E-commerce giant Flipkart is gearing up for a significant restructuring initiative as part of its strategy to streamline resources and sustain profitability, as reported by Times of India. The move could lead to the elimination of approximately 1,500 jobs, excluding those at its fashion platform Myntra, in the coming months.

This restructuring effort aligns with Flipkart's historical approach, where it has implemented similar workforce adjustments over the past two appraisal cycles.&nbsp;The company, owned by Walmart, has proactively frozen fresh hiring over the last year to control costs and safeguard profits.

To support its cost-control measures, Flipkart is reportedly finalizing a $1 billion financing round from Walmart and other investors. The infusion of funds is expected to fortify the company's financial position amid the ongoing restructuring.

<a href="https://www.wionews.com/business-economy/walmart-boosts-indian-e-commerce-giant-flipkart-with-600-mn-infusion-in-latest-funding-round-672417">Also read |&nbsp;Walmart boosts Indian e-commerce giant Flipkart with $600 mn infusion in latest funding round</a>

<h2>Resource optimisation strategies</h2>

Sources indicate that Flipkart aims to optimise its resources across both existing and new business verticals. A crucial meeting of senior executives is scheduled for the next month to deliberate on the proposed restructuring plan for 2024, which is likely to result in decisions regarding layoffs.

Despite the restructuring efforts, Flipkart remains committed to its plans for an initial public offering (IPO) in 2024. The company had initially considered launching the IPO in 2022-2023 but had to defer due to financial considerations. However, the restructuring does not alter Flipkart's IPO trajectory.

Also watch |&nbsp;Walmart to pump $600 million into Indian e-commerce giant Flipkart

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/walmart-to-pump-600-million-into-indian-e-commerce-giant-flipkart-672394/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

While focusing on internal restructuring, Flipkart is set on diversifying its business operations. Following the acquisition of Cleartrip, the company aims to expand into sectors like hospitality and hotels, indicating a strategic move to navigate challenges and explore new avenues.

The restructuring trend is not unique to Flipkart, as several prominent IT firms and startups in India grapple with the global economic slowdown. Companies like Paytm, Amazon, and Meesho have also resorted to layoffs and departmental restructuring to adapt to the current economic landscape.

(With inputs from agencies)

E-commerce giant Flipkart is gearing up for a significant restructuring initiative as part of its strategy to streamline resources and sustain profitability, as reported by Times of India.

E-commerce giant Flipkart is gearing up for a significant restructuring initiative as part of its strategy to streamline resources and sustain profitability, as reported by Times of India. The move could lead to the elimination of approximately 1,500 jobs, excluding those at its fashion platform Myntra, in the coming months. This restructuring effort aligns with Flipkart's historical approach, where it has implemented similar workforce adjustments over the past two appraisal cycles. The company, owned by Walmart, has proactively frozen fresh hiring over the last year to control costs and safeguard profits. To support its cost-control measures, Flipkart is reportedly finalizing a $1 billion financing round from Walmart and other investors. The infusion of funds is expected to fortify the company's financial position amid the ongoing restructuring. Also read | Walmart boosts Indian e-commerce giant Flipkart with $600 mn infusion in latest funding round Resource optimisation strategies Sources indicate that Flipkart aims to optimise its resources across both existing and new business verticals. A crucial meeting of senior executives is scheduled for the next month to deliberate on the proposed restructuring plan for 2024, which is likely to result in decisions regarding layoffs. Despite the restructuring efforts, Flipkart remains committed to its plans for an initial public offering (IPO) in 2024. The company had initially considered launching the IPO in 2022-2023 but had to defer due to financial considerations. However, the restructuring does not alter Flipkart's IPO trajectory. Also watch | Walmart to pump $600 million into Indian e-commerce giant Flipkart While focusing on internal restructuring, Flipkart is set on diversifying its business operations. Following the acquisition of Cleartrip, the company aims to expand into sectors like hospitality and hotels, indicating a strategic move to navigate challenges and explore new avenues. The restructuring trend is not unique to Flipkart, as several prominent IT firms and startups in India grapple with the global economic slowdown. Companies like Paytm, Amazon, and Meesho have also resorted to layoffs and departmental restructuring to adapt to the current economic landscape. (With inputs from agencies)

