Staff perks in cold storage amid startup funding winter

economictimes.indiatimes.com:

Instead, the young, peppy and flexible environment of the new-age firms has made way for a hard performance driven culture, which some say is also “hostile” and “toxic” at times.

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A 28-year-old product designer at a fintech company, who moved with a twofold jump in his salary package in 2021 when startups were on a hiring spree, said: “I didn’t know it actually meant doing the job of two (people). We work with a few clients and partners in the US and most days I work during both Indian and US days.” “I got well above my market rates but it’s very tough to sustain now,” said the young professional who asked not to be named.

Some employees claim they are facing rising stress and anxiety levels due to “unrealistic work overload”, “no respect for personal or family time”, “constant threat and fear of job loss”, and “often brash and overbearing culture” within teams. This, they say, is pushing many to desperately pursue other opportunities – though even those are not easy to come by in an otherwise slow job market.

“Burnout, stress and missing work-life balance are among the most often stated reasons to look out,” said Prasadh MS, head of workforce research at Xpheno, a specialist staffing firm.

The current downturn comes after the dream run of 2021 when startups saw a hiring spree with massive pay packages, lucrative stock options, and exotic perks such as lavish joining kits, outings and weekend parties, health club