NewDelhi/Chennai: It was all bad news on the job front on Monday. Though a media report suggested Walmart shed hundreds of senior jobs in India, the Beast of Bentonville later said it has sacked 36 executives, including eight in the senior management. Appa-rently, after taking Flipkart into its fold, the US giant now finds redundancies in the brick and mortar vertical.
Later on, Oyo hospitality chain, in an internal mail to its staff in India and South Asia, said it plans to downsize its manpower as part of an ongoing business restructuring. Sour-ces said Oyo is sacking about 1,000 of its roughly 10,000 employees in India.
Coincidentally, these announcements came on a day an SBI Research report said India would generate fewer jobs, nearly 16 lakh less, in the current fiscal. "In FY19, India had created 89.7 lakh new payrolls as per the EPFO data. In FY20, as per current projection this number could be at least 15.8 lakh lower," the SBI report said.
Walmart India president & CEO Krish Iyer said, “The company remains committed to growing its wholesale retail business in India. Most of the sacking was in Walmart’s real estate division.”
Oyo’s Ritesh Agarwal said, “Some roles at Oyo will become redundant,” but not saying how many....