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Workforce Reduction

Google Introduces Voluntary Buyouts Amid Ongoing Cost-Cutting Measures

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In its continued efforts to streamline operations, Google has initiated a new round of voluntary buyouts for employees across multiple departments, including search, advertising, research, and engineering, according to both company sources and media reports. Although the exact number of employees affected remains undisclosed, this move marks an expansion of a voluntary exit program that was previously rolled out to certain U.S.-based teams earlier this year. Google spokesperson Courtenay Mencini confirmed that additional teams have now joined the initiative, which includes severance packages aimed at supporting the company’s strategic priorities going forward. In a related development, the tech giant is also encouraging remote employees living near Google offices to transition to a hybrid work model. “This is part of our ongoing effort to foster more in-person collaboration,” Mencini noted. The latest restructuring step follows Google’s larger workforce reduction in 2023, when the company laid off approximately 12,000 employees in response to declining demand for online services post-pandemic. Source: Associated Press  

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SolarEdge Technologies Announces 16% Workforce Reduction Amidst Strategic Operational Adjustments

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In a strategic move to streamline operations and cut operating costs, SolarEdge Technologies announced on Sunday that it will be implementing a significant workforce reduction, affecting approximately 16% of its global workforce, or roughly 900 employees. This decision comes on the heels of the firm’s recent strategic shifts, including the discontinuation of manufacturing operations in Mexico, a reduction in manufacturing capacity in China, and the termination of light commercial vehicle e-mobility activity. CEO Zvi Lando explained the rationale behind the tough decision, stating, “We have made a very difficult, but necessary decision to implement a workforce reduction and other cost-cutting measures in order to align our cost structure with the rapidly changing market dynamics.” The renewable energy company had previously adjusted its fourth-quarter revenue expectations in November, citing weak demand for its solar inverters. The solar industry, particularly in Europe, has experienced a slowdown over the past year due to excess inventories and weakening demand. In the United States, factors such as higher interest rates and a metering reform in California, the country’s largest solar market, have contributed to lower demand for solar products. SolarEdge’s strategic measures reflect the company’s proactive response to the evolving dynamics of the solar market, aiming to position itself effectively in the face of challenges. The announcement underscores the broader trends and challenges within the renewable energy sector, as companies navigate market shifts and seek to optimize their operations in a rapidly changing environment.

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Capgemini Witnesses a Sharp Decline in Offshore Headcount, India Heavily Impacted

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French IT company Capgemini has seen a significant reduction in its offshore workforce, with a decline of 14,600 employees in the September quarter. This reduction has notably affected its operations in India, where it had 185,000 employees, accounting for less than half of its total workforce of 342,700. It is estimated that Capgemini’s headcount in India may have decreased by nearly 7,000 employees during this period, following the addition of 35,000 people in the previous fiscal year. The offshore headcount of Capgemini has decreased by 7% to 196,000 employees in the September quarter, while its onshore workforce decreased by 1,100 employees. Capgemini’s CFO, Carole Ferrand, emphasized the company’s focus on efficiency and optimizing its talent base, especially in offshore locations, after a period of intensive hiring and high attrition. She mentioned that attrition rates have now cooled down to 18.6% over the last 12 months, aligning with the company’s nominal operating ranges. When contacted for a statement, Capgemini’s spokesperson explained that the company had adopted a stable hiring approach due to the challenging economic environment. They highlighted a focus on investing in new skills, fostering innovation, and expanding the portfolio. Capgemini, however, did not disclose its current headcount in India following the reduction in offshore employees. Capgemini’s CEO, Aiman Ezzat, mentioned the company’s plans to expand its workforce in data and AI, business, and technology talent, aiming to double the team to 50,000 people in the next three years. The company also intends to train over 100,000 employees in genAI-specific tools within the next 12 months. In terms of financial performance, Capgemini reported a 2.3% year-on-year revenue increase in constant currency for the September quarter. However, revenue in the North America region declined by 4%, attributed to the challenging economic environment and a gradual deceleration scenario for 2023. Ezzat emphasized the importance of the transition to a digital and sustainable economy for Capgemini’s clients and highlighted the increasing demand for generative AI. The company’s genAI campus has been launched to provide training for employees, aligning with its 2 billion euros investment plan to strengthen its presence in this field.

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Byju’s Announces Major Workforce Reduction: 4,000 Employees Impacted in Restructuring Drive

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Byju’s, the edtech giant, is undergoing a significant restructuring that will result in a reduction of its workforce. Approximately 4,000 employees, or 11% of its current 35,000-strong workforce, will be affected by these layoffs. The restructuring aims to simplify the company’s operational structure, cut expenses, and improve its cash flow to ensure long-term sustainability. This process is expected to be completed within the next few weeks Byju’s has witnessed several senior-level departures in recent months. The layoffs will primarily impact the parent company, Think & Learn, and will not affect its subsidiaries. Arjun Mohan, the newly appointed CEO of Byju’s India business, is overseeing the restructuring with the full knowledge of the firm’s investors. Over the past year, Byju’s has already laid off 7,000 employees, including about 600 from its group companies, WhiteHat Jr and Toppr, in an effort to achieve cost efficiency. The company is also exploring options to repay a $1.2 billion loan and may need to sell two of its businesses to stabilize its financial situation. However, the anticipated sale is expected to generate only around $800 million. In June of this year, Byju’s implemented a significant reduction in its workforce, affecting approximately 1,000 employees across various departments, including mentoring, logistics, training, sales, post-sales, and finance. The company now faces the challenge of meeting its loan repayment commitments to lenders while also seeking additional capital through fundraising efforts.

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Chargebee Announces 10% Workforce Reduction Due to Market Shifts

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Chargebee, attributing market changes as the primary driver, has decided to lay off approximately 10% of its global workforce. This workforce reduction is expected to impact around 100 to 120 employees across various departments within the company. Chargebee now aims to focus on its upcoming phase of more streamlined expansion, which entails restructuring and concentrating on specific key objectives. Furthermore, in light of ongoing technological advancements and market dynamics in the industry, Chargebee will place greater emphasis on enhancing its customers’ experience and refining its core products. The company is committed to providing severance packages to departing employees and will adhere to labor laws applicable in their respective countries. This move follows a previous round of staff cuts at Chargebee in November 2022 when the company cited economic challenges, resulting in the separation of approximately 142 employees, equivalent to roughly 10% of its workforce at that time. Established in 2011 by Krish Subramanian, Rajaraman Santhanam, Saravanan KP, and Thiyagarajan T, Chargebee is a revenue management platform that streamlines revenue operations for SaaS businesses. As a unicorn company, Chargebee serves a client base of over 4,000 companies, including notable names such as Okta, Freshworks, and Calendly. In its most recent funding round, the company successfully secured $250 million, led by the US-based hedge fund Tiger Global and Peak XV Partners (formerly known as Sequoia Capital India). To date, Chargebee has raised nearly half a billion dollars in funding through multiple financing rounds.

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