This SaaS Logistics Startup From India Has Fired 250 Employees During Appraisal: 33% Employees Asked To Leave

As many as 250 employees have been laid off by a New Delhi-based SaaS logistics startup FarEye. These layoffs have happened in India, North America, and Europe offices.

It was from various teams like product & engineering, professional services, talent acquisition, quality analysts, sales, developers that these layoffs happened. 

According to the website, the employee count of the company was 750.

Layoff At Time of Appraisal

Ironically the layoffs happened at a time when the employees were expecting appraisals. As per the sources, the employees were called one-on-one by their respective managers and were informed about the layoffs.

Employees soon after having one-on-one meeting with the manager were asked to leave the office premises. 

According to the sources, a FarEye has committed to pay two months’ salaries (based on their notice periods) to the impacted employees.

Company Cites Market Conditions For The Same

“With the softness in market conditions, in the year ahead, we are focusing our efforts and aligning resources in areas that drive maximum value for our customers while addressing their key challenges around operational efficiencies, cost optimisation, and delivery experience. Keeping this as the priority, we are strengthening our core competencies, deepening our focus on product differentiation, and automation, and optimizing the effort required to manage operations.”

He added that there is a need to restructure a part of our team after the strategic realignment. He said how the period is extremely tough for the organization as the company has kept its people at the core, and believes that our people are our strongest asset. It is a hard decision done in order to reduce the team across operations and services.

He further claimed that the company will be taking care of the “rightful benefits and entitlements”. 

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