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Ashneer Grover, co-founder of BharatPe and a former Shark Tank India judge, spoke about mass layoffs at tech companies, saying he never had to lay off employees due to bad markets. In his latest LinkedIn post, Grover said he always hires "with consideration." "It's sad to hear about layoffs every day. I'm thankful I've never had to lay people off due to bad markets, because I've always hired with consideration. As a founder, you have to think long term." Grover wrote. The BharatPe co-founder added that companies could consider a 25-40% pay cut instead of mass layoffs. "Some time ago I announced a pay cut of around 25-40% as an alternative to mass layoffs. I just don't understand why founders don't go down this path. Everything is overhauled: energy, capital, technology. Why not? people?" he added.
Grover also said that he has set a maximum hiring limit of 50 people on his upcoming startup called The Third Unicorn. "I'm glad I forced myself to a 50-person max on The Third Unicorn. Anyone who joins me will only have to worry about building and growing - I take care of my team," Grover writes.
Grover's comment comes after big tech companies including Amazon, Microsoft and Google announced tens of thousands of job cuts this month amid the economic boom the industry has experienced during the Covid-19 pandemic.
On Monday, music streaming service Spotify was the latest company to cut 6% of its global workforce, or about 600 jobs.
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