Stellar Value Chain Solutions to hire 300 engineers per yearTo move away from the industry practice of mass hiring just ahead of the festive season in a bid to cater to enhanced demand, Stellar Value Chain Solutions will recruit 10,000 individuals, including engineers and diploma holders, in a staggered manner, as it expects a steadier market this year.
Xiaomi reportedly cut 900 jobs as 'revenue troubles in India and China hurtEconomic uncertainty seems to be hurting Chinese smartphone brand Xiaomi. According to the South China Morning Post, the company has cut 900 jobs. The job cuts come as the company saw a 20% fall in its global revenue during the June quarter. Xiaomi posted a steep drop in second quarter revenue as the world's biggest smartphone market shrank, hit by strict Covid restrictions. The company's trouble seems to be both in India and its home country, China.
US-based e-commerce giant cuts 900 jobs: Read CEO Niraj Shah's open letter on layoffsUS-based E-commerce company Wayfair is cutting nearly 900 jobs, or about 5% of its global workforce. In a regulatory filing with the US Securities and Exchange Commission (SEC), the online furniture provider said that on August 19, 2022, "Wayfair announced a workforce reduction involving approximately 870 employees in connection with its previously announced plans to manage operating expenses and realign investment priorities." CEO Niraj Shah wrote in an open letter to employees about the job cuts. In the letter, Shah said, the layoffs were a "difficult decision" resulting from Covid-19. Here's the letter as it appeared on the company's website.
How TCS case may change companies' approach to mass job cuts in IndiaEarlier this month, the Principal Labour Court in Chennai, under presiding officer C Kumarappan, asked India’s largest IT services provider by revenue to reinstate Thirumalai Selvan Shanmugam with continuity of service, back wages and all other attendant benefits after a seven-year trial.