lays off employees amid buyout plans


Permalink 12:19:26 pm, by dacare, 268 words, 757 views   English (US)
Categories: News of China, HR News Express lays off employees amid buyout plans

Summary: Monster Worldwide's China unit is starting to shed 54 percent of its 400 workers, and remaining employees organize a sit-in office protest to demand for compensation should they be laid off this year.

Chinese recruitment site, a subsidiary of Monster Worldwide, has started laying off 54 percent of its 400 staff members amid discussions of the company being sold.

According to Sina Tech Wednesday, the dismissed staff were compensated three months' salary plus additional amounts depending on the time they have spent with the company. For example, an employee who has been with for five years will get an additional five months' worth of his salary. Pregnant staff members will receive an extra 24 months' salary, it added.

The layoffs come amid reports in November 2012 that Monster Worldwide will sell off its Chinese business unit, which it fully acquired in 2008, as part of its restructuring program to curb losses of US$130 billion. The acquiring company has not been disclosed though.

However, employees who did not get laid off were unsatisfied as they were not included in the compensation scheme. They were also disgruntled that ChinaHR CEO Luo Bingquan did not want to reveal details of the buyout, citing confidentiality, it reported.

On Tuesday night, more than 200 employees organized a sit-in protest in ChinaHR's headquarters in Beijing.

After 10 hours of negotiation, both Luo and Monster Chairman Sal Iannuzzi proposed the remaining staff be compensated with the same plan if they are to be laid off in 2013 following ChinaHR's acquisition, Sina Tech reported.

The proposal is subject to the approval from the unnamed buyer of the Web company, it added.

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