The tech behemoth BYJU’s CEO, Byju Raveendran, has apologized to his staff for the most recent layoffs. He sent an “I’m sorry” email a few days after the business said it would reduce its 50,000-person staff by 5%, or 2,500 workers, by March of the following year to minimize expenses. About 100 employees from BYJU’s media content section in Kerala were recently let go. In the email to staff members, Mr. Raveendran said that due to unfavorable macroeconomic variables, BYJU’s had been forced to concentrate on sustainability and capital-efficient growth.
“I know that following this profitability route comes at a high cost. I sincerely apologize to anyone who will have to leave BYJU’s; I feel terrible for them. I seek your forgiveness if this process is not as smooth as we had intended. While we want to finish this process smoothly and efficiently, we don’t want to rush through it,” the CEO said in the email, according to the news agency PTI.
He emphasized that the overall employment losses did not account for more than 5% of our workforce and that he did not view them as layoffs but rather as time off.
According to Mr. Raveendran, rehiring the fired workers will be the company’s first priority as it restructures.
“Now, my first aim is to win you back by placing our business on a road of sustainable expansion. I’ve already given our HR directors the go-ahead to continuously make all the recently formed pertinent jobs available to you, “According to Mr. Raveendran’s email.
One hundred employees at BYJU’s were let off last week, and their representatives met with Kerala’s general education and labor minister, V Sivankutty, last week. Sivankutty said on social media that his ministry would take the matter seriously and launch an investigation.
In response to Kerala Ministers’ social media post, the company’s representative stated that BYJU’S’ restructuring procedure was fair and compassionate while carefully adhering to the terms of employment contracts.
India’s most valuable startup is BYJU’s. The business posted a loss of 4,588 crores for the fiscal year that ended in 2021 while clocking 2,428 crores in sales, making it the most loss-making startup in the nation.
