PremiumEdtech platform Byju's on 2 November decided to revoke it plan to shut its operations in Thiruvananthapuram after meeting with Kerala Chief Minister Pinarayi Vijayan.
Apart from dropping the layoff plan and relocation of 140 employees at one of its offices in Kerala, Raveendran announced plans to hire 600 people in the state. The company has around 3,000 people employed in Kerala.
The following update arrives as the firm's co-founder and chief executive Byju Raveendran on 31 October had written an emotional mail to the 2,500 employees saying he is planning to layoff employees as a part of measures to ensure sustainability and capital-efficient growth due to adverse macroeconomic factors.
On 25 October, 170 Byju's employees approached the Kerala labour commissioner K Vasuki claiming that a verbal request for a forced resignation by the company. While, several media reports stated that the company had offered the laid off employees to relocate to Kochi or Bengaluru.
Commenting on the layoff, Raveendran said he is truly sorry to those who will have to leave the company, adding that sackings break his heart too. He also sought forgiveness if the process is not smooth for the employees.
"I seek your forgiveness if this process is not as smooth as we had intended it to be. While we want to finish this process smoothly and efficiently, we don't want to rush through it," PTI had quoted Raveendran as saying.
Raveendran said some business decisions have to be taken to protect the health of the larger organisation, maintaining the decision did not reflect their (employees) performances and assured them support in their transition.
The exit package for the sacked employees included extended medical insurance coverage for family members, outplacement services, fast-track full-and-final settlement, and a special provision to allow them to look for jobs while on the payroll.
With PTI inputs.