Ashneer Grover, the erratic Shark Tank India season 1 judge and former MD of BharatPe, commented on mass layoffs across countries and claimed that he has never had to fire anyone as a result of weak markets because he always made thoughtful hiring decisions. As a founder, he continued, one must consider the long term.
Grover wrote in his recent LinkedIn post: “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.”
The entrepreneur-turned-investor continued by stating that he posted a salary cut of between 25% and 40% as an alternative to mass layoffs, adding that he just does not see why founders cannot make this decision instead.
(Also Read: Google, Microsoft, Amazon, Meta layoffs: Nearly 50,000 job cuts in tech industry)
“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," he further added.
Grover's remarks coincide with the mass layoffs of staff at major tech firms like Microsoft, Google, Meta, Spotify, Amazon, Twitter, Cisco, and Salesforce. Since November 2022, these layoffs have affected about 20,000 IT personnel, according to a PTI report.
About 30% to 40% of individuals affected are Indian IT experts, many of whom are in possession of H-1B and L1 visas. Due to the financial cold that affected the startup environment, not just tech behemoths but also Indian startups have had to lay off staff. Swiggy, Dunzo, inMobi, and GoMechanic are among the startups that have fired employees.
Mr. Grover discussed "cost-cutting to extend runway" and the idea of "real salary vs. paid salary" in November.
