post, said: "The employees of BYJU's app from <keyword id="3595624" type="General" weightage="50" keywordseo="technopark-thiruvananthapuram" source="Orion">Technopark Thiruvananthapuram</keyword> had come to see me. The employees have many grievances, including job loss. The Labour Department will conduct a serious investigation in this regard." With losses of Rs 4,500 crore reported in FY21, BYJU's has been facing tough times in recent times. The company had recently announced cost-cutting measures including paring down manpower. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/netflix-is-emailing-users-details-about-how-to-make-it-easier-to-kick-free-loaders-off-your-account-as-it-cracks-down-on-password-sharing/articleshow/95086931.cms">Netflix is emailing users details about how to make it easier to kick free-loaders off your account, as it cracks down on password sharing</a> <a href="https://www.businessinsider.in/tech/apps/news/whatsapp-down-users-across-the-world-are-reportedly-not-able-to-send-and-receive-messages/articleshow/95075347.cms">WhatsApp down – users across the world are reportedly not able to send and receive messages</a> <a href="https://www.businessinsider.in/tech/news/the-fate-of-the-world-economy-may-depend-on-what-happens-to-a-company-most-americans-have-never-heard-of/articleshow/95030860.cms">The fate of the world economy may depend on what happens to a company most Americans have never heard of</a>

Fearing firing, BYJU's employees in Kerala approach state labour minister

Edtech major <keyword id="2900267" type="General" weightage="100" keywordseo="byju" source="Orion">BYJU</keyword>'s, in the process of laying off thousands of employees as part of restructuring its business, on Friday hired football star and sports icon Lionel <keyword id="6355806" type="General" weightage="80" keywordseo="messi" source="Orion">Messi</keyword> as the global brand ambassador for its social impact arm, and the move has not gone well with the industry as well as people. The long-term engagement, which begins as Messi embarks on his final campaign to win the World Cup as captain of Argentina, will see him feature in campaigns promoting BYJU'S 'Education For All'. Abhishek Desai, Founder, CricHeroes, told IANS that it does sound like the irony that where you are laying off people on one side and hiring Messi as your global brand ambassador. "But I think that's the cost everyone pays for growing too fast. It's not that the company does not have money but growing too fast it creates a lot of redundancy in the organisation. Sooner or later you have to fix that and I think these layoffs are a result of that," said Desai. "Not only BYJU's but we are seeing something similar in Twitter also right now which is a public company. Until and unless we come out of this mindset, such incidents are bound to happen," he added. BYJU's founder and CEO <keyword id="1702989" type="General" weightage="50" keywordseo="byju-raveendran" source="Orion">Byju Raveendran</keyword> have told employees that there is a huge price to pay for walking on the path to profitability and the company will part ways with 5 per cent or 2,500 employees to "avoid role duplication across our businesses". Earlier this year, BYJU'S made history by becoming the official sponsor of the FIFA World Cup 2022 in Qatar. Football has roughly 3.5 billion fans worldwide, and Messi has a social media following of nearly 450 million. According to Syed Nadeem Jafri, Founder and Chief Mentor of Hearty Mart, laying off employees is part of any organisational journey. "However, hiring Messi is to counter the dent in the image, which might have happened due to the laying-off move, which seems more like a PR image-building ploy rather than any strategic plan behind it," said Jafri. In Kerala, BYJU's earlier decision to wind up their operations had asked 140 of the 170 employees to quit. However, after conciliatory talks that were led by Chief Minister Pinarayi Vijayan with BYJU's on Wednesday, it was decided that the edtech unicorn will not shut its operations at the <keyword id="6400701" type="General" weightage="50" keywordseo="technopark" source="Orion">Technopark</keyword> campus here. The company said they have decided to relook at the restructuring plans and continue its development centre in the Trivandrum Technopark office. Shrijay Sheth, Founder of Legalwiz.in, told IANS that businesses need to realise the value of sustainable hiring to build a long-term employer brand. "What is important here is to provide enough resources to the cohort for finding alternative opportunities, and minimize their personal damage. Entrepreneurs as their core function hold trusteeship of the overall welfare of the stakeholders, including employees," Sheth said. A Twitter user commented: "How's this possible, he wouldn't come for free that too for a company that's reducing its workforce and is in deep losses?" SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/airbnb-and-indigo-come-together-for-an-interfriendtion/articleshow/95298469.cms">Airbnb and IndiGo come together for an 'InterFriendtion'</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/shark-tank-india-season-2-will-start-soon-checkout-first-seasons-top-10-deals/slidelist/95300176.cms">Popsicles to canned cocktails - the top 10 deals cracked in Shark Tank India Season 1</a>