Flipkart plans performance-based layoffs, anticipating 5-7% workforce reduction in March, claims report

Just a couple of days back Twitter underwent massive layoffs, firing around 50 per cent of its employees, now another social media company is reportedly going to travel the same path. As per a report by the Wall Street Journal (WSJ), Facebook's parent company Meta is planning to begin large-scale layoffs this week.

Reuters reports that the layoffs will affect thousands of employees and the announcement will likely come as early as Wednesday.

Watch |&nbsp;WION Business News | Facebook-parent Meta's India head Ajit Mohan quits

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The discouraging news comes as Meta battles a sluggish global economy, TikTok rivalry, Apple privacy changes, worries about big spending on the metaverse, and the looming danger of regulation.

Meta had reduced its ambitions to hire engineers by at least 30 per cent in June, and Mark Zuckerberg had advised staff to prepare for a slowdown in the economy.

Also read |&nbsp;<a href="https://www.wionews.com/world/elon-musks-twitter-calls-back-some-of-the-fired-employees-says-they-got-laid-off-by-mistake-531720" hreflang="en">Elon Musk's Twitter calls back some of the fired employees, says they got laid off 'by mistake'</a>

A few months later, in October, Meta had predicted a dismal Christmas quarter and much higher costs in 2023, which as per its estimates will reduce its stock's market value by around $67 billion and add to the more than half a trillion dollars in value already lost this year.&nbsp;

According to Zuckerberg, it will take around ten years for the investments in the metaverse to pay off. To save costs in the interim, he has been forced to halt employment, cancel projects, and rearrange teams.

Also read |&nbsp;<a href="https://www.wionews.com/world/explained-will-twitter-layoffs-breach-american-law-heres-everything-you-need-to-know-531676">Explained: Will Twitter layoffs breach American law? Here's everything you need to know</a>

"In 2023, we're going to focus our investments on a small number of high priority growth areas. So that means some teams will grow meaningfully, but most other teams will stay flat or shrink over the next year. In aggregate, we expect to end 2023 as either roughly the same size, or even a slightly smaller organization than we are today" he said last month.

Increased interest rates, rising inflation, and the European energy crisis have in recent times not only forced Twitter and Meta, to cut staff, rather several technological businesses, including Microsoft Corp., and Snap Inc., have also reduced employment in recent months.

Just a couple of days back Twitter underwent massive layoffs, firing around 50 per cent of its employees, now another social media company is reportedly going to travel the same path.

Just a couple of days back Twitter underwent massive layoffs, firing around 50 per cent of its employees, now another social media company is reportedly going to travel the same path. As per a report by the Wall Street Journal (WSJ), Facebook's parent company Meta is planning to begin large-scale layoffs this week. Reuters reports that the layoffs will affect thousands of employees and the announcement will likely come as early as Wednesday. Watch | WION Business News | Facebook-parent Meta's India head Ajit Mohan quits The discouraging news comes as Meta battles a sluggish global economy, TikTok rivalry, Apple privacy changes, worries about big spending on the metaverse, and the looming danger of regulation. Meta had reduced its ambitions to hire engineers by at least 30 per cent in June, and Mark Zuckerberg had advised staff to prepare for a slowdown in the economy. Also read | Elon Musk's Twitter calls back some of the fired employees, says they got laid off 'by mistake' A few months later, in October, Meta had predicted a dismal Christmas quarter and much higher costs in 2023, which as per its estimates will reduce its stock's market value by around $67 billion and add to the more than half a trillion dollars in value already lost this year. According to Zuckerberg, it will take around ten years for the investments in the metaverse to pay off. To save costs in the interim, he has been forced to halt employment, cancel projects, and rearrange teams. Also read | Explained: Will Twitter layoffs breach American law? Here's everything you need to know "In 2023, we're going to focus our investments on a small number of high priority growth areas. So that means some teams will grow meaningfully, but most other teams will stay flat or shrink over the next year. In aggregate, we expect to end 2023 as either roughly the same size, or even a slightly smaller organization than we are today" he said last month. Increased interest rates, rising inflation, and the European energy crisis have in recent times not only forced Twitter and Meta, to cut staff, rather several technological businesses, including Microsoft Corp., and Snap Inc., have also reduced employment in recent months.

