"COVID-19 has been a black swan event for the world economy; and we do not yet know if we have hit the global minima in this journey with the virus," Goyal added.Moreover, the company also planned to "make partial or full work from home a permanent feature" for employees. A free inside look at Zomato salary trends based on 98 salaries wages for 32 jobs at Zomato.
We expect to make a complete recovery in the coming 3-6 months while continuing to maintain tight control on costs/profitability," he added.The Zomato founder said that the revenue of the company grew 105 per cent in FY20 as compared to FY19, while costs only grew 47 per cent in the corresponding period. The novel virus has severely affected the food delivery business in last two months. Those employees are encouraged to find new jobs outside the company during this period, Goyal mentioned.Employees who are not in direct payroll, will receive two months of severance (vs. 15 days of contractual obligation), the company said. I foresee (and hope) this to be around 6 months from now," said the Zomato CEO.
In July 2020, we estimate our monthly burn rate to land under $1m, while our revenue should land at 60 per cent of pre-COVID peaks ($23m per month). "Over the next couple of days, the company will get on Zoom video calls with the impacted employees to walk them through the next steps and help them find jobs as soon as possible.Zomato will also implement salary cuts up to 50% across its workforce. Zomato employees will be allowed to keep their laptops and phones issued by the company.The popular food delivery chain formed an outplacement team to support the employees who have to leave the company during global pandemic, Goyal said.Employees will get the benefits of all the employee stock ownership plans (ESOPs) will and health insurance for the next six months, he said.
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Salaries posted anonymously by Zomato employees. The hotels and restaurants across the country were forced to shut their doors to mitigate the spread.In a blog, Zomato founder & CEO Deepinder Goyal wrote, "While we continue to build a more focused Zomato, we do not foresee having enough work for all our employees. In a blog post, founder Deepinder Goyal said that when asked to take salary cuts, 75 per cent of their employees volunteered. Zomato elevates Akriti Chopra as CFO . Zomato's cofounder and CEO Deepinder Goyal said in a blog post. In case you can’t find any email from our side, please check the spam folder. Goyal said Zomato had rolled back salary cuts announced in May when the company had laid off 13% of its workforce .
Those who have already opted for voluntary cut equal to or more than the proposed temporary reduction in pay, will not come under this "additional cut" by the company. As of today, all the original salaries have been re-instated, and our net losses of under $1m for July reflect the increased payroll cost already," he said.Goyal said that the company has been positively impacted by the pandemic. Goyal said that the company's gross merchandise volume (GMV) grew 108 per cent in FY20 over FY19. "Lower cuts are being proposed for people with lower salaries, and higher cuts (up to 50%) for people with higher salaries," the Zomato founder wrote.All the Zomato employees who no longer have any work at the company, will get 50% salary for the next six months.
In terms of the size of the business, COVID-19 has set us back by a year or so -- but a year is only a small blip when you are building a company for the next 100 years," he said. Zomato CEO Deepinder Goyal is known in the Indian startup circle for his strength and resilience.
It said that COVID-19 'positively impacted the health' of their business and that they hope to make complete recovery in the next 3-6 months. "While COVID-19 has impacted the size of our business, it has accelerated our journey to profitability. 75 per cent of our employees volunteered for partial salary cuts resulting in a total reduction of 14 per cent in our payroll costs. For sales teams, it will full time work from home as office presence is only required for large team meetings, gatherings, performance reviews, the company said.Log in to our website to save your bookmarks.
"COVID-19 has positively impacted the health of our business - we seem to have gained 2-3 years along this vector. He added that soon after the coronavirus pandemic, the company's GMV crashed 80 per cent in the last week of March.
Food delivery platform Zomato said on Friday that it has restored the salaries of the employees who were asked to take pay cuts.
Zomato CEO Deepinder Goyal in a blog had said that all the original salaries … Meanwhile, Zomato CEO Deepinder Goyal posted a blog announcing that salary cuts have been rolled back; and Snapdeal said around 700 employees would get …
"Deals on Zomato Pro are now only available if a user pays their restaurant bill through the Zomato app," he said. Earlier, many other startups like Upgrad, Zomato, Grofers too had restored the salaries of employees.
"As of now, our food delivery GMV has recovered to 60 per cent of pre-COVID levels," he stated.Deepinder Goyal also said that they have rebranded Zomato Gold as Zomato Pro. COVID-19 has been a black swan event for the world economy, said Zomato founder & CEO Deepinder Goyal.The company also proposed a temporary reduction in pay for all the employees "In order to quickly reduce our costs during the initial days of the COVID-19 crisis, we had requested our staff to volunteer for salary cuts.
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