BookMyShow has confirmed that 18% of its employees are laid off which is around 270 employees across all the offices in India and globally. Yesterday, the CEO has sent an email to its employees stating that the company has done its best to provide financial support in these tough times. He also added that the health insurance cover and outplacement support are also provided by the company to its employees in order to ease the burden on the employees
He also said that it is unfortunate that the company has taken this decision to part with the laid-off employees. But he stressed that it is inevitable to proceed further. He said that this decision is not reflective of the quality of work they have done so far in the company.
The employees will still receive medical insurance, gratuity, and other benefits. or a severance package of a minimum of two months’ salaries irrespective of the tenure of the employees, whichever is higher. The employees will still have access to their internal mental health program, career transition support, and certification highlighting skills. These furloughed employees will also have a dedicated team of HR’s to assist them through the entire process
The employees who are part of the layoffs will still receive some benfits from the company: CEO
The CEO further added that the employees who will be staying in the company have voluntarily taken pay cuts of 10% to 50% at the leadership level. These employees have also given up their bonuses and salary raises.
BookMyShow has been established in 2007 and has been a leader in the media and entertainment online ticketing industry. Recently with the impact of coronavirus, the film and entertainment industry has taken a hit Rs.80-90 crore every week, while the exhibition sector has took a 1 trillion Rs. hit with many shows and events are being postponed due to the corona virus