Oyo rooms staff will work from home permanently

Recently, the CEO of Oyo announces that Oyo rooms staff will work from home permanently. This decision comes after the company quits its leased offices in Gurugram

Oyo rooms staff will work from home permanently

Currently, Oyo classifies its employees into three categories. Those are corporate employees, capability functions, and field staff.

The field staff should be working at their real estate properties full time, but the remaining two sets of employees can WFH permanently

The Cheif HR officer of Oyo says the same thing while interacting with the media. He says that the company is planning to implement a hybrid model of working from home.

The employees do not need to come to offices. They can either work from home or from the co-working spaces of Oyo. Not only Oyo but several companies are implementing permanent work from home model

Several other Indian startups like Policy Bazaar also ditched their offices in Gurugram enabling permanent WFH. Swiggy and Zomato are also considering the same

Also, read: 30% of Tech Mahindra will soon WFH permanently

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Also, read: 11000 employees resigned from top Indian companies in the last 90 days
Swiggy announces that more job cuts are happening
Google extends work from home until next June

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Companies that laid off their employees recently have started helping them out in finding jobs elsewhere

Many companies have laid off some of their employees in order to survive in the post corona crisis. Almost all the companies either have furloughed their employees or made them take a leave of absence. But some companies are still trying to help their employees by finding them jobs elsewhere

One such company is Swiggy. The hiring team at Swiggy has given 1,100 pink slips to their employees recently. Now they have started to do outplacement and find their laid-off employees new jobs. The vice-president of HR at Swiggy has said that they have recently fired their employees only to survive the impact coronavirus has caused. It was a tough call for them to fire some fo their employees. He also said that their employees are performers and they can help their new companies.

Along with Swiggy, several other companies are also doing helping their employees who are recently been fired. This list includes Uber India, Oyo, Ola, Cure.fit, ShareChat, Lendingkart, Zomato, MakeMyTrip, Airbnb. The companies only account for firing 5000 of their employees due to their revenues collapsing from 40-80%. In some sectors like hospitality, the business has completely brokedown

These companies are partnering with the outplacement services to provide jobs for the employees who have been fired recently

On the bright side, these companies are partnering with outplacement services in order to help find the employees who have been fired to get a new job. The expenses for the job searching and related activities are being taken by the companies and are not being imposed on the employees

The General Manager at RiseSmart India has said that although layoffs did happen, some of the companies are looking to hire as well. RiseSmart is a staffing company belonging to the global staffing company Randstad. This company has agreed to a partnership with Swiggy, Airbnb, and several other companies to provide outplacement services. According to data, the outplacement in the country has been growing 30% annually

The employees who are recently fired are welcoming this new process. They are hopeful that their previous company is still helping them to overcome this bad situation

The executive Vice president of TeamLease believes that new job openings have dropped drastically to one-third of the pre-COVID times. However, everyone is hoping that the situation becomes stable again

The companies are also asking their employees to update their resumes and skills to find better jobs. One such company is Swiggy. Along with this, they are also extending benefits like paying communication expenses and providing medical insurance until their ex-employees find new jobs. These companies are also offering counseling services.

Zomato has taken one extra step and created a dedicated directory for all these employees so that new companies that are looking to hire these employees can have detailed data about the skills of their employees along with their previous positions. Some of the startups are providing career counseling services and also suggesting alternative career options to the employees

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Many startups are avoiding pay cuts and jobs losses by canceling the office lease

Several startups in the country are canceling their office leases in order to survive through these tough times without any pay cuts and job losses. One such example is related to a Hindi audio content platform startup Khabri. Recently, while most of their employees are working from home and will continue to do so for some time, they had to give up their own private space at Gurugram. Most of the staff are working remotely and the majority of them have decided to continue working remotely. Hence they had to give up their space.

