In continuation to the lay-off drive, Times Internet Ltd (TIL) is set to lay off more employees. The media company laid off nearly 120 employees last week. The Times Group’s digital division, TIL, is home to verticals like Cricbuzz, MensXP, and iDiva.
As part of the termination criteria, each employee received a three-month severance package, which began on the day they were laid off.
As per employees, they expect “multiple” rounds of layoffs to follow until the staff size is “reduced to half”. “Management has not clearly told anyone if it will stop,” said one of them. “But they told me everyone needs to ‘decipher and decide’ for themselves if this is the place they want to be.”
Notably, the company reported a drop in online ad revenue in FY23, while losses increased to Rs 490 crore from Rs 341 crore the previous year.
There will be undoubtedly more layoffs by the end of this fiscal year because, according to reports, the company’s financial situation has gotten worse than it did last fiscal year. MX Player and Gaana, the company’s over-the-top platforms, have suffered losses.
“The company continues to downsize to cut losses and over 200 more people may be affected this time. All departmental heads have been asked to trim their teams as much as possible. HODs are having a really tough time deciding who to retain and who to lay off,” as per official reports.
As per reports people who were laid off, come from all verticals, and middle management employees—particularly those who were hired within the last three years—have been hardest hit.
“What is worse is that people are being sacked without any notice or assigning any valid reasons though the company is offering a three-month severance package”, the report added.
Employees across the board at TIL, which is reportedly the biggest digital media company in India, are shocked by the extensive layoffs that have taken place. “There is no job security for employees in such a scenario. We’ve already begun our outdoor job search. Any job, anywhere, in any company,” an employee exclaimed.
Vice Chairman Satyen Gajwani alluded to financial difficulties and the fact that TIL was not even able to break even after selling off numerous businesses during his October 11 town hall at the Noida office when he visited India. Additionally, according to an employee, he may have mentioned that the business would assess the situation in March 2024.
