Physics Wallah (PW), the Indian edtech start-up, likely to lay off up to 120 employees because of performance issues, the company said according to PTI. In a statement, Physics Wallah said that less than 0.8 per cent of its total workforce will be impacted due to the performance review exercise.
"At PW, we regularly assess performance through mid-term and end-term cycles. For the cycle ending in October, less than 0.8 per cent of our workforce, ranging from 70 to 120 individuals with performance concerns — may be asked to transition. Our primary focus remains on fostering a dynamic, high-performing team. We plan to hire an additional 1,000 employees in the next six months," PW, CHRO, Satish Khengre said in a statement.
The start-up has around 12,000 employees. Several edtech companies, including unicorns such as Byju's and Unacademy had hired excess staff to meet the sudden spike in demand for online classes during the Covid times.
This is the first mass lay-off that has been announced by Physics Wallah. "We deeply value the dedication of our existing employees and recognise their integral role in shaping the future of education technology," Khengre said.
Last week, US-based Amazon said that the company is undertaking a reduction in its workforce within its gaming division, as reported by Reuters. This move, constituting the second round of layoffs within a week, is part of the company's larger restructuring strategy. According to an internal memo shared with employees, the job cuts are positioned as a strategic manoeuvre to intensify efforts in areas with the highest growth potential.
Christoph Hartmann, Vice President of Amazon Games, conveyed in an email viewed by Reuters on Monday, "After our initial restructuring in April, it became clear that we needed to further concentrate our resources on the areas that are experiencing the highest potential for driving our business forward."