A performance improvement plan for 200 employees in February this year followed by a string of resignations by top executives recently – the sudden unrest brewing inside Snapdeal certainly shows not all is well within the company.
Further validating this, credible sources from within Snapdeal have now confirmed to Business Insider that it is likely to show the door to several of its employees soon. The news has spread within the nooks and corners inside the company, and several employees who we got in touch with, say they are not happy with the way things have been unfolding in the past few months.
Sources tell us that a layoff plan is certain, but it’s still not clear as to how many employees could be asked to leave and by when.
However, unlike February when Snapdeal put 200 employees on a performance improvement plan which forced several to quit, but the company washed its hands off saying they didn’t sack anyone, sources say, this time around there will be no cover for them to take shield under because Snapdeal is looking at undertaking massive layoffs any time this year.
Even as several reasons are being speculated for mulling to take this extreme step, as per sources, the Gurgaon-based company reportedly is wanting to cut costs, and therefore cracking the whip on its poor performers. It’s also being said that it is finding itself under tremendous pressure to keep its lead in the online marketplace segment where it’s facing stiff competition from its rivals Amazon and Flipkart India.
Meanwhile, reacting to a story published by Economic Times earlier today regarding the company’s restructuring plans, Snapdeal denied reducing operations in any of its regional offices.
A company spokesperson said: “Snapdeal strongly denies the ET report (dated 27 May, 2016) about Snapdeal reducing operations in any regional office, the report is baseless and misleading. We are witnessing strong growth across all our markets in the country. Our campus in Gurgaon and regional offices in 8 cities are staffed by highly experienced teams, who continue to drive excellence and growth in our business. We have recently added more members to our Mumbai and Bengaluru offices and we are in the process of doing the same at Chennai.” Matt Beleskey JerseyShare This