After Twitter, now Facebook parent company Meta will undergo massive layoffs: Report

Urging the Metropolitan Opera to compensate its artists “appropriately,” the company’s music director, Yannick Nézet-Séguin, sent a letter to leaders at the Met on Thursday saying that the many months its orchestra and chorus had gone without pay during the pandemic had become “increasingly unacceptable.”

He sent the letter as the Met’s musicians were scheduled to receive their first partial paychecks since they were furloughed in April. Before this week, they had been the last major ensemble in the country without a deal for at least some pay during the pandemic. In addressing the players’ nearly yearlong furlough — and hinting at the tough negotiations ahead, in which the Met is seeking long-term pay cuts from its unionized employees — Nézet-Séguin was doing something rare for a music director: weighing in on labor matters.

“Of course, I understand this is a complex situation,” Nézet-Séguin wrote, “but as the public face of the Met on a musical level, I am finding it increasingly hard to justify what has happened.”

The letter was obtained by The New York Times and confirmed by its recipients, which included Peter Gelb, the Met’s general manager; the leaders of the negotiating committees representing the chorus and orchestra; and members of the opera’s board of directors.

“We risk losing talent permanently,” Nézet-Séguin warned in the letter. “The orchestra and chorus are our crown jewels, and they must be protected. Their talent is the Met. The artists of the Met are the institution.”

The orchestra committee has said that 10 out of 97 members have retired during the pandemic as the ensemble has gone unpaid, a stark increase from the two to three who retire in an average year.

“Protecting the long-term future of the Met is inextricably linked with retaining these musicians, and with respecting their livelihoods, their income and their well-being,” Nézet-Séguin wrote.

The Met said in a statement that “we share Yannick’s frustration over the lengthy closure and the impact it has had on our employees,” and added that the company was pleased that its orchestra and chorus and others were now receiving bridge pay. The Met said all involved were “working together for new agreements that will ensure the sustainability of the Met into the future.”

The Met, the nation’s largest performing arts organization, has said that since the pandemic forced it to shut its doors it has lost an estimated $150 million in earned revenue, and that it was seeking pay cuts from its workers, as many arts institutions have. The Met has been trying to cut the payroll costs for its highest-paid unions by 30% — the change in take-home pay would be more like 20%, it has said — and has offered to restore half the cuts when ticket revenue and core donations return to prepandemic levels.

Months into the furlough, the Met offered partial paychecks to its workers if they agreed to those cuts, but the unions resisted. At the end of the year, the Met offered partial paychecks on a temporary basis for simply returning to the bargaining table. Members of the American Guild of Musical Artists, which represents chorus members, dancers and others, accepted at the end of January and have been receiving paychecks for more than a month. The orchestra musicians voted to accept the offer this week. (The Met has locked out its stagehands, whose contract expired last year.)

Nézet-Séguin wrote in his letter that he was relieved that both the musicians and the chorus members are now being paid, but added that “this is just a start.” The deal allows for temporary payments of up to $1,543 a week, less than half of what the musicians are typically paid.

Nézet-Séguin was named the Met’s music director in 2016, when he was tapped to succeed James Levine, who led the company for four decades (Levine, who stepped down to an emeritus position because of health problems and was then fired two years later after an investigation into sexual abuse allegations, died this month.)

