HR Insight Weekly(5) :- IBM announces more layoffs in a 7-minute meeting - Here's which department will be affected

IBM Announces Marketing and Communications Layoffs

?Tech giant IBM notified employees this week that job cuts are coming to its marketing and communications divisions. On Tuesday, Chief Communications Officer Jonathan Adashek delivered the news during a brief seven-minute meeting with unit staff.?

?The layoffs are part of IBM's ongoing shift toward artificial intelligence. CEO Arvind Krishna said last year the company is "massively upskilling" employees in AI. In 2021, IBM announced a plan to replace around 8,000 jobs with AI technologies.

?IBM has made staff reductions in recent years. In January 2021, the company said it was cutting 3,900 positions. IBM told CNBC it expects employment levels to remain about the same entering and leaving 2024, despite "workforce rebalancing."

?Data shows tech companies cut nearly 50,000 jobs in 2024. Layoffs peaked in January as Amazon, Alphabet, and Unity each announced cuts. IBM has seen 4% revenue growth recently but remains focused on the emerging AI narrative in tech. During its latest earnings, CFO James Kavanaugh cited the need for balancing its workforce.

Indian Oil Appoints Rashmi Govil as Director of Human Resources

?Indian Oil Appoints New Director of HR

Indian Oil Corporation Ltd has appointed Rashmi Govil as its new Director of Human Resources. Govil has been with Indian Oil since 1994 and played a key role in transforming workplace culture through diversity, inclusion and wellness initiatives.

?Govil brings over 30 years of industry experience to her new role. She has risen through the ranks at Indian Oil, previously serving as Deputy Manager of Employee Relations. Govil also has a background in finance, holding an MBA in HR and postgraduate diploma in finance.

?She becomes the second woman to serve in a functional leadership position on the company's board. Govil was selected for the director role from a pool of 11 candidates recommended by the Public Enterprise Selection Board.

?Drawing on her expertise in areas like compensation, benefits and strategic HR planning, Govil was instrumental in guiding the company's COVID-19 response, prioritizing diversity, inclusion and employee well-being. She will continue leveraging her expertise and experience to support Indian Oil in her new role as Director of Human Resources.

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83% employees feel the gig workforce will surpass traditional employment: Surve

Survey Shows Growing Support for Gig Workforce

?A recent survey by Genius Consultants Limited found that 83% of employees believe the gig workforce will surpass traditional employment models. The survey also indicated that 79% see gig work as more cost effective than permanent or contract talent.

?However, 10% disagreed that gig work will become more prominent. Additionally, 15% did not think gig models are more affordable for businesses.

?The survey also found that 64% expect hiring expenses to rise with increased demand for gig workers due to potential pay competition between companies. In contrast, 11% felt the relationship between demand and costs is more nuanced.

?Most notably, 61% of employees expressed a preference for hiring gig workers over permanent staff for project roles, showing rising acceptance of flexible work. However, 28% believed this preference depends on factors like stability, long-term commitments or job requirements.

?Furthermore, 81% advocated for labor laws and policies governing gig work to ensure fairness. In contrast, 13% were less certain about the need for regulations.

?Genius Consultants Chairman R.P. Yadav commented that the findings demonstrate the employment landscape is transforming and companies must adapt to changing workforce needs and trends.

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Paytm to Lay off 20% of Banking Unit Staff Despite Earlier Assurance of No Layoffs

Paytm to Lay off 20% of Banking Unit Employees

Digital payments giant Paytm may reduce its workforce at the Paytm Payments Bank by nearly 20%, according to media reports. This comes after the Reserve Bank of India ordered the bank to cease accepting new deposits and transactions in January due to ongoing compliance issues.

?The layoffs will impact specific divisions like operations. As of December, the banking unit employed around 2,775 people. Paytm holds a 49% stake in the bank.

?This regulatory crackdown has led to a 54% decline in Paytm's share price since late January, marking a severe crisis for one of India's largest digital payment firms. Existing customers can still access existing deposits and wallets but no fresh deposits are allowed from March 15.

?The layoffs coincide with the company's annual performance reviews, with low rated employees asked to leave. However, this contradicts assurances from Paytm CEO Vijay Shekhar Sharma in February that there would be no job cuts.

?The purpose of the Paytm Payments Bank going forward remains unclear, but it retains its license for now unless revoked. Paytm expects to receive approval to continue powering its payments app through UPI this week.

Gig Workers Survey: High Workplace Violence, Low Incomes and Long Hours Affect Delivery and Cab Drivers

?Many cab and delivery drivers face violence at work. According to a survey, almost half of cab drivers and over 40% of delivery persons have experienced violence on the job. Most delivery drivers want companies to end the 10-minute delivery policy.

?Most gig workers struggle financially. The survey found that 72% have difficulty paying their expenses. Many make less than 15,000 rupees (about $180) per month.

?Cab drivers often work very long hours. 83% work over 10 hours a day, and 31% work over 14 hours daily. Even so, 72% have trouble paying bills with their low earnings of under 15,000 rupees per month.

?The long hours take a toll on health. 93% of cab drivers report physical pain, and nearly all (99%) delivery persons feel anxiety, depression, stress or irritability.

?Customer behavior also negatively affects many delivery persons, with 68% reporting this.

?The government defines "gig employees" as those who earn income through work outside traditional jobs.

?One expert recommends treating gig workers as regular employees. This would ensure they receive at least minimum wage.

?The report also suggested registering all app-based delivery workers. It said discrimination against them in public places should end. Reviewing terms would help more people understand these jobs. Delivery persons should also be allowed to use building elevators.

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