STARTUP EMPLOYEES LOST JOBS
India Inc beware! A wave of resignations may be headed your way once job market opens up
As much as 86% of 5,562 professionals who responded to a survey put together by job portal Naukri.com for ET said they would be actively looking out for new jobs now that appraisals were over. About 39% of the respondents said their appraisals had been worse than last year, while they were similar for 33% and better for the balance 28%.
Finding jobs in Canada getting harder. Youth unemployment rate rises to multi-year highs
Canada's economy saw a surprising loss of 1,400 jobs in June, causing the unemployment rate to rise to 6.4%, the highest in 29 months. Analysts had expected job gains. The Bank of Canada is closely monitoring the situation for any potential impact on inflation.
Top startup and tech stories this week
Welcome to a brand new edition of ETtech Unwrapped – our weekend newsletter packed with the most important stories that we covered this week. Here’s a recap if you missed them.
To get skilled in AI, companies let employees play in Metaverse
As the landscape of work evolves rapidly with artificial intelligence playing a crucial role, businesses are shifting away from a one-size-fits-all approach to learning. Companies aim to ensure that their employees are well-versed in the emerging technology through a variety of training methods.
Envisioning a career in legaltech? Check out the in-demand roles, skills & more
The widespread adoption of technology has transformed the legal industry, giving rise to 'legaltech.' Legaltech offers various opportunities, including roles for tech innovators, product managers, and consultants. Hemant Krishna from Shardul Amarchand Mangaldas & Co. notes that AI has significantly boosted the legal tech industry's prominence.
Women in India face a jobs crisis. Are factories the solution?
As international brands limit their dependence on China by shifting some manufacturing to India, the trend holds the potential to generate significant numbers of manufacturing jobs - especially for women, who have largely been excluded from the ranks of formal Indian employment.
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Karnataka losing out in manufacturing race; CXO churn in startups
New-age companies are choosing to set up manufacturing facilities in neighboring states like Maharashtra and Tamil Nadu, bypassing Karnataka. More on this in today's ETtech Morning Dispatch.
LinkedIn cofounder's background-checking startup KarmaCheck raises $45 million
The San Francisco-based company said on Thursday that it will use the funds to accelerate the development of its technology and "expand into new industry verticals."
Sequoia backs AI startup that automates engineering tasks
Matan Grinberg, a former physics PhD student, founded Factory, an AI startup valued at over $100 million.
IKEA did what others only talk of doing & it was a gamechanger for India staff
IKEA faced high employee turnover globally. In India, to retain staff, IKEA introduced subsidized daycare, 26 weeks of parental leave, and a five-day workweek. These benefits have significantly improved employee satisfaction and retention, reflecting IKEA's commitment to addressing local worker needs and enhancing their work-life balance.
Bootstrapped SaaS startup Kissflow culls 11% workforce
Kissflow, a Chennai-based startup, announced the layoff of about 45 employees (11% of its workforce) across India, the US, and the UAE. The CEO, Suresh Sambandam, cited reasons such as procurement strategy shift and annual performance reviews. In 2022, the company had gifted BMWs to key staffers for employee appreciation.
Not just employers with benefits! India Inc looks to be more to woo talent
Corporate India is offering new-age benefits, realizing that attracting and retaining talent requires more than just high salaries. Cos offer new-age perks like cash for self-development, health insurance for siblings and pet care to woo talent
Startups’ new hiring strategies; unprecedented poll buzz online
Happy Thursday! While layoffs continue, startups are strategically refilling certain open positions with lower-salaried junior staff to cut costs. This in today’s ETtech Morning Dispatch.
How startups are changing their hiring strategies to streamline costs
Facing a prolonged funding drought, startups are trying a new approach to cost-cutting. Layoffs continue, but some companies, like Swiggy and Ola, are strategically refilling certain open positions with lower-salaried junior staff, according to industry insiders.
Consumer firms plan IPO; startups on poll mandate
India's public market will see about a dozen consumer companies make a debut on the bourses. More on this in today's ETtech Top 5.
Startup layoffs in 2024: Ola Electric, Byju’s, Flipkart among firms shedding jobs
Indian startups and large new-age companies have been cutting down their workforce since the beginning of this year.
How Unacademy board tweaked targets for founders’ voting rights
Edtech unicorn Unacademy has changed the target for its cofounders Gaurav Munjal and Hemesh Singh to access additional voting rights through bonus shares issued to them in 2022. Industry sources said this move throws light on Unacademy’s changing ambitions as well as the broader sluggishness in the startup funding ecosystem.
