While the tsunami of layoffs keeps affecting many different businesses, Unacademy, a significant participant in the Indian edtech market, is following suit. The corporation has now rejected appraisals for every employee this year, after the announcement of the firing of almost 250 workers.
The CEO of Unacademy, Gaurav Munjal, declared last week during the virtual town hall that there will be no increases in employee salaries. In addition to the disappointment and anxiety the decision has caused, Munjal’s choice of attire for the day has now drawn criticism from the internet.
The CEO has drawn attention with his ironic attire. He is rumored to have announced a reduction in employee appraisals while wearing a $400 (about Rs. 33,000) Burberry T-shirt. Many responded to his video on social media sites.
Unacademy CEO shares news of no appraisal year while wearing a $400 tshirt
byu/Beneficial-Ad-9123 inStartUpIndia
The post left users divided in the comment section, with many calling out the CEO and his company. A user wrote, “These CEOs won’t lower their own standard of living but rather stop appraisals for the people who are running their businesses,” while another asked, “Why are cuts always from the bottom tier whereas the top tier, who take most of the share, is left unaffected?”
“Just take a paycut! That money could have been used to give appraisals to many employees. The ratio of a CEO’s salary to an average employee’s salary is still too huge,” a comment read.
On social media, users were, however, quick to point out Mr Munjal’s expensive T-shirt. “These CEO’s won’t lower their own standard of living but rather stop appraisals for the people who are running their businesses,” wrote one user.
“Just take a paycut! That money could have be used to give appraisal to many employees. The ratio of of CEOs salary to an avg employee salary is still too huge,” suggested another.
“This reminds me of ex Boeing CEO addressing that company is facing losses meanwhile wearing his expensive designer suits and Patek Philippes with huge salaries lol,” recalled a third. “This is an average story not only limited to a start-up. CEO or chairman’s take all the benefits from Govt, market, earn crores. When there is time to give back something to employees they call it tough times n bla bla,” expressed another user.
Unacademy Announces ‘No Appraisals’ For Employees
In his town hall address, Gaurav Munjal shared that the company has not met the growth targets, which is why they will not hold appraisals for the workplace. “I think 2023 was an average year for us. But 2024, if not great, was above average. However, we did not meet our growth goals. The good part is that the burn is extremely low now, and we have a huge runway. And I kept saying that we don’t have a survival risk,” he said.
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