Bengaluru-based general insurer Bharti AXA General Insurance Company Ltd is in the process of downsizing its work force by sizeable number, said former employees.
For many young management trainees of Bharti Axa General, a 51:49 joint venture between India’s Bharti Enterprises and French insurance group Axa, 2015 has ended on sour note with an uncertain 2016 staring at them.
“The downsizing has been in the air for some time. Yesterday (Monday) morning I was told that I need not come to office from tomorrow (Tuesday) onwards,” a management trainee who did not want to be named told IANS over phone from Delhi.
“I was told the sacking was part of company’s restructuring process. It downsizing seems to be nationwide and across the cadres,” he added.
A couple of other officials who lost their jobs echoed similar views.
It is said the company looks at reducing its workforce by 400 people over the next couple of days.
Responding to a list of questions, the company told IANS in an email: “Bharti AXA General Insurance values its people and their commitment to the organisation.
“As we ready ourselves for our next phase of growth, we have embarked upon a strategic restructuring in order to create a high performance organization, by aligning our organization structure with our operating model.
“This would better support our business ambitions and reinforce our competitiveness across the various business lines that we operate in. We are working towards ensuring a smooth transition for our colleagues.”
According to Bharti AXA General, the headcount reduction will be significantly lower than 400 people mentioned in the IANS questionnaire.
A senior official at Bharti AXA Life Insurance Company Ltd speaking on the condition of anonymity told IANS that there is no indication of downsizing in the company.