Android Century
  • Home
  • Android Zone
    • Android Apps
    • Android Games
    • Apps APk Files
    • Games Apk Files
    • Apps Hack Tricks
  • Reviews
  • Fantasy Zone
    • Entertainment
    • Quotes and Status
    • Life Style
    • Home Made Tips
    • Hair Care
    • Skin Care
    • Fantasy Tips
  • Tricks
    • Free Recharge
    • Free Internet
    • shopping Cashback
    • Recharge Cashback
  • Tech
  • Mobiles
  • Gadgets
  • News
  • How To's
  • Software
Breaking
Loading...

Featured post

How to Take Great Photos With Apple's iPhone X

Recent Posts

Labels

  • Android Apk Files
  • Android Apps
  • Android Games
  • Apps Apk Files
  • Entertainment
  • Fantasy Tips
  • Gadgets
  • Hair Care
  • HomeMade Tips
  • How To's
  • News
  • Quotes
  • Quotes & Status
  • Recharge Cashback
  • Recharge Promo Codes
  • Shopping Cashback
  • Technology
  • skin care
Home / News / Snapdeal to cut salary costs by over 60%

Snapdeal to cut salary costs by over 60%

Latest Govt. Jobs 10:35:00 News Edit
Snapdeal to cut salary costs by over 60%Snapdeal is looking to slash its salary and bonus costs by 60% as the embattled e-commerce firm rationalises operations and reduces headcount dramatically, multiple people aware of the developments said.

The online marketplace is now merging some of its major categories where mobiles and electronics will be clubbed into one to save costs, said sources who did not want to be named as the information is sensitive.

This comes on the back of rising salaries and bonuses amounting to Rs 673 crore for the financial year 2015-16, compared to Rs 217 crore a year ago.

With reports of job cuts impacting more than 1,000 employees, there's an atmosphere of chaos and confusion at the Snapdeal headquarters.

ASF Towers, where the online retailer used to house 3,000 people, now wears an air of uncertainty. One of the employees at the company said, “I think we will know by Friday or Monday about the job cuts.“ A few people TOI spoke to outside the e-commerce firm's office premises said, “We are aware of the layoffs but don't know the details“.

At its peak, the SoftBank-backed e-tailer had an employee strength of 8,000 as of August 2015, which the company aims to cut by more than 60%, sources said. A lot of the shedding has been taking place in phases since mid-last year.

Snapdeal's troubles are a fallout of its declining market share and its struggle to raise fresh capital as it fights out bigger rivals Amazon and Flipkart. TOI reported earlier that the company's gross sales have plummeted to around $1 billion, a drop of 50% over a year in the backdrop of muted growth in the overall e commerce market. The Kunal Bahl and Rohit Bansal-founded e-tailer has been implementing a series of cost-cutting measures to conserve cash and extend its runway , as reported by TOI.

A Snapdeal spokesperson responded to TOI's query and said, “On our journey towards profitability, we continue to drive efficiency in all aspects of our business. As in the past, and like all efficient companies do, we will continue to assess resource allocation to further our goals of enhancing customer and seller experience while driving high quality growth.“
Share on Facebook Share on Twitter Share on Google Plus

RELATED POSTS


Vodafone partners with Tecno to off...

LG G7 with iPhone X-like notch

Oppo F7 India launch confirmed
Snapdeal to cut salary costs by over 60% Snapdeal to cut salary costs by over 60% Reviewed by Latest Govt. Jobs on 10:35:00 Rating: 5

0 comments:

Post a Comment

Newer Post Older Post Home
Subscribe to: Post Comments ( Atom )

Search This Blog

TEST BOOK FOR GOVT ENTRANCE TEST

TEST BOOK FOR GOVT ENTRANCE TEST
Find All Latest book for preparation of SSC,RAILWAYBANK PO,RBI,BANK CLERK,GATE ME,GATE CE are available here in less prices, to check out the books click here

Translate

  • Popular Post
  • Random posts
  • Category

Popular Posts

  • Teen Patti Offer 2018: Refer and Earn Flipkart Vouchers Free
    Teen Patti Offer 2018: Refer and Earn Flipkart Vouchers Free
    Teen Patti Refer & Earn Offer:  Hey Guys! Today I make an article about Teen Patti Referral ...
  • Hands-on with the home windows 10 Creators update for the Xbox One: Beam recreation streaming arrives
    The Windows 10 Creators Update is here, now—yes,  now —but not (officially) on the PC. The ...
  • Taotronics TT-BH22 Headphones Review
    We make it a addiction to now not look up pricing of a product sooner than reviewing and if ...
  • Pentagon strongly condemns North Korea missile test
    The Pentagon on Monday strongly condemned North Korea’s latest missile test, adding that the ...
  • Reliance Jio to offer sharp tariff discounts for customers signing up by March-end
    Reliance Industries' Jio unit will charge a tariff for its services from April, but will offer ...
  • Bank wallets growing faster than e-wallets
    In the  bank  versus  e-wallets  sweepstakes,  lenders  have now gained lost ground. As of ...

