Despite the tremendous boom in the electric vehicle industry, ridesharing company Ola is going to lay off 1,000 employees. According to media reports, the company has started giving pink slips to some of its employees. At the same time, the annual appraisal of the rest of the employees is yet to be formally implemented. It has been told that earlier the company had prepared a plan to lay off 400-500 employees. However, the final figure can reach a thousand.
This process of restructuring the company's manpower may continue for the coming few weeks. Currently, the company is focusing on its electric mobility business. An executive associated with the company's hiring process has said that the company is undertaking a massive restoration of the electric mobility business. According to company sources, the layoffs are being done across all verticals of mobility, hyperlocal, fintech, and used car business.
According to a company executive, those whose names have been finalized for retrenchment have been asked to resign voluntarily. According to an employee of Ola, the appraisal process of those whom the company wants to oust is also being delayed so that they resign themselves.
An employee closely monitoring all these things at the company says that the company is hiring four times as many people for its electric car business and manufacturing business of lithium-ion cells than it is laying off.
According to him, Ola plans to hire 800 people only for its electric car business, on top of that the rest will be used for lithium-ion battery production. An employee of the company says that even now more employees are being reinstated than they are being fired.
In such a situation, we can say that this process of ongoing layoffs in Ola is not a process of reducing the company's expenses but a repurposing process. However, nothing has been said officially from Ola till now.
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