Home layout and renovation system Livspace is putting off 450 people, or 15 per cent of its workforce, since the Covid-19 outbreak and consequent nationally lockdown reach its business enterprise.
“The effects of Covid-19 on the company has been surprising and unpredictable. Therefore it was essential that people become a more healthy and more focused company,” explained Ramakant Sharma, co-founder and COO in Livspace.
Livspace that was launched by Sharma and Anuj Srivastava at 2015 said that the national lockdown limitations affected its expertise centres and its last-mile operations.
Employees that are currently being let go will get one month’s wages together with additional pay of one-four months for people who have spent over three weeks in the start-up, because of the length of their support, Livspace explained in an announcement. Employees may also have a spa for the subsequent three months.
“We’ve expanded their health care cover, have provided a financial package to assist them in such days, and we also have put up an outplacement mobile,” said Anuj Srivastava, co-founder and CEO in Livspace.
The house design startup stated that its creators gave up their yearly salary and its leadership group composed off their annual wages in April this year. The business also rolled out success-based factor pay throughout the board.
“We mapped people and roles to the future path of the company and quite closely identified the people who are affected,” Livspace stated in the announcement.