Cred Faces Employee Attrition Amid Leadership Challenges

• Cred, the Bengaluru-based fintech, is experiencing significant employee attrition, with about 10% of its 950 employees quitting since early 2024 and more expected to leave by August.
• Founder Kunal Shah's hands-off leadership style, which once thrived on self-motivated employees, is now being questioned as the company shifts focus from innovation to maintaining existing products.
• Cred's decision to slow down product launches and focus on existing services has led to dissatisfaction among employees, who are used to a fast-paced, innovative environment.
• Financial challenges, including significant losses and a need to justify investor funding, are driving the company to prioritize revenue-generating products, causing internal friction and feelings of neglect among employees in non-revenue-generating roles.
• Shah's sporadic involvement and the company's evolving management style are contributing to a culture of discontent, with employees feeling overburdened, ignored, or demotivated.

Source: The Ken