BookMyShow lays off 270 employees, rest to face 10-50% pay cuts
The company will pay two months severance pay to those who will have to part ways with the organization irrespective of their notice period or service tenure.
Online events and tickets booking platform, BookMyShow has trimmed 18% of its workforce, nearly 270 employees globally and in India, company founder and CEO, Ashish Hemrajani said in a blog post.
The company has an employee base of 1450. The company will pay two months severance pay to those who will have to part ways with the organization irrespective of their notice period or service tenure.
"To take care of all those who will be impacted, we have tried to do our best to offer financial support, continued health insurance cover and outplacement support to try and make this slightly less painful and ease the burden for employees and their dependents," the BookMyShow CEO added.
The rest of the employees will take pay cuts in the range of 10-50%, besides voluntarily giving up their bonuses and salary raises.
The firm has cut all other expenses and renegotiated with vendors, partners and landlords and after exhausting all other cost-saving measures, we have taken this decision as a last resort, Hemrajani added.
Focused mainly on providing its customers an out-of-home experience, BookMyShow has been offering free digital content service since the lockdown began as people stayed indoors.
Hemrajani said that the company now aims to futureproof its business as well as work in close coordination with the vendors and partners to provide a safer outdoor entertainment experience.
On Wednesday, ride-hailing platform, Uber said that it will trim one-fourth of its workforce, nearly 600 employees as part of the retrenchment move announced by CEO Dara Khosrowshahi earlier.
Besides Uber, top firms including Ola, OYO, Swiggy, Zomato, We Work, CureFit, Udaan, Share Chat have laid off thousands of employees in India and globally as revenues dropped by more than 60% due to the COVID impact.