67% startup employees prefer moving to established firms: CIEL HR survey
According to the findings of a survey on hiring and recruitment trends by Ciel HR Services, about 67% of the workforce is open to transition to established firms. The report is based on the data and analysis of 130,896 employees across 70 startups in India, along with 8746 job postings sourced from various job portals.
View: Raise a glass to the job creators
In a recent interview, Narendra Modi emphasized the importance of supporting businesses and avoiding demonization. The Prime Minister's stance received positive feedback, contrasting with past socialist inclinations.
Is India suffering from an unemployment issue? PM Modi says the country is generating jobs
Prime Minister Narendra Modi defended his government's job creation efforts, citing a significant increase in taxpayers and EPFO subscribers, and growth in the startup sector. Modi emphasised his vision of a 'Viksit Bharat,' where every Indian can dream big. He highlighted achievements in manufacturing, research, and self-reliance. He pledges to focus on infrastructure and development if re-elected for a third term.
'Have delivered on 2019 promise of putting corrupt behind bars, our govt leveraged technology to tackle corruption': PM Modi
Prime Minister Narendra Modi, currently vying for a third consecutive term, reaffirms his 2019 pledge to incarcerate corrupt individuals, asserting that he has fulfilled this promise. In an extensive discussion with ET, PM Modi addressed various topics. He reiterates the government's dedication to ensuring that the benefits of progress extend to all individuals in need, irrespective of their caste, creed, or geographical location.
Paytm employees warned of potential job losses after hit from RBI probe
Paytm, the Indian fintech pioneer, signalled job cuts and asset trimming after reporting its first sales decline on record due to a regulatory probe. The company's net losses surged to 5.5 billion rupees, with revenue dropping by 2.6%. Paytm aims to recover by streamlining operations and focusing on core businesses.
Amazon to invest $1.3 billion in France, create 3,000 jobs
Amazon's 1.2 billion euros investment in France to create 3,000 jobs, enhance cloud infrastructure for GenAI, support AI startups, and research centers. Plans to expand logistics network for faster, eco-friendly delivery.
Employees despair as bell tolls for Paytm Payments Bank; and other top startup & tech stories this week
While the regulatory action on Paytm Payments Bank managed to bring the entire business to a standstill, its largest business partner Paytm moved on to build new relationships with other lenders. Now its CEO who had joined the bank hardly a year back is set to leave by June 26.
Pool of ‘unemployed CXOs’ grows as old firms refuse to match startup salaries
Several CXOs laid off by startups are struggling to find new roles as traditional companies are unwilling to hire them at the inflated salary levels and fancy designations that attracted them to startups in the first place. This situation has led to a growing pool of 'unemployed CXOs' in the job market. Many of these executives are finding it challenging to secure new positions due to their above-market compensation packages and lofty titles. The influx of resumes from these individuals, who are seeking roles in large companies but are deemed overpriced, reflects this trend.
Top Indian unicorns continue to add talent despite funding, growth challenges
Data from top 15 unicorns by talent movements– including the likes of BigBasket, Delhivery, Flipkart, IndiaMART, Meesho, Ola, PhonePe, Swiggy, Udaan, Zoho, Zomato - showed that over the last 12 months, this cohort of firms let go 33,000 employees but hired 58,000, to record a 25,000 net headcount growth.
Startup recruiters find few takers amid overall hiring slowdown
Talent acquisition professionals at inflated salaries have found themselves priced out of the market as opportunities dwindle.
About 13,500 employees from Byju’s, Paytm get on job-hunting mission
The job market currently has over 6,500 active and accessible professionals from Paytm and another 7,000 from Byju’s, showed data from popular job boards and portals put together for ET by specialist staffing co Xpheno. Amid a hiring slowdown in the startup ecosystem, the going isn’t likely to be easy for jobseekers despite many of them being willing to take substantial salary cuts, recruiters said.
Oyo may pause IPO plans; GSV Ventures' Deborah Quazzo on Byju's and edtech
Oyo's initial IPO attempt hit a snag in January 2023 when the regulator sent its papers back for revisions. Following this, the SoftBank-backed company resubmitted a toned-down version, aiming for a much smaller offering through a confidential filing. Oyo was among several companies asked to adjust their IPO plans.
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