After the major wave of layoffs initiated by SWVL and Airlift, Truck It In is the latest startup that has announced its plans of downsizing the company. According to sources, nearly 30 percent of employees have been laid off as a result of this change. These massive layoffs will help the company to overhaul its business to address the impact of the global economic slump. The logistics company is laying off some employees and paying them “generous” severance compensation as part of its “business optimization” plan.
The Current Global Economic Uncertainty Has Forced Truck It In to Recalibrate Their Strategy
The company’s official statement read: “This past year, Truck It In has improved and optimized logistics for more than 600 businesses and digitized thousands of truckers across Pakistan. The current global economic uncertainty has forced us to recalibrate our strategy”.
Moving forward, Truck It In is “wholly committed to serving the shippers and truckers of Pakistan in a leaner way, ensuring that we create value for all of our stakeholders and chart our independent path forward. This will be achieved by focusing on sustainable growth, optimized operations footprint, and simplifying our infrastructure”.
“Our strong market presence is an outcome of the outstanding contributions of our tribe members. We are incredibly proud and grateful for all of their contributions. Some of our colleagues will be moving on to solve other challenges due to this calibration.”
The Logistics Startup is Planning to Provide Generous Severance Packages to Laid Off Employees
“To help them transition, Truck It In will provide generous severance packages to impacted colleagues and facilitate alternate employment opportunities. We are bullish on the future of freight in Pakistan. The future is digital, and we will be spearheading it,” the statement concluded.
Unlike Swvl, Truck It In hasn’t stated much about the compensation or assistance it intends on providing to the laid-off staff. Airlift also created a directory to assist firm alumni in finding new jobs, while Swvl is working to establish a list of incentives to assist workers in finding new jobs.
Read more: Trucking Marketplace ‘Truck It In’ Raises Another $13 Million in Early-Stage Funding