Edtech major BYJU's sacks thousands, and then hires Lionel Messi

Amid the brouhaha over alleged forced termination at edtech major <keyword id="2900267" type="General" weightage="100" keywordseo="byju" source="Orion">BYJU</keyword>'s, its founder and CEO Byju <keyword id="299516" type="General" weightage="80" keywordseo="raveendran" source="Orion">Raveendran</keyword> on Monday told employees that there is a huge price to pay for walking on the path to profitability and the company will part ways with 5 per cent or 2,500 employees to "avoid role duplication across our businesses". In a letter to employees seen by IANS, Raveendran said that bringing those who are parting ways "back by putting our company on a sustainable growth path will now be the number 1 priority for me". "I want to emphasise that the overall job cuts are not more than five per cent of our total strength," he said. Raveendran wrote that while nothing can really compensate for their loss, "we have made available the best possible exit package to you which includes extended medical insurance coverage for you and your family members, outplacement services led by some of the industry's finest recruitment specialists, fast-track full-and-final settlement, and a special provision to allow you to look for jobs while on our payroll". BYJU's recently announced to a reduction of 5 per cent of its 50,000-strong workforce (about 2,500 people), which will be "rationalised across product, content, media, and technology teams in a phased manner" in a bid to consolidate its India business. The Karnataka State IT/ITeS Employees Union (KITU) last week claimed that BYJU's, after <keyword id="6357416" type="General" weightage="50" keywordseo="thiruvananthapuram" source="Orion">Thiruvananthapuram</keyword> in Kerala, was forcing employees at its Bengaluru headquarters to resign. Raveendran said that some business decisions have to be taken to protect the health of the larger organisation, and pay heed to the constraints imposed by external macroeconomic conditions. "Over the past couple of weeks, you would have read or heard about our plans to rationalise our team size. Some of you, I understand, might be confused about this or maybe hearing conflicting statements," he said. He said that adverse macroeconomic factors have changed the business landscape, compelling tech companies around the world to focus on sustainability and capital-efficient growth. "BYJU'S is no exception to this trend. Our rapid organic and inorganic growth has created some inefficiencies, redundancies and duplication within our organisation, that we need to rationalise to realise this. At the same time, we need to continue to realign our resources towards innovation and future-growth oriented projects," said Raveendran. Around 140 employees from the 170-strong workforce at Technopark have been asked to leave. BYJU's has nearly 3,000 employees in Kerala. In an earlier statement, the company said it is "absolutely false" that BYJU's is forcing employees to resign. Raveendran said that "I am truly sorry to those who will have to leave BYJU's". "You are not just a name to me. You are not a number. You are not just five per cent of my company. You are five per cent of me," he told employees in the letter. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/curated-menus-butler-services-expansive-lounges-at-mumbai-airports-renovated-private-jet-terminal/articleshow/95202285.cms">Curated menus, butler services, expansive lounges at Mumbai airport's renovated private jet terminal</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/over-2-lakh-jobs-created-each-day-this-festive-season-says-report/articleshow/95204035.cms">Over 2 lakh jobs created each day this festive season, says report</a>

