The newest addition to the list of global giants that are firing employees in multitudes to cut costs is the Amsterdam-based online marketplace company OLX.
The Dutch-domiciled company is engaged in the business of selling and buying goods and services across all categories, right from furniture to vehicles to electronics to even fashion items.
According to a Financial Express report, the OLX Group has confirmed that it will lay off 15% of its workforce across global offices in a restructuring move.
This is because, as per a source knowing the matter, the Netherlands based company’s demand for the offerings have started to slow down, raising the costs incurred on companies.
OLX has 10,000 employees across five continents, which means a 15% firing spree would lead to about 1,500 employees losing their jobs.
“OLX is reducing its global workforce by 15% which affects staff across all countries, business units and job functions. We are taking necessary measures to reduce cost structure in light of changing macroeconomic conditions,” said a spokesperson of OLX, as cited in the report.
This means that OLX is reducing the size of its workforce. “We are sorry to part ways with these valuable contributors. But, doing so is necessary to meet our future ambitions. Ensuring that our employees are treated fairly and with respect, is at the forefront of our attention at this time,” the spokesperson added.
In India, the Netherlands-based company operates two verticals – OLX and OLX Autos, and flaunts/operates more than 20 brands in other countries worldwide.
At present, the exact number of people from OLX’s Indian edition getting sacked is not yet ascertained, one source has noted that the worst hit departments in the country will be the engineering and operations teams.
On Tuesday, Trak.in reported that the European multinational software company SAP announced to lay-off 2.5% of its global workforce, amounting to almost 3,000 jobs across its global workforce.
