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‘I have got my team’s back’: Ashneer Grover bats for salary cuts instead of mass layoffs

‘I have got my team’s back’: Ashneer Grover bats for salary cuts instead of mass layoffs

‘I have got my team’s back’: Ashneer Grover bats for salary cuts instead of mass layoffs
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By CNBCTV18.com Jan 23, 2023 6:13:45 PM IST (Published)

Ashneer opened up about the recent mass layoffs that have hit thousands of techies across the world. In a LinkedIn post on Monday, the former chief executive of BharatPe noted that he never had to fire people due to prevailing economic conditions.

After leaving the Shark Tank India show, the former co-founder of BharatPe Ashneer Grover has become quite popular among new-age start-up enthusiasts and budding entrepreneurs. Grover is known for speaking his mind out on various issues concerning start-ups and he often breaks the Internet with his witty comments and observations.

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Recently, Ashneer opened up about the recent mass layoffs that have hit thousands of techies across the world. In a LinkedIn post on Monday, the former chief executive of BharatPe noted that he never had to fire people due to prevailing economic conditions.
“It’s sad to hear about firings every day. I am thankful that I’ve never had to fire people because of bad markets - because I’ve always hired considerably. As a founder you’ve to think about the long game,” Ashneer Grover wrote.
Grover further suggested in his post that salary reductions could work as an alternative to mass firings.
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“I had posted about a 25 – 40 percent salary reduction a while back as an alternative to mass firings. I just don’t get why founders won’t go down that path. Everything gets repriced - energy, capital, technology. Why not people? Glad I’ve put on myself a max cap of 50 people in The Third Unicorn. People joining me will have to worry only about building and growth - I’ve got my team’s back,” added Grover.
His post has gone viral on LinkedIn with over 37,000 likes. Many users have replied to his post with interesting comments.
One user disagreed with Ashneer and wrote, “I disagree with your thoughts Ashneer Grover for the simple reason that most of the employees will spend the rest of their lives working for others and have minimal capacity to take risks. Moreover, they spend their lives on EMIs hence reduction of salary for all the employees at the cost of few will only demotivate most of them and they may not give their 100 percent despite having the capability to do so.”
Prominent tech companies like Google, Amazon, Microsoft, Meta and Twitter have already laid off or announced to lay off a significant number of employees recently. Many global tech giants are rethinking their staffing needs, instituting hiring freezes, rescinding offers and starting mass layoffs.
These mass layoffs are happening due to the macroeconomic conditions and the possibility of a future recession in the United States and other economies.
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