BYJU'S fires over 400 employees after performance review: Report
Edtech giant BYJU'S has laid off employees from its mentoring and product expert divisions. According to Moneycontrol, over 400 staffers were affected in the latest round of layoffs at the embattled start-up. The company, however, claims only 100 were fired. The company said they were let go as part of a performance review. Multiple employees reportedly said they were asked to resign by the firm on August 17.
Affected employees did not meet expectations: BYJU's
Those asked to resign were offered their August and September salaries as their final settlement. However, those who refused to resign were terminated immediately and were offered salary payment only up to August 17. The final settlement of dues is expected within 90 days of the layoffs. BYJU'S said the affected employees "did not meet expectations after a performance improvement plan." The start-up reiterated that job cuts were "not in any way a cost-cutting endeavor."
Employees who refused to resign were warned of potential consequences
Employees who chose termination over voluntary resignation were warned of potential consequences, such as being labeled as laid off due to performance issues when contacted by other companies. The HR reportedly told employees their email addresses will be deactivated soon and asked them to download important documents. BYJU'S has faced numerous challenges, including missed deadlines for term loans, delayed audited financial filings, and a prolonged fundraising process. Since 2022, the company has laid off around 5,000 employees.
