Byju : According to reports, Byju’s fired hundreds of workers for the business. According to a recent rumour, the Edtech business intends to let go of 1,000 more staff in order to reduce costs and streamline operations. A few departments and a few third-party employees will be affected by the most recent wave of layoffs. Here is what we currently know. According to a report from ET, Byju’s first announced the layoff of 2,500 employees back in October 2022, and the firm is now prepared to fire further staff. The people who were employed by the on-ground sales teams under contracts will be the ones who would be most impacted.
Impact on Third-Party Marketing Executives and Shift towards Hybrid Strategy
In addition to this, the layoffs also affected marketing executives who were employed by Channelplay and Randstad as third parties. Depending on the need for its products and services, Byju’s employs and discharges individuals that it onboards on a contractual basis. However, it is said that the company is currently suffering slow growth and financial difficulties as a result of which it is laying off workers. Given that growth has entirely stopped, it is not surprising that Byju’s is aiming to minimise expenses at this time. Instead, they are concentrating on developing a hybrid play with (their test-prep subsidiary) Aakash. As it becomes more difficult to sell online courses, it appears that a hybrid strategy is one of the final options available for online edtech, according to a source who is familiar with the situation who spoke to ET.
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Byju’s Joins the Ranks of Companies Downsizing
Byju’s has not yet responded to India Today Tech’s official request for confirmation of the most recent development; if we do, we will update the article. The corporation said in October of last year that it will lay off at least 2,500 workers, and the process will go until March 2023. The company’s layoffs reportedly affected individuals in senior strategy, technical, and product roles earlier this year. Since numerous tech companies have been laying off thousands of staff globally, none of this should come as a surprise. One of the largest tech businesses in the world, Meta, has made three waves of layoffs in the last six months. 21,000 workers have already been let go by it. Another significant IT business to lay off 27,000 employees was Amazon. As numerous employees who have been laid off continue to post their job losses on LinkedIn, Microsoft is still laying off personnel. The software giant has let go as many as 10,000 workers, compared to Google, which let go 12,000.
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