Top News
Byju’s salary delays continue despite fresh funding
Byju's salary delays continue despite fresh funding
Lion Electric lays off 10% of workforce
Lion Electric lays off 10% of workforce
Paramount to reduce 15% of its roles in the United States.
Paramount to reduce 15% of its roles in the United States.
Dubai is introducing 4-day workweek for 15 public-sector entities
Dubai is introducing 4-day workweek for 15 public-sector entities
Deutsche Bahn announces massive job cuts, letting away 30,000 by 2029.
Deutsche Bahn (DB) has announced a significant restructuring plan that includes cutting approximately 30,000 full-time jobs over the next five years. This decision comes after the company reported a €1.2 billion loss in the first half of the year, citing recent strikes, major construction projects, and extreme weather conditions as the primary causes. In addition to the job cuts, the company also plans to close unprofitable divisions, particularly in rural and economically weaker regions. Specific railway lines are reportedly targeted for closure as well. The German government, which owns Deutsche Bahn, is pushing for the company to become more economical and competitive. However, there are concerns about the impact of these changes. Extensive job cuts may affect work processes, increase w...
Microsoft announced a unique bonus for employees
Microsoft announced a special one-time cash award for employees, adding an extra 10-25 percent to their annual bonuses for the recently completed fiscal year. This gesture is aimed at recognizing the significant contributions and achievements of its workforce. In a companywide memo from Kathleen Hogan, chief people officer at Microsoft, employees were informed that executives would not be eligible for this bonus. The company is prioritizing higher percentages for employees at lower levels to ensure a fair distribution. The special one-time cash award will be available to all employees in levels 67 and below, including hourly and equivalent positions. The special cash awards are set to be distributed in September based on their fiscal year 2024 impact. Hogan emphasized the collective effort...
Intel will lay off 15,000 people as the chipmaker attempts to rebuild its business.
Intel is making significant efforts to reduce costs, including a plan to reduce its workforce by at least 15 percent. This could mean laying off over 15,000 employees, resulting in an estimated cost savings of around $10 billion by 2025. The company, which currently has a workforce of at least 125,000, estimates that the headcount reduction could impact up to 19,000 employees. In addition to the layoffs, Intel is also planning to cut spending in research and development, as well as marketing, by billions annually for the next two years. The company will reduce capital expenses by 20 percent this year, discontinue “non-essential” work, and review ongoing projects and existing equipment to eliminate unnecessary expenditure. This downsizing was announced to employees via an intern...
Disney Entertainment Television to let go 2% of the workforce
Walt Disney is laying off employees in its television unit. This will result in a reduction of two percent of the workforce at Disney Entertainment Television, which is about 140 employees. National Geographic will also see a reduction in its team by 13 percent. The layoffs are a cost-cutting measure and will impact ABC-owned television stations, Freeform (the cable channel), Disney’s linear networks, unscripted, marketing, and publicity. National Geographic will experience the highest number of job cuts, with about 60 roles being eliminated. The cable network industry is facing declining viewership, and the streaming business has become increasingly competitive. Disney’s CEO, Bob Iger, announced the plan to streamline operations in February 2023 amid economic uncertainty and pressur...
GM introduces new performance evaluation for 53,000 employees in the US
General Motors (GM) is revamping its performance evaluation system for salaried employees in the US. The objective is to reward high performers and encourage low performers to either improve or leave. Under the new strategy, the top 5% of employees will receive 150% bonuses, an increase from the previous system. This change will also aid the company in attracting and retaining the talent necessary to achieve its ambitious goals as it shifts towards electric vehicles. The updated performance-ranking system, outlined in an internal memo, introduces a five-scale evaluation range. The rankings range from ‘significantly exceeds expectations’ to ‘does not meet expectations’, and bonuses are tied to these rankings. This adjustment affects approximately 53,000 salaried empl...
TVS Mobility has announced an employee exchange initiative with Mitsubishi.
TVS Mobility, the holding company managed by the T S Rajam family, has signed a Memorandum of Understanding (MoU) with Mitsubishi Corporation (MC) to launch the TVS Mobility Mitsubishi Employee Exchange Programme (TMMEEP). This initiative aims to enhance skills, promote mutual growth, and train the next generation of leaders. Under the agreement, employees from TVS Mobility will be hosted by MC Japan and its partners for skill development and training, with a primary focus on the automotive and mobility sectors, including inspection in auctions and service mechanics. Conversely, TVS Mobility India will host employees from MC, providing them with insights into digital deployment in the aftermarket business and supporting the growth of the independent aftermarket. This initiative is designed...
Nike’s difficult year intensifies as job layoffs exceed estimates
Nike is facing a tough year, and recent government filings reveal that the company has seen more job cuts than expected. Reports submitted to the SEC on July 25th showed that Nike’s workforce has reduced by 4,300 employees compared to the previous year, exceeding the approximately 1,600 layoffs announced in February 2023. Initially, Nike had planned to cut two percent of its staff, but the filings show that its workforce is now five percent smaller than it was last year. This significant reduction has had a notable impact on Nike’s operations and stock performance. The recent job cuts have particularly affected top-level employees, with 40 percent of the cuts impacting vice presidents, directors, or senior directors, totaling 318 out of 700 job losses. Furthermore, Nike’s stock...
Daimler Truck announced an Job freeze and decreased hours in Germany.
Daimler Truck has announced measures to address reduced demand in its European and Asian markets. The truck and bus maker will implement reduced working hours and a job freeze for employees in its truck-making business in Germany. Short-term work will start in September, with further cost-cutting measures under discussion. This reduction in working hours will specifically affect employees at truck manufacturing facilities in Germany, while the bus division remains unaffected. Although job cuts are not currently planned, there will be no new hiring. The company’s first-half total orders, an indicator of future sales, dropped by 10 percent compared to the previous year, totaling 198,376 units. This decline is attributed to weakened demand in key truck markets, particularly in Asia and Europe...