In the past few weeks, many companies have changed the roles of their employees to permanently work from home. The advantages are clear with this model, increase efficiency, less operational costs, and more safety. Several tech giants like Twitter allowed its employees to work from home whenever they want, TCS is planning to have 75% of its employees to work from home by 2021.

One another startup that did the same is Bizzitor. It did not renew its lease in order to prevent job cuts and salary losses. Bizzitor founder had said that they initially took this place to attract top talent and impress their clients, but with most of their employees are working from home they thought of giving away their lease. All they are looking for now is a small space, as a registered business needs a dedicated official address.

Several other startups across Mumbai, Bangalore, Gurugram are following this model to help the company prevent losses. Also, most of the staff are now preferring to work remotely.

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27.1% is the latest Jobless rate in India

Last month, when the lockdown was announced, it forced around 122 million people out of jobs in the country. This is according to estimates of a private think tank.

With the lockdown imposed, almost all the businesses in the country have been shutdown. The lockdown also pushed the jobless rate of the country to 27.1% in a week.

The most affected people due to this lockdown are daily wage workers and employees working with small businesses. This list includes hawkers, roadside vendors, workers in the construction industry, and people who push handcarts and rickshaws.

Mahesh Vyas, Cheif Executive of the CMIE has said that these numbers are outrageous. He also defined this as human tragedy as these people belong to the most vulnerable part of society.

In USA, the number of people who applied for unemployment benefits is around 30 million over 6 weeks. The situation in India is much worse as the number of people unemployed / affected by this lockdown is almost 4 times the number of the US. With the extension of lockdown, this data could get much worse.

During the first stages of lockdown, it has hit the daily labor, the most vulnerable part of society. Gradually it has started affecting the most secure jobs as well, with startups looking to layoff their employees to cut costs.

This economic crisis will be a big test for Modi. Even though the lockdown are imposed, the popularity of Modi did not decrease. His approval rating has increased from 76% to 83%, according to the latest statistics.

The jobless data is not regularly published by the government. Private surveyors like CMIE are responsible for publishing such statistics and many companies rely on the data. When the govt. last published the unemployment data back in May 2019, the unemployment rate is 6.1% from June 2018.

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Job freezes, layoffs, and salary reductions are some of the things planned by the startups of Silicon valley

Silicon Valley is getting ready for the consequences of the post corona lockdown. Some of the things planned are job freezes, salary reductions, and layoffs. M.Rangaswamy, a famous venture capitalist and entrepreneur has said that many IT startups of Silicon Valley may follow this way. But this could be different with the tech giants like Facebook, Google, etc.

The startups are making sure that they have enough cash to survive for the next 18-24 months, considering the current situation a poor one to raise money. Even if they try to do so, their company valuation would be very less. He said that in the next few months, the unemployment will be high in the Bay area, which happened previously in 2007. Even at that time, it didn’t happen much. But now it will be a tough period, which can be most similar to 2000.

He also said that even if the situation becomes worse like the prediction, we cannot expect half of the Silicon valley to lose jobs. It is just that 5% or mostly 10% will be unemployed. Some of the workforces might be taking a pay cut of 10%.

Companies like Google and Facebook may not do anything at all. This scenario is exclusive to startups, Rangaswamy said. The worst-case scenario with the big companies is they might freeze the hiring for some time. These big companies have enough cash to survive.

Rangaswamy also said that Indian employees with H1B visas can expect a less impact as they are already saving enough money for the businesses. He concluded by saying that unless there is a dramatic downfall of their businesses, the India IT employees can expect their jobs to be safe.

Any company which survives on tourism, travel, etc might see a huge dip in their business, according to M.Rangaswamy

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Check out the starting salaries of B-school students in India

Graduates from different premier B-schools like Indian Institute of Management(IIM’s), Indian School of Business, Xaviers Institute of Management(XLRI) are joining Indian companies which offer high salaries and lucrative packages. This year, consulting, banking, and IT sector offered some promising job offers withe salaries much above the average salaries in the country.

List of the jobs offered to students from different B-schools.

