Really Sorry, You’re 5% Of Me: Byju Raveendran’s Retrenchment Note; Read Here
November 1, 2022: “I am truly sorry for those who have to leave Byju. You are not just a name for me. You are not a number. You are not just five percent of my company, you are five percent of me,” Byju founder and CEO Byju Raveendran said in a note to the fired employees.
Byju Raveendran, founder and CEO of edtech major Byju, said he “truly regrets” the decision to lay off 2,500 employees, however, it was done to “protect the health of the larger organization”.
While he laid off 5 percent of his workforce, Byju Raveendran said his number one priority now would be to bring them back.
“What others see as ‘layoffs’, I see as just time off. Putting our company on a sustainable growth path and bringing you back will now be my number one priority,” the Edtech founder said in an emotional farewell note to the laid-off employees.
Byju announced last month that it would cut about 2,500 jobs to cut costs and avoid redundancies. About five percent of BYJU’s 50,000-strong workforce is expected to be rationalized, it said. Byju
Raveendran also admitted in his internal e-mail that the process was not “as smooth” as the company intended.
A copy of the communication was reviewed by the Economic Times. ‘I’m really sorry’ “I am truly sorry for those who have to leave Byju.
You are not just a name for me. You are not a number. You’re not just five percent of my company, you’re five percent of me,” he said, as he instructed his HR leaders to make new roles available to the fired employees.
The 41-year-old also apologized “if the process wasn’t as smooth as we intended.” We are personally informing all affected team members with dignity, sympathy and patience.
I would like to emphasize that overall job cuts are not more than five percent of our total strength, asserted Raveendran.
Byju’s for sustainable growth While Byju’s, India’s most valuable startup, had grown rapidly over the past four years it was now aiming for “sustainable growth”.
“Over the last four years we have grown rapidly and massively across the globe…2018 to 2021 were our hypergrowth years.
Then 2022 happened. This is the year when several adverse macroeconomic factors changed the business landscape,” noted the Byju CEO. “I realize that there is a huge price to pay to walk this path of profitability.
We have to part with 2,500 of our colleagues to avoid role duplication in our businesses,” Byju Raveendran said.
EdTech declared its results for the financial year 2020-21 last month after an 18-month delay. He paid Rs. 4,588 crore, which was almost 18 times its loss in the year-ago period.
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