Edtech has recently been in radar for being the industry with the highest rate of startup layoffs. As per data and reports, 11 edtech start-ups have collectively let go of roughly 6,500 employees this year, including industry giants Byju's, Unacademy, and Vedantu.
Scaler, a Tiger Global-backed company, announced today that its employees will receive 10 days of paid time off from December 21. The upskilling platform said the shutdown was meant to show employees 'gratitude' for their efforts during the difficult year for Indian edtech companies.
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"Times are tough, and we are constantly surrounded by news that has created anxieties in the edtech sector. These year-end leaves are just one of the many ways we acknowledge our team's efforts and contributions throughout the year,” said Abhimanyu Saxena, co-founder of Scaler, in a statement.
In a statement, the startup addressed 'high attrition, burnout, and quiet quitting, among others,' in Indian companies and urged employers to foster a productive work environment and promote physical and mental health.
For the year, Saxena mentioned that the company is planning big things. “We hope this time off will allow our team to come back stronger, happier, and motivated to smash several glass ceilings,” he said.
A year of struggle for Edtech
Edtech has recently been in radar for being the industry with the highest rate of startup layoffs. As per data and reports, 11 edtech start-ups have collectively let go of roughly 6,500 employees this year, including industry giants Byju's, Unacademy, and Vedantu. Additionally, the sector has experienced changes in business models, widespread cost-cutting initiatives, and complete shutdowns.
Edtech funding has also declined in 2022 the sector has raised a total funding of $2.43 billion till October, down by 38 per cent from $3.98 billion last year.
Making mental health a priority
A new study by Slack, titled 'Leadership and the War for Talent,' found that 54 percent of Indian knowledge workers experience burnout and nearly 66 percent are planning on a job switch.
The COVID-19 pandemic and the current pressure causing global trends have made mental health of employees and employee benefits an increasing part of employers duties. Recently E-commerce platform Meesho announced a 11-day company wide break around October end for employees to ‘rest and recharge’.
“We will allow employees to completely unplug from work and prioritise their mental well-being after the busy festive sale period.” said a press release by Meesho.
Audio streaming platform Spotify also bought back its ‘Wellness Week’ this year. The company shut its office for the first week of November allowing employees some paid time off so that they can return to work “revitalised, refreshed and energised”.