Oracle, one of the biggest players in the tech world, which has given employment to thousands in India, has reportedly been undergoing a major workforce reduction in India, with around 12,000 employees said to be being laid off. As per the reports, the company may further carry out another round of layoffs within the next month itself.
Worldwide, Oracle is said to have removed around 30,000 workers as part of its broader restructuring strategy.
Organisational changes behind the job cuts
As per the sources, it was suggested that the layoffs are linked to the internal restructuring and operational streamlining. The news became official when an email was sent to the employees, where Oracle reportedly stated that certain organisational changes would lead to some of the job roles being redundant in the near future.
The company further said that these decisions were taken to improve efficiency and align the operations with business priorities. However, Oracle has not officially commented on the layoffs at the time of writing.
Severance package offered to employees
Those who have been on the list of being laid off in India have reportedly been offered a severance package that includes 15 days of salary for every completed year of service, along with a month’s notice period pay.
Further benefits include the leave encashment and gratuity, which totally depend on eligibility. The company has also offered a 2-month salary as an extra payout to the laid-off employees.
However, the severance benefits are said to apply to employees who have agreed to voluntarily resign from their positions.
Employee concerns and reactions
Some of the former employees have also raised concerns about the working conditions and layoffs. One of the ex-employees has also claimed that he was terminated earlier, after raising the issue related to long working hours, a report suggests.
Reports also suggest that Indian employees working with Oracle in the US may have been affected differently due to stricter labour laws in that region.
Oracle’s India workforce and future: How does it look?
As per the existing reports, it is stated that Oracle has been given an estimate to have around 30,000 employees in India. This includes those who have been impacted by the layoffs. Also, there are waves for another round of job cuts, which will upscale the number.
The company states it to be a development that reflects a broader trend in the tech world, where companies will be focusing on cost optimisation in the midst of changing market scenarios.