Rampant Negativity at Yubi Part 2
Just wanted to give some updates now that it has been 1 month since the last post 1) Senior Leadership from Tech (3) , a senior director from Product , Finance Head have all resigned. Strategy team has been dissolved. 2) There are more people in the pipeline and will get more clarity by month end. 3) Everyone over the CTC of 60 lakh has been asked about the revenue that they bring in and based on that, their position is being reconsidered. 4) All contract workers have been terminated. Interns have been told that they won't be receiving PPOs. 5) Senior Management Has been asked to take 20% paycuts. 6) Even at Junior level, people have been asked to take pay cuts or resign. 7) Lots of tools used in tech are being removed and AWS subscription has also been revised. Meanwhile HRs have been celebrating on slack channels that Yubi has been ranked in Top 25 companies for career development :/
Itachi777
Stealth
a year ago
User name checks out
WhoAreUu
Stealth
a year ago
Yes waiting for Part -3
Itachi777
Stealth
a year ago
Bro shall I make a short movie on this? "YUBI - Ek dardanak Kahaani"
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Abbadabbachabba
Stealth
a year ago
Sir/Madam: Why don't you only do the next townhall? Aap Mahapurush hain
Itachi777
Stealth
a year ago
Everything I have mentioned here is happening as we speak. You can ask anybody in the org. In one of the previous townhalls CEO said there will be no layoffs while I am here. Now we all know how credible and empathical he is. Silently several teams are getting axed.
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Itachi777
Stealth
a year ago
Apparently they have 900+cr in the account but probably due to investor pressure , they are targeting to keep at 900+ for as long as possible . Hence this
Pressure is on because they missed their revenue target massively. And next year target is atleast 3X of last year
I mean this year's target, i have also seen the valuation model. To get unicorn valuation with low actual revenue, you need to show non linear growth in revenue in future. Expect more pain to come here.
That is true, i can't unfortunately reveal my identity here. But yes i am involved in these discussions - hence i say this, we are in for lot of pain. It is just starting
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Link to part 1
Rampant negativity at Yubi
Hi , this post is intended to be a disclaimer to anyone who is planning to join Yubi. A lot of things are happening here that show some signs of an im...
120+ comments on Grapevine
Checkout this post - https://share.gvine.app/JuxZRj6TVD8siFfQ7
Outsider take - this thread appears to be an attempt by unhappy employees (not commenting on whether they are right / wrong) to be heard by co management (assuming they are on this thread), by discouraging potential hires.
The allegations aren’t being substantiated with data, ‘till their last day with the co’. So the upset lot still clearly care about their own interests.
Personally I do think that the hiring strategy has gone terribly wrong if the firm’s own employees are on forums speaking ill, let alone wearing the jersey.
However, weaponising this platform to be heard, at the cost of colouring impressions of potential hires didn’t seem right.
Itachi777
Stealth
a year ago
While I don't know about secondary sales and other aspects that another user has highlighted, all the points that I have posted above ( regarding silent layoffs methods , cost cutting) are true and happening as we speak. This can be confirmed by anyone working in the company.
Itachi777
Stealth
a year ago
The idea of this and the previous post was to highlight the reality of what is going on at Yubi so that potential hires don't fall into the traps that HR have been spreading (' yubi a great place to work").
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Itachi777
Stealth
a year ago
If anyone is curious and wants to read the 1st part, please search Yubi on the grapevine search bar and you will find it.
Itachi777
Stealth
a year ago
Thanks blahbla. Although you would already have the link,right. I remember were pretty actively defending these actions in the previous post. Btw have you been able to find out who I am,yet?
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StealthProMax
Stealth
a year ago
The entire User Research team was laid off yesterday
Itachi777
Stealth
a year ago
I guess only co lending and pools teams are safe due to bringing revenue. Rest are all in red.
Itachi777
Stealth
a year ago
I was wrong. Even in the colending business teams, people have been asked to move on. I guess no one is safe
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I remember CredAvenue was like a small company forming during pandemic and they just hit stratosphere in 1.5 years. Challenges are going to be there in such fast growing companies.
StealthProMax
Stealth
a year ago
Anyone heard anything about increments?
Bheegibilli
Student
a year ago
No buddy, I am waiting for part 3 story actually 🙂
Itachi777
Stealth
a year ago
Check Glassdoor for the latest reviews.
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I didn’t know all these were happening even me being here for 4 months already. Stopping food didn’t affect me as I was taking food from home in all my previous offices. I realised I have been hired at lower cost to company by seeing the messages here but it’s just 4 months, they said I m eligible for salary revision in this cycle. What about creating wealth? Early joiners could have made good wealth by now. I need to stay longer (2/3 years) to get the benefits of stocks? I guess company will survive after anyone leaves, saw this practically in my previous org. Sometimes the companies make quick decisions while hiring without having proper plan for that candidate, this may be the reason to let go people, at least it’s better for them to get moving rather than stuck at a job without making any progress to their career. I have asked my boss - please tell me if you feel you need to cut down resources in this team or you feel that I m the right person in wrong job. He replied saying we are in good shape and nothing is needed now. There have been some internal miscommunication at lower levels which is creating panic among people, nothing to worry.
criticalresourceF99
Stealth
a year ago
I know a friend who is dumb shit in tech but bagged a offer of 24 lpa
criticalresourceF99
Stealth
a year ago
Infact the he is working in yubi only right now
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And that's why you don't take outside funding to liquidate control over your company
Itachi777
Stealth
a year ago
Not everyone is as wealthy as you bro. Some peeps need outside funding :p
Absolute
Stealth
a year ago
A lot of this is BS. Facts twisted to suit a narrative.
Low Performers being let go including senior levels is nothing new. Infact its good for us who slog while some of these managers just do status update. I know a senior tech leader who had not coded a single line and just did meetings using his TL for update. He is on his way out.
Team restructures are very common and more frequent in startups. All was announced on townhall. How does it matter anyways. It's movement of people. Actual perf exits including job restructure was told as <8%. If it's a bluff it wld b known as u wld not see ppl around you.
Asking cost to revenue output is logical. Look at many other startups who went down becoz of bloated valuations. If 60 lkh+ bucket was a target then I think all of L1/L2 shld have vanished. These fat ppl wld survive.
Leaders taking a pay cut is better than letting go 20-30% of org. Founder has taken it himself and told openly. Anyways they have lot and can afford. Haven't seen anyone in my team taking pay cut.
Honestly any org who will miss revenue target and does not take action is doomed. Cutting frills is the best way. Atleast they told it openly. Better to find nxt gig than crib.
Itachi777
Stealth
a year ago
Are you still at Yubi?
lol.. Just saw Yubi being on top companies to work for in 2023 list!!
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