Random Posts

  • Freecharge FREEG – Get Rs 20 Cashback On 3G Recharge Of Rs 50
    Freecharge FREEG – Get Rs 20 Cashback On 3G Recharge Of Rs 50
    31.03.2016 - 0 Comments
    Freecharge has come up with a new offer. Now get Rs 20 cashback on 3G recharge of Rs 50 or more. This is an…
  • True LAN parties are coming to the Nintendo Switch
    True LAN parties are coming to the Nintendo Switch
    15.02.2017 - 0 Comments
    Its release date is drawing steadily closer and we’re continuing to see new details emerging about…
  • 11 beauty tips for dark circles
    11 beauty tips for dark circles
    16.02.2016 - 0 Comments
    Dark circles also known as “racoon eyes” and are one of the most common skin problems amongst all age…
  • 11.02.2016 - 0 Comments
    Love is the strongest force the world possesses, yet it is the humblest imaginable
  • How To Remove Makeup With Olive Oil?
    How To Remove Makeup With Olive Oil?
    29.03.2016 - 0 Comments
    Do you wish to have clear, radiant and flawless skin? Have you ever tried organic products to repair damaged…

Labels

Android Apk Files Android Apps Android Games Apps Apk Files Apps Hack Tricks Entertainment Free Internet Freecharge Gadgets Games Apk Files How To's Laptops Guide Mobiles Reviews Technology Viral's android zone free recharge

Entertainment

Tricks

Popular Posts

  • Teen Patti Offer 2018: Refer and Earn Flipkart Vouchers Free
    Teen Patti Offer 2018: Refer and Earn Flipkart Vouchers Free
    Teen Patti Refer & ...
  • Hands-on with the home windows 10 Creators update for the Xbox One: Beam recreation streaming arrives
    The Windows ...
  • Steam Now Supports PS4's DualShock 4 Controller
    HIGHLIGHTS ...
  • Lenovo Yoga Book launched in India at Rs 49,990: First Impressions
    Lenovo  has ...
  • This $15 stand turns your Apple Watch into a mini Macintosh
    For all those  ...
  • Jio effect: Telcos may have to cut data rates 2017
    India's big  ...
  • Grow Hair Faster: How to Make Hair Grow Faster Naturally
    Every woman wants ...

Random Posts

  • Xiaomi Redmi Y1 Smartphone
    Xiaomi Redmi Y1 Smartphone
    29.01.2018 - 0 Comments
    Xiaomi's flagship smartphone Redmi Y1 is the new addition to the Redmi Y series of the company. Sporting…
  • How to Change the Priority of Wireless Networks in Windows 8 or 10
    How to Change the Priority of Wireless Networks in Windows 8 or 10
    12.03.2017 - 0 Comments
    Windows automatically connects you to wireless networks you’ve connected to in the past. If you’re near…
  • Gionee F5 launched with massive 4,000mAh battery
    Gionee F5 launched with massive 4,000mAh battery
    12.02.2017 - 0 Comments
    Gionee has just launched the F5 handset in China sporting a mammoth 4,000mAh battery under the…
  • How to Customize Your Chromecast’s Backdrop to Show Personalized Pictures, News, and More
    How to Customize Your Chromecast’s Backdrop to Show Personalized Pictures, News, and More
    18.02.2017 - 0 Comments
    Google’s curated collection of Backdrops—the photos that show up when your Chromecast or Android TV box…
  • Top 5 best network monitoring tools of 2017
    Top 5 best network monitoring tools of 2017
    12.02.2017 - 0 Comments
    Networks underpin the IT infrastructure of the modern business, linking up devices from PCs…

Most Popular

  • Teen Patti Offer 2018: Refer and Earn Flipkart Vouchers Free
    Teen Patti Offer 2018: Refer and Earn Flipkart Vouchers Free
    Teen Patti Refer & ...
  • SAMSUNG GALAXY J7 (2016) REVIEWS
    SAMSUNG GALAXY J7 (2016) REVIEWS
    SAMSUNG GALAXY J ...
  • Top 5 Best SmartPhones under 7000 Rs (March 2017)
    Looking for the ...
  • Apple, IBM, Cisco are huge because of Indians, do not deny them H-1B visa: RBI Governor Urjit Patel
    ...
  • SAMSUNG GALAXY J7 (2016) Specifications
    SAMSUNG GALAXY J ...
  • BlackBerry Teases Marshmallow Beta Testing for Priv by Next Week
    Blackberry ...
  • LG Q6 Review
    LG Q6 Review
    2017 is ...

Contact Form

Name

Email *

Message *

Offers Zone

Created By Android Century Distributed by Android Century
  • Home
  • About us
  • Contact us
  • Privacy policy
  • Terms of use
  • Advertise here
Subscribe Via Email Subscribe To Android Century By Email And Get Free Updates. ;-)


Your email address is safe with us!