“I implore the fiduciaries of this incredible house to urgently help to find a solution to compensate our artists appropriately,” Nézet-Séguin wrote. “We all realize the challenges, economic and otherwise, that the Met is facing, and therefore I ask for empathy, honesty and open communication throughout this process.”

Urging the Metropolitan Opera to compensate its artists “appropriately,” the company’s music director, Yannick Nézet-Séguin, sent a letter to leaders at the Met on Thursday saying that the many months its orchestra and chorus had gone without pay during the pandemic had become “increasingly unacceptable.

Urging the Metropolitan Opera to compensate its artists “appropriately,” the company’s music director, Yannick Nézet-Séguin, sent a letter to leaders at the Met on Thursday saying that the many months its orchestra and chorus had gone without pay during the pandemic had become “increasingly unacceptable.” He sent the letter as the Met’s musicians were scheduled to receive their first partial paychecks since they were furloughed in April. Before this week, they had been the last major ensemble in the country without a deal for at least some pay during the pandemic. In addressing the players’ nearly yearlong furlough — and hinting at the tough negotiations ahead, in which the Met is seeking long-term pay cuts from its unionized employees — Nézet-Séguin was doing something rare for a music director: weighing in on labor matters. “Of course, I understand this is a complex situation,” Nézet-Séguin wrote, “but as the public face of the Met on a musical level, I am finding it increasingly hard to justify what has happened.” The letter was obtained by The New York Times and confirmed by its recipients, which included Peter Gelb, the Met’s general manager; the leaders of the negotiating committees representing the chorus and orchestra; and members of the opera’s board of directors. “We risk losing talent permanently,” Nézet-Séguin warned in the letter. “The orchestra and chorus are our crown jewels, and they must be protected. Their talent is the Met. The artists of the Met are the institution.” The orchestra committee has said that 10 out of 97 members have retired during the pandemic as the ensemble has gone unpaid, a stark increase from the two to three who retire in an average year. “Protecting the long-term future of the Met is inextricably linked with retaining these musicians, and with respecting their livelihoods, their income and their well-being,” Nézet-Séguin wrote. The Met said in a statement that “we share Yannick’s frustration over the lengthy closure and the impact it has had on our employees,” and added that the company was pleased that its orchestra and chorus and others were now receiving bridge pay. The Met said all involved were “working together for new agreements that will ensure the sustainability of the Met into the future.” The Met, the nation’s largest performing arts organization, has said that since the pandemic forced it to shut its doors it has lost an estimated $150 million in earned revenue, and that it was seeking pay cuts from its workers, as many arts institutions have. The Met has been trying to cut the payroll costs for its highest-paid unions by 30% — the change in take-home pay would be more like 20%, it has said — and has offered to restore half the cuts when ticket revenue and core donations return to prepandemic levels. Months into the furlough, the Met offered partial paychecks to its workers if they agreed to those cuts, but the unions resisted. At the end of the year, the Met offered partial paychecks on a temporary basis for simply returning to the bargaining table. Members of the American Guild of Musical Artists, which represents chorus members, dancers and others, accepted at the end of January and have been receiving paychecks for more than a month. The orchestra musicians voted to accept the offer this week. (The Met has locked out its stagehands, whose contract expired last year.) Nézet-Séguin wrote in his letter that he was relieved that both the musicians and the chorus members are now being paid, but added that “this is just a start.” The deal allows for temporary payments of up to $1,543 a week, less than half of what the musicians are typically paid. Nézet-Séguin was named the Met’s music director in 2016, when he was tapped to succeed James Levine, who led the company for four decades (Levine, who stepped down to an emeritus position because of health problems and was then fired two years later after an investigation into sexual abuse allegations, died this month.) “I implore the fiduciaries of this incredible house to urgently help to find a solution to compensate our artists appropriately,” Nézet-Séguin wrote. “We all realize the challenges, economic and otherwise, that the Met is facing, and therefore I ask for empathy, honesty and open communication throughout this process.”

Met Opera’s music director decries musicians’ unpaid furlough