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The Indian job market is witnessing a concerning trend with a constant decline in funding for startups compared to earlier years. As we reach the midpoint of 2023, the Indian startup ecosystem is fading significantly, forcing companies to resort to harsh cost-cutting measures. In this environment, even established unicorns have been compelled to announce multiple layoffs. The edtech sector, in particular, has been significantly affected, with Byju’s being the latest company to announce a sudden layoff of about 1,000 employees.
According to a Moneycontrol report, the company, without giving any formal intimation to its employees, urged them to voluntarily resign. In return, the company promised them a severance package equal to two months’ pay. The employees were taken by surprise on June 16, when they were informed that it was their last working day, following which their email addresses were deactivated and IDs were confiscated.
One laid-off employee then took to LinkedIn to share his ordeal, noting how he lost the job despite having being available 24/7 for the company.
Ex-Byju employee shares ordeal
In a long post on LinkedIn, a former employee, Arpit Singh, mentioned how he worked hard throughout his term at Byju’s. He said that he was available round-the-clock for the company, without adhering to a typical 10-to-8 work culture. However, he was surprised when he was asked to resign suddenly. Despite that, he added, that he did not intend to complain against the company because it had helped him when he needed a job last year.
Speaking in support of his ex-company, Arpit wrote that he will always respect the organisation. He further revealed that he was now struggling to find a job and hadn’t yet told his family about the same. Arpit mentioned that despite applying to many companies, he has been facing rejections. He also requested people to extend any sort of help if possible.
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The announcement came weeks after another Moneycontrol report had revealed that the edtech company was planning to lay off around 1,000 employees to cut costs.
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