ShareChat cuts down 25% of its workforce
ShareChat has down sized about 101 employees or 25% of its workforce due to the ongoing covid19 pandemic and local market uncertainties. According to an email sent to employees by Ankush Sachdeva, CEO of ShareChat, the advertisement market would remain unpredictable this year and the firm is streamlining its revenue teams to these new expectations.
Sachdeva has written in the email, “We have to focus on our core product and feed recommendation is driven growth levers while scaling back on the others. We need to go back to our fundamentals in terms of only picking bets that move the needle for growth.”
The impacted employees will have the option of taking a garden leave of two months or half the salary for four months. Additionally, they will get one month’s ex-gratia for every year that they have worked for the company.
ShareChat will also continue to provide health insurance policy until the end of the year. For ESOP holders, the company will extend the timeline for the stocks employees own till the end of the year.
ShareChat joins the list of many companies that laid-off employees due to disruption in business. Experts believe that many companies will announce cost-cutting majors like layoff and pay cut in the coming weeks when the fourth phase of lockdown gets over.
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