NewsBytes
    Hindi Tamil Telugu
    More
    In the news
    Mukesh Ambani
    WhatsApp
    Reliance Jio
    OPPO
    Vivo
    Sensex
    Bitcoin
    NewsBytes
    Hindi Tamil Telugu
    NewsBytes
    User Placeholder

    Hi,

    Logout


    India Business World Politics Sports Technology Entertainment Auto Lifestyle Inspirational Career Bengaluru Delhi Mumbai Visual Stories Find Cricket Statistics Phones Reviews Fitness Bands Reviews Speakers Reviews

    Download Android App

    Follow us on
    • Facebook
    • Twitter
    • Linkedin
     
    Home / News / Business News / BookMyShow downsizes due to COVID-19, affecting 270 employees
    Business

    BookMyShow downsizes due to COVID-19, affecting 270 employees

    BookMyShow downsizes due to COVID-19, affecting 270 employees
    Written by Shubham Sharma
    May 28, 2020, 10:43 pm 2 min read
    BookMyShow downsizes due to COVID-19, affecting 270 employees

    In another big blow stemming from the outbreak of COVID-19, BookMyShow has laid off and furloughed over 18% of its workforce. The decision from the online entertainment ticketing major comes as part of a downsizing effort to accommodate the financial challenges of the pandemic and falls in line with similar steps taken by Uber, Ola, Swiggy, and Zomato. Here is more about it.

    270 employees laid off and furloughed

    In an email to employees, Ashish Hemrajani, the Founder & CEO of BookMyShow, announced the downsizing exercise to steer the company through the ongoing crisis. He said, about 270 employees of the company will be affected by this move, with some being put on furloughs, while others asked to part ways, "at least, as of now."

    Relieved employees will be entitled to financial, insurance benefits

    Hemrajani said all those employees who will be relieved as part of this exercise will be entitled to severance pay equivalent to a minimum of 2 months of salary irrespective of their tenure or as per notice period, whichever is higher. Plus, they will also get outplacement support with BookMyShow skill certification, access to Inner Hour mental health helpline, and medical insurance until October.

    Furloughed employees will also continue to get some benefits

    Meanwhile, those who will be put on furlough or leave without pay will continue to remain BookMyShow's employees and eligible for all medical insurance, gratuity and other benefits as per their employment standards. Hemrajani told the affected employees that these "uncomfortable, unfortunate" decisions do not reflect the quality of the work that any of the team members have put in.

    "Greatly reduced revenues" expected in months to come

    "Given this extraordinary situation of such magnitude, with no let-up in sight, we've had to resort to the task of reducing our costs to align them with what we believe will be greatly reduced revenues in the months to come," Hemrajani emphasized in the email.

    Other employees have taken 10-50% salary cuts

    The BookMyShow boss also noted that the teams staying back have "taken salary cuts ranging from 10% to 50% at the leadership level, given up their bonuses and all salary raises" to help reduce costs for the company. Plus, BMS has also cut all other expenses and renegotiated with its vendors, partners to brace for an uncertain future with minimal consumption of out-of-home entertainment.

    Share this timeline
    Facebook
    Whatsapp
    Twitter
    Linkedin
    India
    BookMyShow
    COVID-19

    India

    Should Indians be worried about AI's threat to jobs Artificial Intelligence and Machine Learning
    India reports 309 fresh COVID-19 cases, 3 deaths COVID-19
    RBI unveils new lightweight payment system: Why is it needed Reserve Bank Of India (RBI)
    India records 425 COVID-19 cases, 3 deaths in 24 hours COVID-19

    BookMyShow

    #BoxOfficePrediction: Vin Diesel's 'Fast X' advance bookings open now Box Office Collection
    Naga Chaitanya's 'Custody' advance ticket booking now open Telugu Films
    Prabhu Deva starrer 'Bagheera' advance bookings open now Tamil Cinema
    'KGF 2' records highest advance booking figures in 2022: BookMyShow RRR

    COVID-19

    Kejriwal spent Rs. 52cr in residence renovation without approvals: Report Arvind Kejriwal
    COVID-19: India registers 490 new cases, 2 deaths Ministry of Health and Family Welfare
    India reports 535 fresh COVID-19 cases, 5 deaths India
    COVID-19 still claims one life every four minutes World Health Organization

    Love Business News?

    Subscribe to stay updated.

    Business Thumbnail
    Indian Premier League (IPL) Celebrity Hollywood Bollywood UEFA Champions League Tennis Football Smartphones Cryptocurrency Upcoming Movies Premier League Cricket News Latest automobiles Latest Cars Upcoming Cars Latest Bikes Upcoming Tablets
    About Us Privacy Policy Terms & Conditions Contact Us Ethical Conduct Grievance Redressal News News Archive Topics Archive Download DevBytes Find Cricket Statistics
    Follow us on
    Facebook Twitter Linkedin
    All rights reserved © NewsBytes 2023