Swiggy – India’s largest online food ordering and delivery platform company has announced to Layoff 350 employees as Covid-19 continues to impact its Business.
Everything about Swiggy Layoff 2020
1. Why is this Swiggy Layoff happening?
Swiggy’s core business is food delivery and due to COVID-19, which hit the food and hospitality segment severely, leading to multiple restaurants shutting down and order volume going down for online food delivery, Swiggy experienced a significant slowdown in the Business.
Though the economy is recovering, the company did not earn much between March 2020 – May 2020 and this layoff is the Swiggy’s strategy to control expenses and realign its focus on the Business.
As per Swiggy, “With the Food Delindustry still only having recovered to about 50% of its peak, we have unfortunately had to go ahead with this final realignment exercise with the net loss of 350 jobs.”
2. How many employees Swiggy will layoff?
A total of 350 employees will be laid off by Swiggy.
3. What Level or which unit is impacted by this Swiggy Layoff?
There is no specific grade or Level; these 350 employees are across grades and functions.
Fired employees are from various departments and units, including Operations, Marketing, Cloud Kitchen, and Product teams.
4. Is there any care package or severance package for layoff employees?
Yes, Swiggy is providing below benefits as a care package to its laid-off employees:
- 3 – 8 months of salary based on tenure
- Accelerated vesting of employee stock ownership plans (ESOPs); Swiggy employees can gain access to their restricted stock units
- Covered Life and Health Insurance for employees and their family members until December 2020
- Employees can keep the company allocated Laptops with them
- Skill development resources and job placement and counseling services
5. How many Swiggy Layoffs this year?
- In May 2020, Swiggy laid-off 1,100 employees
- Now Swiggy is laying off 350 employees
- The company said this would be the final restructuring exercise, and there will be no further layoff or firing this year
It looks like Covid-19 pandemic layoffs aren’t quite yet over for Indian Unicorns. Not only Swiggy fired 350 people due to Covid’s impact on Business, but there are lots of startups who are laying off their employees.