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Swiggy, Vedantu, and Adobe firing hundreds of employees, here is what we know

Swiggy, Vedantu, and Adobe firing hundreds of employees, here is what we know

Layoffs in 2022: It is being reported that Swiggy and Edtech firm Vedantu are firing hundreds of people. Here is everything we know so far.

Swiggy to reportedly layoff hundreds of employees. Swiggy to reportedly layoff hundreds of employees.
Story highlights
  • Swiggy is planning to fire up to 250 employees in December this year.
  • Adobe has confirmed that it has removed a small group of people.
  • Vedantu has reportedly laid off as many as 385 employees.

It seems that 2022 is the year of layoffs as many tech and other companies are sacking people to cut costs. It was recently reported that Amazon could layoff as many as 20,000 employees and reports of Adobe eliminating 100 jobs also surfaced online. Now, it is being reported that Swiggy and Edtech firm Vedantu are also sacking hundreds of people. Here is everything we know so far.

Swiggy to layoff hundreds of employees

Swiggy is planning to fire up to 250 employees in December this year, the people familiar with the matter told Economic Times. The food and grocery delivery company is also said to remove more people in the coming months. Swiggy hasn't given any confirmation on this, but has indirectly suggested the layoffs might be happening. The company says exists will take place based on the company's performance.

"We concluded our performance cycle in October and have announced ratings and promotions at all levels. As with every cycle, we expect exists based on performance," the company said.

Swiggy has already started informing employees about the layoffs because their performance was not up to the mark, as per the cited source. The company is also reportedly shifting some of its Instamart employees to save some costs. Swiggy is said to have begun the process of restructuring the teams. It is unknown whether the company is proving any type of monetary benefits to sacked employees because Swiggy is removing people on the basis of their performance.

Vedantu fired hundreds of employees

Similarly, Vedantu has also laid off as many as 385 employees, according to details revealed by Business Standard. The company reportedly reduced 11.6 percent of its workforce. This Edtech firm is firing people to cut spending costs and make more profit with existing resources because the company is running out of funds. So far, Vedantu has fired around 1,100 employees this year and it now has over 3,300 people in its company.

In May, roughly 624 employees as well as contractual workers were sacked, and around 100 people were asked to leave the company in August this year. The cost-saving measure is not just limited to employees, the company's co-founders and several other members are also part of this. They are reportedly taking a 50 percent pay cut. As part of the layoff, the company is giving sacked employees extended health benefits and some are also reportedly getting voluntary outplacement service.

Adobe sacked 100 employees

Just a few days back, it was discovered that Adobe eliminated 100 people in the sale department to reduce expenses. Though, the company did give an opportunity to those employees to find another position in any department at Adobe, the people familiar with the matter told Bloomberg.

Adobe has confirmed that it is not doing companywide layoffs like many tech giants and that it has just removed a small number of people. Adobe asserted that it "shifted some employees to positions that support critical initiatives" and that it will continue to hire for some critical roles.

Published on: Dec 08, 2022, 12:49 PM IST
Posted by: BT Siteadmin, Dec 08, 2022, 12:38 PM IST