  1. IIM Calcutta ₹28 Lakh (Average salary)
    With ₹28 lakh average salary per annum, IIM Calcutta recorded its highest ever average salary for a student. 43 students out of a 439 students from IIM Calcutta received job offers with annual pay of ₹54.5 lakh. 25% of the total students from the batch received job offers which are worth more than ₹41.8 lakh per year.
  2. ISB Hyderabad₹26 Lakh (Average salary)
    ISB Hyderabad is one of the top 100 colleges in the world for MBA. Over 1300 job offers are offered to the students of ISB Hyderabad this year with an average salary of ₹26 Lakh per annum. Around 22% of the total job offers are offered by consulting firms such as Deloitte, KPMG, McKinsey & Company. E-commerce and Finance occupied a share of 25% of total job offers. Reliance Industries, Piramal Group, Aditya Birla hired various students for leadership roles from ISB Hyderabad.
  3. Xavier School of Management₹24 Lakh (Average salary)
    All the 359 students have received job offers in the first two days of campus placements. The average salary has increased from 22lakh to 24 lakh this year. Consulting at 26%, Sales & Marketing at 21% and the Banking and Finance Sector(BFSI) at 17% are the top three sectors to hire students from XLRI. Among these BFSI is the one which offered the highest domestic package with ₹50 lakh per annum. Sales & Marketing is the one which offered the highest international offer with ₹58 lakh per annum. KPMG and PwC offered the most number of job offers to the students. This year, XLRI has seen companies like Myntra, Power Finance Corporation, Delhivery, JCB and Diageo issuing offers to the students of XLRI for the first time.
  4. IIM Lucknow₹24 Lakh (Average salary)
    A total of 140 companies have visited IIM Lucknow for the placements this year with the average salary being ₹24 Lakh. The highest international offer offered at IIM Lucknow is 58 lakh per annum while the highest domestic offer is 54 lakh per annum. Africa, USA, Dubai, Qatar are some of the countries which offered jobs to the students of IIM Lucknow.
  5. IIM Kozhikode₹23 lakh (Average Salary)
    A 22% increase from last year in the placements has been seen at IIM Kozhikode with over 400 students being placed to various companies. The average salary is 23 lakh with 27 lakh being the highest salary package offered. Green energy and e-commerce are some of the sectors which offered number of jobs to the students of IIM Kozhikode. Emerging startup sector, the educational sector also hired multiple students this year along with traditional startups firms. A 200% increase in job offers from startups has been seen at this IIM and a 150% increase from the e-commerce firms, hiring around 12.5% of total students from IIM Kozhikode.
  6. IIM Bangalore
    IIM Bangalore students have received over 500 jobs in 3 days during their campus placements. A 6% raise has been observed in job offers during the latest placements drive. The average salaries of the students of IIM Bangalore remain undisclosed. A total of 147 offers are from the consulting firms. Of these, 26 are from Accenture, 23 are from Boston Consulting Group, and 20 are from Bain & Company. Information Technology offered 64 job offers, and 27 offers are given to students for technology consulting roles. Microsoft, TCS, Sprinklr are some of the leading recruiters for IIM Bangalore for technical roles this year. Amazon, Flipkart, Goldman Sachs, and JP Morgan are some of the companies to offer 74 job offers in the e-commerce sector.
  7. IIM Ahmedabad
    Around 50 job offers are issued by consulting firms such as McKinsey & Company, Boston Consulting Group at IIM Ahmedabad this year as part of placements and pre-placements. Accenture Strategy, Bain & Co., Credit Suisse, Goldman Sachs and Deloitte are some of the recruiters to offer jobs this year. Investment banking & markets, Management Consulting, Adivosry Consulting, private equity, and Venture capital & Asses management are some of the cohorts to receive job offers at IIM Ahmedabad. Simlar to IIM Bangalore, IIM Ahmedabad also did not disclose the average salaries.
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