According to Jiemian News, employees from multiple departments of Xiaomi have learned that Xiaomi has recently launched a round of layoffs, and the compensation plan is N+2.
According to the report, a Xiaomi employee reflected that the layoffs were on a larger scale. According to his understanding, the phone department, Internet Department, China Department and many other departments are involved, but the layoffs vary in strength between departments. Among them, China’s individual department layoff ratio up to 75%, the Internet Department also has a team layoff 40%. The overall strength of this round of layoffs is not yet clear, according to estimates or up to 15%.
It is reported that many laid-off employees have been relatively satisfied with the N+2 compensation package, and the uncompleted annual leave is calculated in accordance with double wages.
Previously, it has been reported that Xiaomi plans to lay off a large number of employees to reduce labor costs, and the number of layoffs is estimated to reach 6,000, and according to this figure, the layoff rate is close to 20%. Xiaomi’s financial report shows that as of September 30, Xiaomi Group has 35314 full-time employees, of which 32609 are located in mainland China.
So far this year, Xiaomi’s adjusted profits in the first three quarters were 2.86 billion yuan, 2.08 billion yuan and 2.12 billion yuan, a far cry from the 5.6 billion yuan level in a single quarter in 2021, down 52.9 percent, 67.1 percent and 59.1 percent year-on-year, respectively.
