SUMMARY
So far, more than 11K employees have been laid off by 32 Indian startups in 2022 in the wake of a global slowdown
Although high pay, perks and material benefits help attract top candidates during talent wars, brands often find it challenging to retain their star hires
Inc42 caught up with Avlesh Singh, cofounder and CEO of WebEngage, to decode the strategy and approach of the startup in hiring and retaining talent
After 2021, a year that saw more than $42 Bn pouring in for Indian startups as funding, 2022 is bringing in more worries than solutions. Countries across the globe are still grappling with Covid-induced restrictions and lockdowns. (China is suffering the most, but caseloads are rising in many parts of the world, including India.) Then there are geopolitical uncertainties, rising inflation and higher interest rates mandated by central banks to counter it.
Together, these factors have led to an economic slowdown. And the possibility of a global recession is getting eerily close to reality.
The looming downturn is also impacting Indian startups in a big way, resulting in massive cost-cutting, job loss, shutdowns and a funding freeze. More than 11K employees have already been laid off by 32 startups, including several unicorns such as Meesho, MPL, Trell, Unacademy and more.
According to Inc42’s analysis of the talent wars last year, the unicorns offering high pay, perks and other material benefits managed to acquire the best talent. But that is just one side of the story. Once hired, groomed and mentored, how can companies ensure the long-term retention of their employees? How can startups ascertain that their star hires will be the perfect cultural fit or that the top talent will not leave in a hurry?
Avlesh Singh, cofounder and CEO of Mumbai-based full-stack retention OS, WebEngage, says it is all about trust and transparency. A strong believer in ‘overcommunication’, Singh thinks that employees need to believe in a company’s mission and goals. A clear understanding of the same, coupled with trust in the organisation and the opportunities it offers, should help overcome talent wars and allow a company to grow freely without fearing undue attrition.
“Culture is what happens when you are not physically present in a place, how your teams conduct themselves, how decisions get taken and how progress is made. Everything you have built to ensure that all of this is done the right way is what culture essentially is,” explained Singh.
Watch Inc42’s cofounder & CEO Vaibhav Vardhan talk to Avlesh Singh, cofounder & CEO of WebEngage, about the latter’s culture and strategy to hire and retain talent.
With a presence in Asia, Latin America, the Middle East and the EU, WebEngage serves more than 500 enterprise brands across sectors and boasts of more than 250 employees. Watch the session now to learn more about Singh’s biggest learnings as an entrepreneur, managing remote and hybrid work environments and countering workplace challenges like isolation, fatigue, demotivation and more.
