Beike to Undergo New Round of Layoffs

理财鱼小提示：Beike to Undergo New Round of Layoffs

Image Source: Visual China

BEIJING, May 10 (TMTPOST) — Chinese housing service provider Beike (NYSE: BEKE) will reportedly start a new round of layoffs.

This new round of layoffs will affect departments such as the research and development team and operation team, the Paper reported, quoting insiders familiar with the matter.

The company had previously streamlined its finance department in Shanghai, Lianjia’s overseas division and several departments under operation.

Beike would approach the employees on its layoff list and provide them with two options, which are the option to transfer to another position or leave the company with a compensation package, according to employees who had already left Beike. Most employees would receive an N+1 compensation package, sources said.

There have been multiple layoff reports on Beike since the past year.

In March, Beike had reportedly streamlined its second-hand and new housing trading service business group. Insiders said that some department heads were informed that they would need to lay off 10% of the staff at their departments.

Beike responded to news reports on March 23, denying massive layoff reports. The company said that it would dynamically adjust its staff composition due to the impact of the Covid-19 pandemic and local market circumstances, denying plans to layoff a certain percentage of its staff. Beike also stated that the company was developing businesses such as rental, interior design and home furniture, providing internal transfer opportunities for employees.

There were also reports that claimed Beike’s research and development team in Shanghai would be axed. Beike had responded on October 11, 2021, that the company would adjust its businesses in Shanghai, including its finance business, due to drastic changes within the industry. The company said in its announcement that employees who were affected by the adjustment would receive adequate treatment in accordance with relevant law and regulations. The affected employees would be provided with opportunities to transfer to other positions, Beike said.

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