With the season of mass layoffs here, it is not just the big tech companies affected by them. Similar to them, even layoffs at start-ups have become common. The latest to join the list are the Innovaccer layoffs that have reportedly impacted close to 15 of the workforce.
According to a report in Livemint.com, the healthtech start-up, backed by Tiger Global has laid off 245 employees which make up almost 15 per cent of the company’s workforce. While the reasons for these mass layoffs are being seen similar to other companies’, Innovaccer has said that it did this as a part of the corporate realignment process.
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“We are taking the much-needed step of doubling down on our core capabilities and streamlining our organizational focus. As a result, we are going to deprioritize certain areas and offerings that distract us from our core portfolio, which will result in a reduction of workforce by approximately 15%," Livemint.com quoted the company’s co-founder and chief executive Abhinav Shashank as saying.
The report adds that the layoffs at Innovaccer have taken place across the company. In addition to this, the company is also expected to offer severance packages to all the laid off employees. “Our priority is to fully support the impacted employees, including by offering a generous package, transitional health insurance benefits, and job placement support,” Livemint quoted an Innovaccer spokesperson as saying.
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Not just Innovaccer but several other start-ups like Swiggy, Byju’s and so on have laid off employees in this season of mass layoffs. As per experts, these lay off trends are also expected to continue in 2023.
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