1.
Snapchat
& Fi announce workforce reductions as part of restructuring
Snapchat
plans to lay off about 150 employees in its AR division, while Fi, the neobank,
has cut 10% of its workforce in a strategic restructuring. Snap, the parent
company of Snapchat, is reportedly planning another round of layoffs, with
approximately 150 employees expected to be affected. This move is part of a
restructuring exercise within within Snap’s augmented reality (AR) division,
marking the second round of layoffs this year. Snap has faced financial
challenges and investor concerns, leading to these job cuts. However, it’s
important to note that this round of layoffs primarily targets Snap’s AR
division and is seen as a strategic reorganisation rather than a complete shift
away from AR strategies. Evan Spiegel, CEO, Snap, initiated significant layoffs
in 2022, affecting 20% of the workforce, as the company grappled with slower
revenue growth and a changing market landscape. While Snap’s revenue for Q2
this year improved compared to the previous quarter, it remained lower than the
same period last year. In Q1, the company experienced its first drop in revenue
since going public, with a seven per cent decrease in sales.
Neobank,
Fi has cut its workforce by 10 per cent, letting go of 30 employees as part of
a strategic restructuring. This makes it the second neobank, after Open, to
conduct layoffs this year. The bank’s restructuring reportedly aims to refocus
on key growth areas, enhance core product features, streamline operations and
make the future more sustainable. The departing employees will receive
comprehensive support, including several months of severance, extended
healthcare coverage and prolonged ESOP vesting.
2.
Indian aviation agencies
undergo significant workforce expansion
The
DGCA, overseeing civil aviation, is expanding its workforce with 416 new
positions, of which 114 are already filled by qualified professionals for
enhanced safety and compliance. The Ministry of Civil Aviation (MoCA) has
introduced a range of initiatives to strengthen the institutional framework and
enhance the workforce in critical aviation organisations, incluidng the
Directorate General of Civil Aviation (DGCA), the Airports Economic Regulatory
Authority (AERA), and the Airports Authority of India (AAI), according to
officials. The DGCA, which oversees and regulates civil aviation in the
country, is in line to receive a substantial increase in its workforce. A total
of 416 new positions have been created within the DGCA, marking a significant
stride in ensuring safety and adherence to regulations within the aviation
industry. This expansion is being implemented gradually, with 114 of these
positions already occupied by qualified professionals.
3.
5-day
work-from-office for TCS staff starting 1 October
The
work-from-home policy has been discontinued. Tata Consultancy Services (TCS)
has discontinued work from home for its employees. It has put an end to the
hybrid work model too by mandating that employees work from office five days a
week starting 1 October 2023As per media reports, those who were earlier coming
in to office thrice a week will have to start coming in five days. There is no
choice given in the matter. Earlier this year, TCS had issued a warning to its
employees to comply with the company’s work-from-office policy, apart from
asking them to work in the office for three days a week. It made it clear that
strict action would be taken if they failed to follow the rules.
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