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Startups help staff bag new jobs as layoffs bite

 Rope In HR Firms For Transition After UV Employees Get Pink Slips Amid Funding Crunch


The startup world may be battling a funding winter, but not all of them have left their employ ees high and dry

Several startups are in the middle of bringing down staff costs even as they assist in employee outplacement, facilitating terminated staff find new jobs. Aditya Naray an Mishra, director & CEO of CIEL HR Services, said the firm is helping startups in outplacement. Inflationary trends and the threat of a glo bal recession have prompted investors to be cautious abo ut their investments.

Many people have gone off the rolls in the last few months as external scena rios force investors to beco me cautious about funding. Experts from the HR servi ces industry said companies are outsourcing such func tions for a smoother runway.

Mishra of CIEL said: "Startups are asking their portfolio companies to cut down costs. To cut costs, ma ny companies have resorted to prune businesses that are not yielding desired traction and, hence, resorted to lay offs. More than 10,000 emplo yees have been laid off in startups this year. But let ting go of the employees with just the severance pay would harm the employer brand of the company. So, these com panies are seeking professio nal help for outplacing the employees. This trend will remain until investment ac tivities pick up pace again." Priti Sawant, CEO & foun

der of the consultancy Joules to Watts, said, "More than 80% of these layoffs are due to cost cutting, restructuring, finan cial constraints and automa tions. Marquee investors ha

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