This IT Company Worth Rs 7.5 Lakh Crore Will Fire 4000 Employees To Cut Costs: 5% Workforce To Be Terminated


Radhika Kajarekar

Radhika Kajarekar

Dec 15, 2022


A lot of tech companies have had rounds and rounds of layoffs in their companies, these include Amazon, Meta, Twitter, and more.

This IT Company Worth Rs 7.5 Lakh Crore Will Fire 4000 Employees To Cut Costs: 5% Workforce To Be Terminated

Another company that is now taking up layoffs is Cisco – the company has fired as many as 5 percent of its entire workforce. 

Cisco Fires 5% Of Entire Employee Headcount

Last month, there were rumors that Cisco was considering firing workers. And now, over 4000 employees, or 5% of the workforce, are said to have been let go by the networking company. According to some, layoffs are a necessary part of the “rightsizing certain businesses” and “rebalancing” process.

As per reports, Cisco “didn’t take this decision lightly” and “will offer those impacted extensive support, including generous severance packages.”

Also, Chuck Robbins, Chairman and CEO of Cisco, revealed, “You can just assume that we’re going to — we’re not actually — there’s nothing that’s a lower priority, but we are rightsizing certain businesses.”

Some of the employees at Cisco stated, “Impacted by Cisco layoffs!” Whereas another said, “Looking for immediate (software engineering) referrals. Any help would be sincerely appreciated. Thanks.”

Additionally, many workers were observed inquiring about the severance package. Official information about the situation has not been provided by the company.

Meta, Twitter, Byju’s Firing Trends

As we reported earlier, Meta has fired more than 11,000 employees or 13% of the workforce. This time, cost-cutting is being utilized as a justification.

Other issues the corporation is dealing with include sluggish advertising markets, rising costs, and disappointing results. Since Facebook was established in 2004, these employment losses mark the first significant budget reduction.

Additionally, Twitter has let go of more than 90% of its Indian workforce. Only 20 people still work for Twitter India, which once had over 200 staff. The drastic personnel reduction shocks the entire world, not just the microblogging company’s position in a developing market like India.

Byju’s, a leader in edtech, is also accused of firing over 2,500 workers from all of its group companies.

In order to reduce costs in the face of growing losses, BYJU’s announced in a statement that it plans to fire around 2,500 employees across departments.

In June of this year, news outlets claimed that 2,500 full-time and contract workers from Toppr, WhiteHat Jr., and its core team in the sales and marketing, operations, content, and design teams will be let go by the leading provider of edtech.


Radhika Kajarekar
Radhika Kajarekar
  • 772 Posts

Subscribe Now!

Get latest news and views related to startups, tech and business

You Might Also Like

Business
Dec. 8, 2022

Beat The Burden Of Medical Inflation With A Health Insurance

As disease rates rise and medical technology develops, treatment costs climb. It’s essential to understand that medical costs are not exclusively associated with hospitals. The cost of prescription drugs, diagnostic procedures, ambulance and operating room fees, consultations with doctors, and other costs are also constantly increasing. All of them could put a big strain on […]

Business
Dec. 8, 2022

3 Biggest Changes Of iOS 16.2 Update That Every iPhone User Should Know!

In its latest update Apple said that it is preparing for the iOS 16.2 update for iPhones across the world. Notably, like the previous release, there are a couple of changes coming for the iPhones.  iOS 16.2 Update Release Date So far, Apple has not announced a release date for iOS 16.2 update. Reportedly, the […]

Business
Dec. 8, 2022

300 Microsoft Employees Create Employee Union, First Time Ever: This Is How Microsoft Reacted

Around 300 workers at Microsoft Corp.’s ZeniMax Studios have commenced the process of forming a union which is said to be the first at the software giant in the US.  Here, Microsoft Corp.’s ZeniMax Studios known for popular video games including Skyrim and Fallout. Forming Union In Microsoft Corp Moreover, the quality assurance employees at […]

Business
Dec. 7, 2022

India Beats China In Air Travel Safety: Ranking Jumps From 102 To 48 In Global Aviation Safety

India’s air safety protocols and executions have improved drastically over the years, as validated by the findings of a specialized agency of the United Nations, the International Civil Aviation Organization or ICAO. The UN watchdog has upgraded India’s ranking in terms of aviation safety to the 48th position, jumping past the rankings of countries like […]

Recent Posts

Related Videos

   

Subscribe Now!

Get latest news and views related to startups, tech and business

who's online