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In a slew of cost-cutting measures, Unacademy has now announced pay cuts for its leadership team including founders, the pay cuts can be as steep as 25 per cent.
According to a message sent by CEO Gaurav Munjal to employees, the salary cut will depend on the current salary of the leader, their scope and performance. The salary cuts can go upto 25 per cent. These cuts are permanent and the salaries will only be revised in April 2024.”
Also read: Unacademy and Sriram’s IAS Academy to provide UPSC training
Making business profitable
This development comes closely after Unacademy has cut down 12 per cent of its workforce in the company’s third round of layoffs. Munjal called this decision in line with company’s plan to meet the goals that it is chasing in the current realities. He noted that Unacademy has taken every step in the right direction to make its core business profitable, yet it is not enough.
Unacademy laid off 600 employees in April 2022, and another 350 employees were given the pink slip in November 2022. Unacademy-owned Relevel also cut off 40 jobs in January 2023, as it shifted business focus.
Further, the edtech company also spun off coding platform CodeChef as an independent entity earlier this week. However, Unacademy will continue to hold 30 per cent stake in CodeChef.“
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