Employees at troubled startups face the heat of funding winter, pressure to cut costs
When an employee at a home interiors startup—which has been laying off its workforce—suffered a heart attack and had to be hospitalised, the manager, instead of being empathetic, announced to the company that she was absconding. Other colleagues have been asked to work even though they have had a demise in the family, or have parents hospitalised. She quit recently, along with a couple of other colleagues in her team, unable to cope with the intense mental harassment at work.
Most startups are going through a churn right now, as the ecosystem grapples with a slowdown in funding. Sectors like crypto and edtech have been struggling for a while. Over the next six months, we envisage things only getting worse before they get better, exacerbated by the Silicon Valley Bank turmoil and the continued global recession,” said Anshuman Das, managing partner, Longhouse Consulting