BookMyShow is laying off or Placing on furlough about 270 employees in India and globally.
For those unaware, furloughing means putting employees on leave without pay but allowing them to continue being used with the business. This enables them to continue enjoying varying benefits like health care insurance, gratuity, and more. Apart from India, BookMyShow works in four markets, as per its Site, including Indonesia and Sri Lanka
BookMyShow CEO Ashish Hemrajani disclosed the layoff in an email to the organization's employees that was also published on its blog. As previously mentioned, 270 workers across various functions will be laid off or place on furlough out of the total 1,450 workers in India and internationally. This means approximately 18% of the workforce will be impacted.
The business has not revealed the bifurcation of workers who have been put on furlough and people who are losing their jobs. Employees who are placed on leave without pay will qualify for medical care insurance, gratuity, and other benefits, in accordance with their job standards.
For BookMyShow workers who will no longer be a part of the organization will get no less than two weeks of salary, irrespective of the tenure or according to notice period, whichever is higher. They will also be provided medical insurance cover till September 30. These employees will also have continued access to this company's Inner Hour psychological health helpline program for counseling throughout the challenging period.
BookMyShow senior leadership and recruiting will also help influenced employees scout for new placement opportunities. Laid-off employees in particular teams will also receive a BookMyShow certificate highlighting specific skills that set them apart from other people, helping them add more weight to their own resume.
Hemrajani added that the present group had willingly taken salary cuts ranging from 10% to 50 percent in the leadership level, given up their bonuses, and each of salary increases. The executive said that job reductions were the company's last resort, and it attempted to negotiate with vendors, partners, and landlords to enable cost-saving steps via other means.
"Please know that this isn't a manifestation of your performance or ability in any way," Hemrajani composed in the email. "I can't imagine how stressful this may be for you and want to let you know that we're by your side and will do everything we can to assist with the circumstance."
BookMyShow becomes the latest aggregator app to lay off workers. Zomato and Swiggy declared similar layoffs as a response to the COVID-19 impact. Swiggy laid off roughly 1,100 workers and closed down most of its own cloud kitchens. Zomato announced an around 50 percent pay cut for many employees and laid off about 500 employees.
BookMyShow is the very first entertainment-focused program to have announced layoffs, and its revenues are impacted mainly because it survives on out-of-home entertainment. With theaters and stadiums not opening any time soon, the business has to accommodate to the new perspective to stay applicable even in the post-COVID era.
0 Comments