Welcome to Indian Startups's Private Community

And please never forget that the bulk of money LSVP has made so far is from OYO, which let's be honest is a shit show. But due credit to Bejul and Maninder for grooming Ritesh and scamming SoftBank. It is business so let's keep it real.

VC's blowing their own trumpet is my favourite genre of content.  I'm afraid Lightspeed can't go anywhere. With $1.6 billion sunk in troubled companies like Byju's, Udaan, Apna, Sharechat, Teachmint and an ever growing shoddy portfolio, LSVP will be clobbered if they leave

Fired a bazooka

Product Owner

Fired a bazooka- Grapevine

Welcome to News Discussion's Private Community

From the last few days there were talks going on about layoffs in Morgan Stanley. Some 7% of the global staff will be handed over the pink slip in this week. 
Well... It started happening from today ... Few colleagues from my department were laid, and the reason being "company is trying to survive in the market, company is planning the road ahead by taking such bold steps".
When this was announced, my anxiety shot up the next level and I couldn't wait for the meeting to finish.
The past few years have not been great for the business worldwide due to which many companies are forced to take such steps. These companies just have been doing a hiring spree from the last 1-2 years that now they are regretting their decisions and letting off their employees.
My question is - "If a company hires excessively during the bull market and is forced to lay off few of the employees during the downturn, has the company made an error by not evaluating the headcount or it was just simply the need of the hour" 
 
Please note - I know many people out there who have faced job cuts due to many factors, sincerely requesting people to take this matter very seriously

Layoffs - A complete mess made by the companies

Analyst

I have been through ups and downs in IT, but these layoffs seem crazy. There is just no pattern to it, more like everyone is firing let me fire.

Honestly I feel its high time Tech companies, Startups take a hard look at their business and revenue model. Most just seem to be in a herd mentality.  Every one is mass hiring, let me also mass hire. Every one is giving exorbitant salaries, let me also give.

Its become more a cycle now, hire in large numbers, find there is no work to give, no revenue to sustain, and so mass fire again. This just cant be going on. 

Who makes mistakes that results in revenue loss or crunch? 

Top management 

Who gets fired ? 

Every one except the ones who are responsible.

Dont fucking give me the reasoning that you are doing this for efficiency and streamlining.

No you are just doing it to protect your own arse, while making scapegoats of others.

So the Musks, Pichais, Zuckerbergs happily take fat bonuses, while drafting teary regret letters for firing. And they are supposed to be our role models to look up to? 

Enough is enough IT industry can't forever be running in this same mode. These hire and fire cycles are getting weary nowadays.

Rant on the layoffs

Software Engineer

Welcome to Software Engineers's Private Community

Navi Technology founded by Sachin Bansal is doing mass layoffs which started on Tuesday (11 July)

Mass Layoffs at Navi Technology

Damn no wonder they are firing 
 I know some average freshers who joined at 21 base last year  
 Overpaying for average talent always results in firing in startups,is what I have observed

Data Scientist

A lot of people at Unacademy have already resigned, and they are unable to hire replacements from the market( for who knows what reasons). Now as we all know people who are left in the organisation are going to have a tough time. 

Leaves not being approved, longer hours at work, mental harassment in the name of being available 24*7  is becoming a day to day thing. Now they are forcing people to take up sections of business one has never dealt with and are threatening to fire them if they are denying those roles. 

People who left the organisation in 2022 are the luckiest and well a bunch of well informed individuals who saw the end of this company before anyone else could have. 

What a time to be in edtech, indeed

Major Shakeup at Unacademy

Founder

Udaan fired more than 150 employees after raising $340 million dollar

20000 is a huge no.
 Billion $$$ in severance package.

Please share ur views...

Citigroup firing on all cylinders 💥💥💥

Senior Consultant

Welcome to Office Gossip's Private Community

Quoting from The Ken (which btw I would highly recommend).

How many of you think this is true for Bangalore and problems that we are facing now with this generation.