Overall job cuts no more than 5% to avoid role duplication: Byju Raveendran

Thiruvananthapuram, June 14 () IT Parks-Kerala has launched a survey to ascertain the demand and expectations of professionals and organisations as part of its #Move2Kerala campaign, which seeks to position the state as a major global digital hub in the post-COVID era. The online survey, available at https://bit.ly/2UB2Ezr. addresses the workforce and entrepreneurs and takes into account the growing trend of re-imagining the workspace that began before the upheaval triggered by the pandemic, with establishments recognizing the potential, including economic advantages, of remote working and work from home. "This survey seeks to gauge the interest and scope of co-working spaces in Kerala to facilitate an effective mix of work-near-home and work-from-home for professionals in various co-working spaces being planned by Technopark", M Sivasankar, Principal Secretary, Electronics and IT, said in a release. Earlier, Chief Minister Pinarayi Vijayan had assured seamless high-width Internet connection for IT sector employees working from home due to restrictions caused by the pandemic. He had also suggested that companies create "work-sharing benches" to pool their human resources. Catering to the demands of home-bound professionals and entrepreneurs, the state has plans to create a network of virtual and physical work-near-home co-working spaces. The IT sector of Kerala is all set to receive a big boost with the commissioning of Kerala Fibre Optic Network, K-Fon, by end of this year. "The Kerala model is already known across the world for being resilient against natural calamities and pandemics, and is considered one of the safest destinations. The working spaces being offered by Kerala are the most ideal and conducive as they lay great emphasis on environmental and sustainable parameters", Sasi Pilachery Meethal, CEO of IT Parks said. The demand for co-working space is set to go up substantially with a steep increase in the number of start- ups, especially in advanced sectors like space technology, robotics, Artificial Intelligence and data analytics, he said. IT Parks-Kerala comprises Technopark here, Infopark, Kochi and Cyberpark, Kozhikode. RRT APR RAVINDRANATH APR RAVINDRANATH

IT parks-Kerala launches survey to ascertain demand in post COVID-19 era

<ul><li>The Integrated <keyword id="138263" type="PERSON" weightage="20" keywordseo="startup">Startup</keyword> Complex is India’s biggest startup hub covering an area of 1.82 lakh sq ft. </li><li>Bengaluru currently holds the top position in the country, with the most number of deals. </li><li>The state plans to further expand the ecosystem to 5 lakh sq ft to make it Asia’s largest hub. </li></ul>Bengaluru has established itself as India’s silicon valley. Delhi NCR, Mumbai and Hyderabad too have offered a good breeding ground for India’s aspiring entrepreneurs. Now, there is a new contender - Kochi, a 900-year old trading centre both for seafarers and inland merchants. The <keyword id="71501" type="ORGANIZATION" weightage="20" keywordseo="Communist">communist</keyword> party of India that leads the ruling Left Democratic Front government has just <a href="https://www.businesstoday.in/top-story/cm-pinarayi-vijayan-inaugurates-india-largest-startup-ecosystem-in-kerala/story/309750.html">unveiled</a> one of the country’s biggest startup hub covering an area of 1.82 lakh sq ft in Kalamassery, an industrial area in Kochi, with plans to expand it to 5 lakh sq ft to make it Asia’s largest hub for <keyword id="6355118" type="UNKNOWN" weightage="20" keywordseo="technology">technology</keyword>. During the inauguration, the state’s Chief Minister Pinarayi Vijayan <a href="https://timesofindia.indiatimes.com/city/kochi/pinarayi-launches-incubation-centres/articleshow/67517626.cms">said</a> that the government wants to make <keyword id="28504" type="CITY" weightage="20" keywordseo="Kerala">Kerala</keyword> one of the world’s top IT destinations. This isn’t Kerala’s first attempt at building a startup ecosystem. Back in 2006, the state had established Technopark Technology Business Incubator in state capital Thiruvananthapuram. Then in 2012, Startup Village was set up in Kochi to boost student startups and innovation. Just three years later in 2015, Hyderabad, with a massive push from the Telangana Government, set up India’s largest incubator, until now, T-Hub. Now, The Integrated Startup Complex in Kochi, which will have firms from hardware to medical technology working on cancer diagnostics, promises to create 2.5 lakh IT jobs in the state. Currently, Kerala Startup Mission has over 232 IT startups and 52 hardware startups out of a total of 578 companies. The state has over 1,402 startups that received $38 million funding in <a href="https://keralastartupmission.files.wordpress.com/2018/11/kerala-startup-ecosystem-report-2018.pdf">2017-18</a>. In 2018, <a href="https://yourstory.com/2019/01/2018-india-startups-funding-roundup-unicorns/">India </a>saw a total of $12.68 billion raised in equity funding, $1.14 billion in debt funding through 864 deals. The Commie DNA Kerala famously had the world’s first elected communist government in 1957 under EMS Namboodiripad. It is the eighth-largest economy in the country among 29 states, yet industrial growth in Kerala has, for long, stunted by the state’s affinity for left-wing politics. It is one of the states that aggressively implements the <a href="https://www.thenewsminute.com/article/kerala-s-new-labour-policy-minimum-wages-increased-creches-be-established-81461">minimum wage laws</a> that has attracted workers from around the country to take up jobs across the value chain. State-wide shutdowns by trade unions and political outfits have been a regular feature in the southern state famous for its backwaters among tourists both local and international. Last year alone, the state witnessed 97 strikes. In 2017, Kerala ranked <a href="https://timesofindia.indiatimes.com/india/india-lost-11-73-lakh-man-days-to-strikes-in-2017/articleshow/62539692.cms">second</a> in having lost the most number of days due to hartals and thus, affecting the state’s GDP. According to the Cochin Chamber of Commerce, the hartals cost the state’s GDP <a href="https://thewire.in/labour/why-traders-in-kerala-have-declared-2019-the-anti-hartal-year">over $1 billion. </a> However, the latest push towards startups may be a big sentiment booster for an economy that has seen more <a href="https://timesofindia.indiatimes.com/business/india-business/govt-doing-utmost-to-arrest-brain-drain-in-statevijayan/articleshow/59795237.cms">brain drain</a> to other parts of the world than many other Indian states. See Also: <a href="https://www.businessinsider.in/the-indian-government-has-reportedly-invested-just-19-of-its-fund-dedicated-to-boosting-startups/articleshow/67323307.cms">The Indian government has reportedly invested just 19% of its fund dedicated to boosting startups</a> <a href="https://www.businessinsider.in/startup-founders-ready-plans-for-growth-job-creation-ahead-of-their-meeting-with-pm-modi/articleshow/60098744.cms">Startup founders ready plans for growth, job creation ahead of their meeting with PM Modi</a> <a href="https://www.businessinsider.in/more-indians-have-left-the-country-as-its-economy-has-grown-report/articleshow/66732249.cms">More Indians have left the country as its economy has grown: Report</a>

