LATEST NEWS – Exploring ways to optimise costs and rewrite its success story, Online marketplace Snapdeal has confirmed that it is undertaking layoffs within the company. Snapdeal co-founders Kunal Bahl and Rohit Bansal in an email to employees on Wednesday said they have had to take tough decisions to retain the company’s profitability, which include – employee layoffs, 100 per cent salary cut for themselves, among others.
Quoting Zig Ziglar, Kunal said, “When obstacles arise, you change your direction to reach your goal, you do not change your decision to get there.”
According to The Economics Times, here are key highlights of Kunal Bahl’s email to Snapdeal employees:
* Snapdeal probably holds the record for the company that got written off the most number of times by Internet pundits.
* Have our company and industry been going through a troubled time? Absolutely. Did we make errors in our execution? No doubt about that
* We started doing too many things, and all of us starting with myself and Rohit, are to blame for it.
* There is almost no successful company on the planet, which hasn’t gone through this phase in their lifetime – Apple, Amazon, Netflix, Tesla, Lego, Spicejet, you name it!
* The formula to revive the company is uncannily similar for almost all of them – focus on only your core, stop all non-core activities, reduce costs drastically, turn profitable as soon as you can, and use those profits to spur further growth and new projects. We must do the same. READ MORE