 "tech startups")
As Indian startups lay off staff to cut costs to deal with a harsh funding winter, employees are trying to seek a job elsewhere.
Anuj Roy, managing partner at executive search firm Fidius Advisory, said, “We haven't seen this kind of influx of CVs for many years now."
He added that the employees are coming in not just from edtech but also from commerce and digital media startups.
A 31-year-old employee at an edtech startup said that the situation has only been worsening, according to a report in The Economic Times (ET).
“We're seeing cases where our colleagues are coming to work in the morning, being told they've been let go in the afternoon, and packing up and leaving in the evening,” he said.
He added that the founders' vision is not clear and even the HR team is not helping the employees.
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Roy said that employees who are searching for a job are ready to accept a lower salary.
“They are not even negotiating hard on designations when they do move,” he said.
Ashish Sanganeria, senior partner at executive search firm Transearch, said that even at the chief experience officer (CXO) level, he is getting 8-10 CVs every week from edtech firms.
“Funding was raised at crazy valuations, which startups aren't able to justify. Investors are putting the pressure on, and most often the first area to reduce burn is through job cuts,” said Sanganeria.
Abhay Pandey, general partner at venture capital firm A91 Partners, said that startups over-hired in 2021 and 2022, after which capital shrank and people started focusing on profit, according to the ET report.
"A lot of people became redundant. This will continue for some time till the new equilibrium is found,” he added.