+++++++++++++

Between 2020 and 2022, investors pumped billions of dollars into startups whose founders and leaders offered up the mythical “hypergrowth” narrative. Those startups, in turn, pumped money to hire and grow a layer of mid-level and senior-level executives whose job was to deliver on that hypergrowth narrative.

And salaries went through the roof. Hikes of 50% and above were par for the course.

Cut to the present.

If overvalued startups are widely recognised as a problem, can overvalued employees escape the same fate?

A CEO of a prominent company estimates that “in product and tech, 20-30% are in this category”. 



- Extract taken from Ken

Unhireable category of employees, how true is this?

CEO will always say employees are paid too much 
  
 Who exactly is recognising overvalued startups as a problem? Most are still trying to run the grift and were only hampered by interest rates lowering their runway. You can see how many are opening AI startups that have nothing to do with AI whatsoever, not to mention the number of Crypto / Web3 companies in our country. 
  
 Executive pay has always been the problem, take a look at any graph showing the skyrocketing ratio of Executive:Employee salary ratio, and for terrible decision making and management as a trend.

Program Manager

I heard that even VCs like Sequoia and Matrix Venture Partners are laying off people 

Sequoia has laid off 3 Analysts, 1 VP and 1 associate and Matrix has laid off 5-6 people

Any thoughts? Is it true? 

#layoffs

Venture Capital layoffs

Venture Capital

I am not sure if the ads team is impacted? Can anyone confirm that?

Amid Google layoffs…they are hiring too

Product Manager

Many companies laying off employees while they're hiring parallely, if you know any such companies please share there name....so we don't end up joining such confusing workplace......

Hiring and firing parallely

In Zomato and Blinkit they putting pressure on employees based out of Bangalore office to either relocate to Gurgaon office or creating situation where they end up resigning

Strategy & Operations

If he gives me ESOPs worth the CEO's shares then sure I would have an entrepreneurial mindset.

According to him we shouldn't care about money

Putting Zypp Electric in Never Apply list

Consultant

https://inc42.com/features/how-former-zynga-india-head-silently-shut-his-startup-after-slashing-150-jobs/

150 fired... how were so many hired without PMF in the first place? Lovely article btw, captures so much about what is wrong with funding and founders

Paytm layoffs

What's the craziest reason someone got fired?

Here's mine at my previous job. A collegue of mine was fired for smoking weed in the bathroom. He got back to his laptop and he was high as fuck, I am pretty sure he didn't even understand why he was getting fired.

Software Developer

AMA about what actually goes behind those rangolis in the HR dept and work that better compensated people in HR do.

Fired a bazooka

Discover More

News Discussion on

by Aaron Gabriel

Morgan Stanley

Layoffs - A complete mess made by the companies

News Discussion on

by Jordon Lee

Stealth

Rant on the layoffs

Software Engineers on

by Blair Olive

Stealth

Mass Layoffs at Navi Technology

Indian Startups on

by Aaron Lee

Unacademy

Major Shakeup at Unacademy

News Discussion on

by Kalan Nadeen

Stealth

Udaan fired more than 150 employees after raising $340 million dollar

Layoffs on

by Matilda Lee

TCS

Citigroup firing on all cylinders 💥💥💥

Office Gossip on

by Kendall Lee

Deutsche Bank

Unhireable category of employees, how true is this?

Layoffs on

by Jordon Lee

Venture Capital

Venture Capital layoffs

Layoffs on

by Kalan Nadeen

Accenture

Amid Google layoffs…they are hiring too

Layoffs on

by Coy Dean

Stealth

Hiring and firing parallely

Indian Startups on

by Kendall Olive

Early Stage Startup

According to him we shouldn't care about money

News Discussion on

by Jordon Vernon

Acko

150 fired... how were so many hired without PMF in the first place? Lovely article btw, captures so much about what is wrong with funding and founders

Indian Startups on

by Kendall Vernon

Accenture

Paytm layoffs

Office Gossip on

by Blair Taye

Rapido

What's the craziest reason someone got fired?

Office Gossip on

by Isaiah Hyrum

Deloitte

HRBP AMA