 "Byju's")
Byju's will not conduct campus placements this year as the company is undertaking extensive cost-cutting measures, according to a Mint report. As part of its cost-reduction drive, the edtech firm has laid off more than 13,000 employees in the past year. Several engineering colleges, which include some of the Indian Institutes of Technology (IIT)s, have been in discussions with Byju's about campus recruitment. However, they are yet to receive any confirmation about the hiring schedule, the report noted.
Citing an individual familiar with developments in the company, the report stated, "Byju's is unlikely to hire from any campus this year, and it will take about 6-7 months for the restructuring in the company to be completed. Until then, cost-optimisation plans won't permit any hiring." The company has been working to rationalise its costs for the last 12 months, and the recent layoff announcement marks the company's fourth such decision since last October.
Also Read: Edtech firm Byju's to lay off 4,000 employees in major restructuring
Another official with knowledge of the matter confirmed to Mint that Byju's is unlikely to hire employees at any level. He was quoted in the report as saying, "The new management and advisers have initiated a cost-rationalisation plan that will bring Byju's closer to profitability and reduce the burn. Key non-core areas have been identified, and the plan will be executed over the next six months."
Students apprehensive of taking a job at Byju's
Byju's had abstained from recruitments at some of the top IITs last year, although it did hire students from other colleges. Placement teams at the newer IITs have been in touch with Byju's for placements but have not received any confirmation so far. A member of the placement team at one of the newer IITs told Mint, "Even if Byju's had confirmed, it is unlikely that students would be keen to sit for their placements."
Another placement official at one of the older IITs stated that they have more than 1,000 students seeking placements, and they must explain the participating companies' track records to the students. "There is full disclosure, and students have to make the choice," the official said.
