The Indian job market is witnessing a worrying trend with a steady decline in funding for startups as compared to previous years. As we approach the mid-point of 2023, the Indian startup ecosystem is fading significantly, forcing companies to resort to drastic cost-cutting measures. In this environment, even established unicorns have been forced to announce several layoffs. The edtech sector in particular has been hit hard, with Byju’s being the latest company to announce sudden layoffs of nearly 1,000 employees.
According to a Moneycontrol report, the company urged its employees to voluntarily resign without any formal notice. In return, the company promised him a salary package equivalent to two months’ salary. Employees were in for a surprise on June 16, when they were informed that it was their last working day, after which their email addresses were deactivated and IDs confiscated.
A laid off employee shared his experience on LinkedIn, noting how he lost his job despite being available to the company 24/7.
Byju’s former employee shared his experience
In a long post on LinkedIn, Arpit Singh, a former employee, mentioned how he worked hard during his tenure at Byju’s. He said that he was available round the clock for the company, without following the 10 to 8 work culture. However, he was taken by surprise when he was suddenly asked to resign. Despite this, he said he did not intend to file a complaint against the company as it had helped him last year when he needed a job.
Speaking in support of his former company, Arpit wrote that he will always respect the organization. He further revealed that he was now struggling to find a job and had not yet told his family about the same. Arpit told that despite applying in many companies, he is facing rejections. He also requested the people to extend any kind of help if possible.
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The announcement comes weeks after another report by Moneycontrol revealed that the edtech company is planning to lay off around 1,000 employees in a bid to cut costs.