New Delhi: Due to the ongoing global financial crisis, several companies have already chosen to lay off their employees. Following the path, food delivery company Zomato has also decided to lay off workers to manage costs. As per reports, Zomato has started laying off about 3 percent of its employees. A company spokesperson said, “3 percent of the workforce will be retrenched under general retrenchment rules.” An employee of the company said, “About 100 workers are reported to have been affected in the incident. Preparations for the retrenchment have been underway for about two weeks.”
Notably, Zomato co-founder Mohit Gupta also announced his resignation on Friday. Meanwhile, the prospect of layoffs has gripped workers’ heads. Needless to say, various private companies are opting for retrenchment as the profit is less than the cost. As a result of the covid pandemic, the economy of the whole world has been greatly affected. After overcoming the pandemic, private companies are gradually returning to a normal rhythm. However, in most cases, the company’s expenses are more than the profit.
Needless to say, Microsoft, Snapchat, Meta, and Twitter have recently sacked employees to cut costs. Twitter and Elon Musk have been in the news recently for laying off thousands of employees. On the other hand, Mark Zuckerberg, CEO of Meta, announced the layoffs by apologizing to the employees because the costs were higher than the profits. Another e-commerce giant Amazon also decided to lay off 10,000 of its workers. However, as a result of these layoffs, the workers who have lost their jobs have fallen into dire straits. The rest are starving in uncertainty. The future seems to be in the dark for most of them.