In mid of the layoff wave, Walmart-owned e-commerce giant, Flipkart will not give salary hikes to its nearly 4500 senior employees this year.
Flipkart will be providing an annual increment of salaries to only 70 percent of its employees. The company is not providing increments for the top 30% of employees due to the current macroeconomic situation. The company’s Chief People Officer, Krishna Raghavan, informed employees about the decision.
“Given the current macroeconomic situation, we want to be prudent in managing our resources while keeping our employees’ best interest in mind,” Krishna Raghavan said in the email.
According to the Money Control reports, Flipkart said in a statement, “Given the current macroeconomic situation, we want to be prudent in managing our resources while keeping our employees’ best interests in mind.”
“In line with this, about 70 percent of our employee base will continue to get an increase in their compensation,” the statement added.
The statement added, “Additionally, our stock option allocation and bonus exercise will continue as is for those who are eligible.”
“We stay committed to enhancing value for all our employees through employee-centric policies, continued skilling and training programs, regular promotion cycles, wealth creation for ESOP holders, and enhanced benefits, including medical insurance”, the statement added.
Recently, among other top two employers, Amazon corporate is likely to cut the salary of some employees by 50 percent. The stocks of Amazon have declined by 35% declined this year. According to the report, this will result in a reduction in the salaries of the employees by 15% to 50%.
Also, Meta (formerly named Facebook) has given poor performance reviews to around 7,000 employees. The company has marked the employees as “subpar” in recent performance reviews. The parent firm of Facebook and Instagram also got rid of a bonus metric.