An Indian state led by a communist party has built the country’s biggest home for technology startups

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div></div></div>The Middle East has a long-established reputation for extremism, human rights abuses and underperforming economies.The region's leaders tend to point the finger of responsibility for these failings at <a href="http://www.themedialine.org/uncategorised/turkish-film-mastermind-purpors-to-reveal-jewish-conspiracy/">external actors</a>. There are, nevertheless, a few who seek solutions to the region's problems internally. These leaders turn to building "knowledge economies" as a panacea for the Middle East's chronic problems.A "knowledge economy" refers to the contemporary post-agricultural, post-industrial global marketplace. Like the related term "information society," it denotes an economy in which an individual's professional worth is not gauged by what he or she can make or draw from the ground, but by what that individual knows.Some seventy percent of the developed world's jobs are now information-based, and in today's globalized age, applicants for them are competing not just with residents of their same village, city or country, but with the entire world.Middle Eastern countries have struggled to adapt to this new reality. Many of their economies are still based on small agriculture and industry, women's rights are still widely <a href="http://www.economist.com/blogs/pomegranate/2013/11/arab-womens-rights">circumscribed</a>, and their national education systems have been slow to introduce critical thinking and an appreciation of knowledge for its own sake.The average Arab citizen reads just <a href="http://www.alarabiya.net/articles/2012/07/14/226290.html">six book pages</a> a year, for example, and the entire Arab world translates fewer books annually than Spain. Likewise, the Arab world has remained woefully behind in <a href="http://techreviewpanarab.com/en/computing/science-research-arab-world/">scientific</a> and high-tech innovation, lagging the rest of the world in <a href="http://www.mei.edu/content/article/don't-be-fooled-appearances-liberal-values-are-spreading-arab-world">internet penetration</a> and startup creation. Government investment in research and development remains far <a href="http://techreviewpanarab.com/en/computing/science-research-arab-world/">below</a> the world average.To address this discrepancy, certain Middle Eastern leaders have turned to "<a href="http://www.atlanticcouncil.org/images/publications/Gulf_Innovation_WEB.pdf">innovation clusters</a>" intended to concentrate local and <keyword id="6356001" type="COMPANY" weightage="60" keywordseo="international">international</keyword> entrepreneurs and offer the resources to incubate their ideas. Abu Dhabi's Masdar City, Dubai's TechnoPark, Doha's Science and Technology Park and the King Abdullah University of Science and Technology in Saudi Arabia represent prominent examples of that effort.It's a commendable idea, but one whose success will remain limited without first investing in something the Middle East sorely lacks: soft infrastructure.Soft infrastructure refers to those institutions required to maintain the economic, health, cultural and social standards of a country - everything from its financial system, governance and schools to police, library and park services.Creating soft infrastructure remains the most important obstacle towards building sustainable knowledge economies in the region. <a href="http://www.atlanticcouncil.org/images/publications/Gulf_Innovation_WEB.pdf">The building blocks</a> of the knowledge economy - creativity, freedom of expression, social inclusion, and interaction with global cultures - are much more difficult to realize than the bricks and mortar of hard infrastructure. It is, therefore, an empty dream to expect sustainable results from investment in the knowledge economy while maintaining the authoritarian and patriarchal status quo. <div class="KonaFilter image-container display-table"><div><div class="image on-image"></div></div></div>One key to strengthening soft infrastructure is building cultures that embrace risk taking. This necessitates cultural transformation in a region where failure is perceived as warranting punishment. Unless Middle Eastern societies learn to see failure as a key to learning, innovation and entrepreneurship, it will be impossible for individuals who fear failure in the short term to transform into successful entrepreneurs in the long run.Residents of the Middle East, like most people in the world, want what comes with the knowledge economy. Their leaders, however, rarely wish to see the drastic social transformations that accompany it.Knowledge economies give rise to heated policy debates around good governance, accountability, multiculturalism, gender equality, and worker's rights among other topics. It is, therefore, impossible to seek a knowledge economy but reject the fundamental rights and freedoms that accompany it.As those leaders seek to replicate the success of the West, they need to understand that Western prosperity relies just as much on the soft infrastructure of pluralism, rule of law, and rights and freedoms as it does on the hard infrastructure of cement, steel, and asphalt. After all, it is not only relative wages but quality of life that draw creative classes to innovation hubs like Silicon Valley or aspiring "clusters" like Dubai.Every investment into a knowledge economy brings societies a step closer to opening the floodgates of social and political transformation from an authoritarian political culture to an open one.After all, Middle Eastern leaders may fear taking the steps to build knowledge economies, but it's the one thing their long-suffering peoples need most. Aykan Erdemir is a former member of the Turkish parliament and a nonresident fellow at Foundation for <keyword id="6354810" type="ORGANIZATION" weightage="60" keywordseo="Defense">Defense</keyword> of Democracies.Oren Kessler is a deputy director for research at the Foundation for Defense of Democracies. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/ian-bremmer-2016-foreign-policy-presidential-candidates-2015-7">IAN BREMMER: America needs to make up its mind about foreign policy</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="5uZGx5dTrU-fF1EqhMJRJrKymDFijE3p" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

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Fearing firing, BYJU's employees in Kerala approach state labour minister

IANS

Edtech major BYJU's sacks thousands, and then hires Lionel Messi

IANS

Overall job cuts no more than 5% to avoid role duplication: Byju Raveendran

IANS

IT parks-Kerala launches survey to ascertain demand in post COVID-19 era

PTI

An Indian state led by a communist party has built the country’s biggest home for technology startups

Sanchita Dash

A shift to a 'knowledge economy' could transform the Middle East

Aykan Erdemir and Oren Kessler

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