Skip to content
Breaking News

Breaking News

  • Home
  • World
  • Business
  • Health
  • Entertainment
  • Life Style
  • Sports
  • Toggle search form

Unacademy CEO Picks $400 Burberry T-shirt For ‘No Appraisal’ Announcement Meeting – News18

Posted on August 6, 2024 By Admin No Comments on Unacademy CEO Picks $400 Burberry T-shirt For ‘No Appraisal’ Announcement Meeting – News18


Published By: Business Desk

Last Updated: August 06, 2024, 18:10 IST

Purportedly dressed in a $400 (Rs 33,000 approx.) Burberry T-shirt, the CEO’s ironical appearance has everyone’s attention.

Unacademy Announces ‘No Appraisals’ For Employees

While the wave of layoffs continues to hit multiple industries, Unacademy, a major player in the Indian edtech sector, is not far behind. After announcing the termination of around 250 employees, the company has now rejected appraisals for everyone this year. Unacademy CEO Gaurav Munjal made the announcement last week at the virtual town hall, stating that there will be no salary hikes for employees. While the decision has left many disappointed and worried, Munjal’s choice of outfit for the day is now also facing the internet’s wrath.

Purportedly dressed in a $400 (Rs 33,000 approx.) Burberry T-shirt to announce an appraisal cut for employees, the CEO’s ironical appearance has everyone’s attention. Many took to social media platforms and reacted to his video.

“Unacademy CEO shares news of no appraisal year while wearing a $400 t-shirt,” a Reddit post read, followed by an additional message that explained that he wore the Burberry Black Parker t-shirt with an embroidered logo.

The post left users divided in the comment section, with many calling out the CEO and his company. A user wrote, “These CEOs won’t lower their own standard of living but rather stop appraisals for the people who are running their businesses,” while another asked, “Why are cuts always from the bottom tier whereas the top tier, who take most of the share, is left unaffected?”

“Just take a paycut! That money could have been used to give appraisals to many employees. The ratio of a CEO’s salary to an average employee’s salary is still too huge,” a comment read.

Unacademy Announces ‘No Appraisals’ For Employees

In his town hall address, Gaurav Munjal shared that the company has not met the growth targets, which is why they will not hold appraisals for the workplace. “I think 2023 was an average year for us. But 2024, if not great, was above average. However, we did not meet our growth goals. The good part is that the burn is extremely low now, and we have a huge runway. And I kept saying that we don’t have a survival risk,” he said.

He also acknowledged that some employees have not received any hikes for two years now, but they need to see the “bigger picture.”

In July this year, the edtech company laid off about 250 employees across various departments, primarily sales. Those close to the matter said that the terminations were done as part of a recent “restructuring” and also based on performances for the year.

Business Desk

A team of writers and reporters decodes vast terms of personal finance and making money matters simpler for you. From latest initial public offerings …Read More



Source link

Business Tags:tech layoffs, Unacademy, Unacademy CEO, Unacademy layoffs, Unacademy no appraisal announcement

Post navigation

Previous Post: Blake Lively Opts For Indian Label To Up Her Method Dressing Game For ‘It Ends With Us’ Promotions – News18
Next Post: Pakistan announces 17-member squad for Bangladesh test series | The Express Tribune

More Related Articles

Rupee falls 5 paise to 85.69 against US dollar in early trade – Times of India Business
Maruti Suzuki To Hike Car Prices By Up To 4% From April 2025 Business
GST collections up 16%, fastest since Oct 2022 – Times of India Business
John Lewis announces new chair to replace Sharon White Business
At Least 11 Journalists Killed in War Business
Indian Motorcycle Unveils Exquisite Roadmaster Elite: Check Full Details Business

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recent Posts

  • Jeff Bezos and Lauren Sánchez’s wedding invite slammed over ‘ugly’ design
  • Paige Spiranac adds new chapter in ‘case study’ about her golf game
  • From NPS To UPS: Last Date To Opt For Unified Pension Scheme Extended By 3 Months Till September 30
  • Salman Khan reveals struggle with AVM and brain aneurysm on Kapil Sharma Show: Know what AVM is, its causes, and why it’s so serious | – Times of India
  • Patrick Schwarzenegger on his breakout

Categories

  • Business
  • Entertainment
  • Health
  • Life Style
  • Sports
  • World

Copyright © 2025 Breaking News.

Powered by PressBook Blog WordPress theme