Pool of ‘unemployed CXOs’ grows as old firms refuse to match startup salaries
Several CXOs laid off by startups are left stranded as traditional companies are not willing to hire them at inflated salary levels and fancy designations that lured these senior professionals to quit large companies for startups a couple of years ago.
This has created a burgeoning pool of ‘unemployed CXOs’ in the job market, officials from startups, large companies and search firms said.
“We are flooded with resumes from CXOs and senior start-up professionals who are currently without a job, many of whom have unrealistic expectations that large companies are not willing to meet,” said Anshuman Das, CEO of executive search firm Longhouse Consulting. “There are many resumes doing the rounds from startups such as Byju’s, Paytm, Pharmeasy, Udaan, etc, who are difficult to place at their inflated salaries,” he said.
“Now even as the valuation has gone down, very few companies (like Byju’s or Udaan) have taken a down-round,” said Das of Longhouse Consulting. “Candidates still have the illusion of high stock value when the reality is, they are overpriced and unaffordable.”
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