A Bangalore-based startup is trying a more dramatic solution: a three-day work week.
fintech company Piece Offering new employees a three-day week with pay at 80% of the market rate.
It’s a win-win approach that frees up workers to pursue other passions or interests — or other gigs — while still locking in a steady salary and profit from the slice, said Rajan Bajaj, founder of the company.
“This is the future of work,” Bajaj, 28, said in a phone interview. “People don’t want to be tied to a job.”
Global investors are pouring billions of dollars into India’s tech startups, putting pressure on entrepreneurs to build teams.
There has been a massive talent shortage for IT outsourcers, technology hubs from Silicon Valley giants, global retailers and Wall Street banks, as well as hundreds of fast-growing startups, as well as engineering and product talent.
Slice is betting that his approach will make him stand apart from the competition.
The company has 450 employees and is looking to recruit 1,000 engineers and product managers over the next three years.
“It’s the best of both worlds,” Bajaj said. “Workers can get paid and full benefits working a three-day week, and spend the rest of their time chasing a startup dream, looking for a co-founder, or pursuing a non-work passion. ”
At least moving towards shorter weeks than a century. In 1926, Henry Ford adopted a five-day work week in place of the usual six days, experiments showed that productivity would not be affected as a result.
Companies and countries have used four-day weeks for years without widespread adoption.
Proponents of shorter weeks now point to studies showing an increase in employee productivity and well-being, prompting countries like Ireland and Iceland to try them.
Technology giant Amazon.com Inc rolled out a four-day week for select employees in 2018 and even China is trying to rein in its excessive working hours.
Like in Silicon Valley, the work-focused culture of the Indian startup industry is disillusioning some engineers, while others are taking advantage of the opportunity of all its value.
Bajaj said the salaries of engineers have tripled in the last three years.
Bidding wars are common and workers have been known to ghost startups after several rounds of wage negotiations.
The founders joke on social media about advertising on matchmaking and food delivery apps to get workers.
I like how candidates always “go to the original location with limited connectivity” after receiving the offer and… https://t.co/cEOd2UnW07
— Ritesh Banglani (@banglani) 1630067186000
Such is the hiring bonanza that Bhavish Aggarwal, founder of ride-hailing startup Ola and electric-car startup Ola Electric Mobility Pvt.recently tweeted half-jokingly that he’s looking at outsourcing work to a cheaper destination – the San Francisco Bay Area.
Engineering Recruitment Positions in Bangalore – SF Looking to do some work offshore at a low cost center in Bay Area! I
— Bhavish Aggarwal (@bhash) 1627829439000
Flush with capital, startups are also spending on other initiatives to attract engineers and designers.
social commerce platform misho In November the company announced a 10-day break so employees can unplug and rejuvenate.
Fintech startup BharatPe has offered referral goods like BMW bikes, gadgets and cricket holidays in Dubai.
Slice began offering its three-day option on Monday, and is betting its timing is opportune as millions of engineers prepare to return to work in person after being confined to working from home for nearly two years. are.
Founded in 2016, the startup specializes in providing credit cards to the youth of India. In 2019 the company launched its physical card with less than a minute sign-up, cashback and multiple payment options.
Slice issued 110,000 cards last month, making it one of the top providers in the country. Its backers include Japan’s Gunosi Capital and India’s Bloom Ventures.
The new employees will form smaller teams and work on new cryptocurrency or “buy now pay later” products. Existing employees are eligible for the program “provided they are fit,” Bajaj said.
“The three-day work week allows us to recruit a certain caliber of talent because it’s a big tech companies like Google And Amazon doesn’t offer that,” he said.
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