Startup employees look for exits amid crises; outside talent reluctant to join
Amid existential crises playing out at Byju’s and Paytm – the erstwhile poster boys of India’s edtech and fintech revolutions – the attractiveness of the already troubled startup sector has eroded further.
Talent, especially at senior levels, from other sectors are reluctant to join startups that are hiring, say recruiters. Many of those who moved to startups from traditional sectors at eye popping hikes at the height of the startup boom are now eager to return even taking upto 20-30% pay cuts.
“Troubles at some of these decacorns mean bad news for the startup sector as a whole. It is definitely becoming more difficult to close mandates for CXO roles at startups,” said Anshuman Das – CEO, LONGHOUSE Consulting.
People do not want to put their reputations at risk, and that is now becoming the case when working at such companies, says Das. “Working at the senior levels in a company where compliance issues are being seen means you were to some degree aware of it and might have been looking the other way or making the ethically wrong choice. Senior talent is just not willing to take that risk now.”