wordpress blog stats
Connect with us

Hi, what are you looking for?

, ,

Zomato to layoff 13% of staff; paycuts for all employees

Zomato is laying off 13% of its workforce and cutting pay for the rest of its employees, with reductions going up to 50% for employees with higher pay. Those being laid off will be paid half their salary for the next 6 months, or until they find another job, whichever is earlier. The company announced this in a blog post today by CEO Deepinder Goyal. Goyal said that he would lead a global town hall soon online with employees for further details. “Over the next couple of days, [COO Gaurav Gupta], [Food Delivery CEO Mohit Gupta] and I will be getting on video calls with impacted employees to walk them through the next steps and help find them jobs as soon as possible,” Goyal said.

The pay cuts will kick in starting June and affected employees will get twice the usual ESOP grants. Goyal said he expects these cuts to be discontinued when the economy gets back on track, which “I forsee (and hope) to be 6 months from now”. Goyal said employees who have already accepted voluntary pay cuts would not have their pay cut further if the cut they volunteered for matches or exceeds what they recommend in June. Contractual employees who were hired via agencies will be paid two months of severance.

“We need to make sure that we preserve as much cash as possible to weather the storm if the business environment gets worse, or continues to be the same for the rest of the year or more,” Goyal said. “While we continue to build a more focused Zomato, we do not foresee having enough work for all our employees,” he said.

The company also decided to institute either permanent, partial or full time work-from-home for some employees, such as sales executives, since running offices is the company’s second highest expense after payrolls. Zomato’s 150 offices globally are mostly spaces for their sales and logistics teams. The sales team will be working from home full time.

Goyal said in the post that the company’s grocery delivery service is now operational in 185 cities in India and is about to launch in UAE and Lebanon.

Advertisement. Scroll to continue reading.

Written By

I cover health, policy issues such as intermediary liability, data governance, internet shutdowns, and more. Hit me up for tips.

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

The US and other countries' retreat from a laissez-faire approach to regulating markets presents India with a rare opportunity.

News

When news that Walmart would soon accept cryptocurrency turned out to be fake, it also became a teachable moment.

News

The DSCI's guidelines are patient-centric and act as a data privacy roadmap for healthcare service providers.

News

In this excerpt from the book, the authors focus on personal data and autocracies. One in particular – Russia.  Autocracies always prioritize information control...

News

By Jai Vipra, Senior Resident Fellow at Vidhi Centre for Legal Policy The use of new technology, including facial recognition technology (FRT) by police...

You May Also Like

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