Layoffs, regulatory troubles, hiring slowdown leads to reset in salaries
Ex-Byju’s employees who have been in the job market for quite some time and the brewing trouble at Paytm have led to its staffers exploring various other options.
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Laid off employees from startups, e-commerce companies and those looking to exit edtech platforms like Byju’s is leading to a reset in salaries.
As per the executive search and recruitment firms, layoffs, regulatory troubles, ongoing funding winter, slowdown in hiring at some companies have resulted in startup talent being much more affordable, as reported by ET.
The report stated that many employees of Byju’s who have been in the job market for quite some time, the brewing trouble at Paytm have led to its staffers exploring various other options.
Job cuts at food delivery platforms Swiggy and Zomato have also led to the supply of talent who used to be handsomely paid.
Anuj Roy, managing partner at executive search firm Fidius Advisory, highlighted that Series A,B,C startups are hiring in this market.
While tech and product professionals have more takers in the market, they can accommodate 10 percent to 15 percent lower salaries. While some are taking a 20 percent to 30 percent cut, some continue to struggle to find an employment opportunity in the current market.
As per Pranshu Upadhyay - regional director at Michael Page India, 50-70 mid and senior level employees have been reaching out to them. After RBI’s clampdown on Paytm, the recruitment services firm has started getting queries from them where mid and senior level employees began sharing their CVs with them.
