BYJU’S lays off 100 employees after performance review process
While BYJU’S has acknowledged the development, multiple reports note that the edtech company has made staff reductions of over 400 individuals within the mentoring and product expert areas.
As part of a performance review process,has let go of about 100 employees in a fresh round of layoffs.
While the edtech major has acknowledged the development, multiple reports reveal that the Bengaluru-based company has made staff reductions of more than 400 individuals within the mentoring and product expert areas.
“As part of a periodical performance review, 100 individuals who did not meet expectations after a performance improvement plan, were let go with proper procedures. Please note, this measure is firmly rooted in performance-based considerations and is not in any way a cost-cutting endeavour,” a BYJU'S spokesperson said in response to YourStory's queries.
These performance-related dismissals have come a few months after the company initiated workforce reductions, which affected over 1,000 individuals. Since last year, BYJU'S has undertaken several job cuts as part of its ongoing cost-cutting initiatives.
However, it noted that it has onboarded new employees in recent months. “There are no fresh layoffs in the post-sale division. In fact, during the past two months, as part of our commitment to augmenting this division, BYJU'S has recruited 200 new professionals,” the spokesperson stated.
This development follows the recent appointment of Richard Lobo as an exclusive advisor to BYJU’S earlier this week. Lobo, former EVP and Head of Human Resources at Infosys, was hired to help the edtech company transform its HR function and strengthen its employee-centric culture.
Meanwhile, post the pandemic-led edtech boom, BYJU’S continues to face several challenges, including delays in filing financial statements, conflicts with lenders over a $1.2-billion term loan B, and a dispute with US-based investment fund Davidson Kempner regarding its test prep unit Aakash.
In FY21, the edtech giant reported a loss of Rs 4,564.38 crore, significantly larger than its FY20 loss of Rs 305.5 crore.
The edtech company had said that the FY22 audit is expected to be completed by the end of September, while the FY23 audit is slated to be concluded by the end of December.
Edited by Suman Singh