Layoffs at big internet firms keep staffers at startups on the edge
The new year has begun on a sombre note for people working in large and well-capitalised startups as companies like Swiggy, Flipkart, and Paytm are laying off a sizable chunk of their teams.
This has forced employees and human resources (HR) professionals in the startup ecosystem to realign their expectations for the new year and heightened anxiety among jobseekers.
In 2023, most job shifts in the startup sector happened at between a 30% salary cut to a 20% salary hike, said Anshuman Das, cofounder and chief executive of both talent solution provider Careernet and executive search firm LONGHOUSE Consulting.
In comparison, most job shifts in 2022 happened at hikes of between 10% to 50%, whereas in 2021, they happened at hikes of between 30% to 80%, Das said.
Das of Careernet said jobseekers will have to look beyond the attractive salaries offered by startups and start to join workplaces for more “intrinsic reasons”.