The coronavirus pandemic has proved to be a pain in the back of businesses, especially new-age startups. The pandemic followed by a nationwide lockdown has severely affected the businesses and operations of many organizations that are now finding it hard to tide over the unprecedented crisis.
Companies have now resorted to tough cost-cutting measures in order to sustain businesses and aim for a longer smooth running. Layoffs, furloughs and pay cuts have now become an everyday news.
Joining the likes of many companies, Noida-based SaaS startup RateGain has recently announced that it has implemented cost-containment measures to ensure that there are no layoffs.
The company said it has implemented salary reduction with the management team taking the greatest hit between 50%-100%. Further, the company says it sent some of its employees on furlough with an action plan to bring them back as soon as possible. However, the number of employees hasn’t been confirmed. But the company said that all furloughed employees will continue to receive health and safety insurance benefits.
RateGain further said that to realign its cost structure to the new interim realities, it negotiated with all its vendors globally, curtailed all travel expenses, terminated all sales and marketing expenses and has frozen all hires and raises.
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