According to Economic Times, Ola Electric is preparing to downsize its workforce by approximately 400-500 employees across various departments.
This restructuring initiative is slated to unfold over the forthcoming weeks as part of a broader strategy to trim operational expenditures in anticipation of the company’s impending initial public offering (IPO).
However, the precise extent of the workforce reduction remains subject to adjustment, as Ola Electric is currently assessing and finalizing the magnitude of the layoffs.
The reported layoffs show the organization’s efforts to streamline its operations and bolster its financial position ahead of its IPO. Â
Other Companies Layoffs
Indeed plans to layoff approximately 1,000 employees, constituting around 8% of its workforce to streamline its organizational structure.
Tesla has disclosed intentions to lay off 6,020 workers in Texas and California, aligning with its strategy to tackle waning demand and shrinking margins. Toshiba to Cut 5,000 Jobs and on the other hand, and Google will also layoff employees.
In March, Zee Entertainment initiated cost-cutting measures, slashing 50% of its tech team at the Bengaluru innovation center following the failed merger with Sony.
In January, Citigroup was expected to cut at least 20,000 jobs over the next two years as it reported its worst quarter in 14 years.
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In 2024, the companies may resort to layoffs for various reasons including Financial Challenges, Restructuring, Technological Changes, Technological Changes, and Performance Issues.
So far in 2024, there have been 585 layoffs at tech companies with 141,746 people impacted (914 people per day). In 2023, there were 2,001 layoffs at tech companies and 428,836 people impacted (1,175 people per day).
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