Sunday, February 5th, 2023

Music company Spotify announces layoffs after Google, Microsoft, 6% people will be employed


Photo: File Spotify announces layoffs, 6% people will be out

Music Company Spotify: Google, Microsoft After the music company Spotify has announced layoffs. Different companies in the country and the world are continuously carrying out retrenchments in this way. Some are calling it a step taken to see that the economic situation does not deteriorate for the future due to the loss of the company, while some are showing the way out citing the performance of the employees despite being in profit. Due to this, there has been a sudden job crisis in the market. Indian companies are also doing the same. Let us tell you, on Monday, the company has announced the removal of 6 percent of its employees or about 600 employees globally. Daniel Ek, CEO of the Swedish company, announced in a memo that he was very ambitious in investing ahead of their revenue growth.

There are so many thousand full time employees

As of the company’s last earnings report, the company had more than 9,800 full-time employees. One acknowledged, “Like many other leaders, I expected to maintain a strong tailwind from the pandemic and believed that our broader global business and less exposure to the impact of the downturn in advertising would propel us.” The company said that an average employee will receive approximately 5 months’ salary, which will be calculated based on local notice period requirements and employee tenure.

CEO gave information

The CEO added, “All accrued and unused leave will be paid to any departing employee. We will continue to cover health care for employees during their term.” All employees will be eligible for a notice period of 2 months. In October last year, Spotify reportedly shut down 11 original podcasts from its in-house studios as a part of cost-cutting and layoffs, which took place recently. Less than 5 percent of the company’s employees on the original podcast were either laid off or reassigned to the new show.

Latest Business News



Source Link

Repo Rate Hike: Why RBI hiked interest rate despite falling inflation, details of MPC meeting revealed

Photo:FILE RBI Rates The rate of inflation is coming down since the highest level in April. In the month of July, the rate of inflation decreased further, but despite this, in the first week...

Why India is the most suitable country for investment in the world? RBI governor gave this reason

Photo:PTI Why India is the most suitable country for investment in the world RBI Governor Shaktikanta Das Recently said that the foundation of the Indian economy remains strong. India’s growth rate is among the...

CNG car is giving less mileage, don’t worry, just follow these tips

Highlights: The air filter of CNG cars should be changed on time. Spark plug every 20 thousand km. Change over. Keeping the right air pressure in the tires gives good mileage. New Delhi. Amidst...