The company has decided to take this action on the defense and space division. About 35 thousand employees work in these divisions. The company says that due to rising costs and delays in defense projects, this tough decision has to be taken. Airbus’s main rival Boeing has already announced big layoffs.

Space division will be worst affected

Airbus is a leading European aircraft manufacturing company. AFP and Bloomberg have claimed, citing sources, that the Space Division will be most affected by this decision. This also includes fighter aircraft and cyber security operations. At present, Airbus has refused to say anything about this. According to the report, Airbus is spending about $980 million on its programs in the space sector. The company is now facing difficulties in taking these programs forward. In such a situation, all options including restructuring are being considered.

17,000 employees will be fired from Boeing

According to the report, Airbus is also in talks with the employee union regarding this layoff. Airbus is known for passenger and cargo planes. However, it also has defense, space and helicopter divisions. Recently, Boeing had announced a 10 percent reduction in its global workforce. Due to this, about 17 thousand employees will lose their jobs. The company has suffered huge losses due to the strike. The employees of the company are on strike demanding better salary and pension. Apart from this, the company is already facing serious allegations related to the quality of its planes.

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Edtech unicorn Physicswallah has fired around 120 employees on the basis of performance review. This is the first case of layoff in that company. Which has achieved the Unicorn tag last year. PW’s CHRO Satish Khengre said that we regularly assess the performance of the company in the mid-term and end-term period. In the cycle ending in October, less than 0.8% of our workforce i.e. 70 to 120 such people have been shown the door. The company has decided on layoffs to cut costs.

Retrenchment on one side, vacancy on the other side

While on one hand employees have been laid off in Physics (PW), on the other hand it has also been said that 1000 people will be hired in the coming time. The Chief Financial Officer has told Economic Times that the company is working on its growth plan in the next 6 months.

After which about 1000 people will be given jobs in the company. YouTuber Alakh Pandey founded the company in 2020. In this year 2023, the company has become a unicorn. PhysicsWala had raised $100 million from Westbridge Capital and GSV Ventures at a valuation of $1.1 billion.

Company’s revenue increased 10 times in FY22

The company’s operating revenue increased 10 times to Rs 232.5 crore in FY22. It generated a profit of around Rs 100 crore, making it the largest and only profitable edtech start-up in India. Physicswala’s standalone operational revenue jumped 9 times to Rs 232.48 crore. The move comes after the company in January this year said it planned to hire 2,500 employees across multiple roles in that quarter.

Many other companies also included in the list

This is not the first time that layoffs have taken place in a company related to the education field. In fact, before this, companies like Byju’s, Unacademy, Vedantu, Cuemath, and Teachmint have also done layoffs. These companies have laid off more than 10,000 employees in the last two years due to funding problems. Now the name of Physicswallah has also been included in this list.

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This move comes at a time when the company has appointed Arjun Mohan as the new CEO. The impact of this retrenchment is going to be more on senior officers, which will reduce the costs of the company.

The source giving information about this retrenchment said that this will mainly be the retrenchment of contract employees along with employees who fail in performance based work. The senior officer said that some people from his team will be affected. However, no one has been formally removed yet.

When will the layoffs take place?

The layoff process is likely to begin at the end of this week or early next week. The official said that the layoffs are being done due to financial problems and it will be completed by the end of October.

There will be layoffs from here too

According to media report, Byju’s is also reducing the overlap between its online and offline employees as well as its regional selling office employees. Out of 19 regional offices, the company will now have offices at only four-five places.

What did the company say about the CEO

It is noteworthy that the company named Mohan as the new India head on September 20. Mohan is a former Upgrade executive who previously worked at Byju’s. Will be responsible for more than 75 percent of the company’s revenue. This layoff is being done a month after his joining. According to a statement from Byju, the company’s new India CEO Arjun Mohan will complete this process in the next few weeks and lead a new and sustainable operation.

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