Sharan Hegde-Led 1% Club Announces Layoffs, Slashes 15% Workforce; Finfluencer Cites AI Driven Cost Savings for Job Cuts
Sharan Hegde said that the 15 per cent layoff from the workforce is their first cost-cutting exercise since inception. "We have identified significant AI driven cost savings that can boost profitability and efficiency which can be reinvested in the business growth," his post read.
Sharan Hegde, Founder and CEO of 1% Club, said that he laid off 15 per cent of his workforce and received many messages from his friends and media asking if he was going bankrupt. In his post on LinkedIn, the influencer said that the 15 per cent layoff from the workforce is their first cost-cutting exercise since inception. "We have identified significant AI driven cost savings that can boost profitability and efficiency which can be reinvested in the business growth," his post read. Sharan Hegde also said that his company, 1% Club, has offered a healthy severance package to all those who have been laid off depending on the tenure. Hegde also said that the 1% Club will continue to support the laid off employees by getting them employed in his peer's companies. Freshworks Layoffs: 660 Employees To Be Laid Off As Indian Software Company Cuts 13% Workforce, CEO Dennis Woodside Explains Why.
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