BookMyShow is about to lay off or take about 270 employees in India and globally. Since the lockdown, due to the complete closure of theaters and stadiums, ticket companies have had to make the difficult decision to downsize. For those who don’t know, vacation means taking employees off with pay, but allowing them to continue working in the company. This allows them to continue to enjoy various benefits, such as medical insurance, honoraria, etc. In addition to India, BookMyShow operates in four markets based on its website, including Indonesia and Sri Lanka
BookMyShow CEO Ashish Hemrajani revealed the layoffs in an email to the company’s employees, which was also posted on his blog. As mentioned earlier, among the 1,450 employees in India and globally, 270 cross-functional employees will be fired or on leave. This means that approximately 18% of the workforce will be affected.
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The company did not disclose the differences between the employees who were on leave and those who lost their jobs. Employees who take unpaid leave will be eligible for medical insurance, remuneration and other benefits, depending on their employment standards.
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For BookMyShow employees who no longer belong to the organization, regardless of their tenure or notice period, they will receive at least two months’ salary, whichever is higher. They will also receive medical insurance until September 30. These employees will continue to use the company’s “Internal Hour Mental Health Hotline Service” program for consultation during difficult times.
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BookMyShow’s senior leadership and recruitment will also help affected employees find new employment opportunities. Employees who are fired from a specific team will also receive a BookMyShow certificate, which highlights the specific skills that make them unique, thereby helping them increase the weight of their resume.
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Hemrajani added that existing teams voluntarily cut their salaries by 10% to 50% in the leadership, waived bonuses, and increased their salary. The executive explained that layoffs are the company’s last resort, and that it tries to negotiate with all suppliers, partners and landlords to take other cost-saving measures.
Herm Rajani wrote in the email: “Please note that this does not reflect your performance or abilities at all.” “I can’t imagine how much pressure this may bring to you, and want you to know that we are in your And will do everything we can to help resolve this situation.”
BookMyShow becomes the latest layoff application. Zomato and Swiggy announced similar layoff plans in response to the impact of COVID-19. Swiggy laid off approximately 1,100 employees and shut down most of its cloud kitchens. Zomato announced that it would cut salaries of all employees by as much as 50% and laid off about 500 employees. Earlier this week, Uber announced the layoff of 600 employees in India, while Ola laid off about 1,400 employees in India.
BookMyShow is the first entertainment-centric application to announce layoffs, and its revenue is affected mainly because it can survive in outdoor entertainment. Since theaters and stadiums will not be open soon, the company must adapt to the new future to maintain its meaning in the post-COVID era.
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