Voonik Asks Its Employees to Go Without Pay |
Posted: November 16, 2017 |
Voonik, a popular e-commerce company has asked most of its employees to let go of their salaries for now as its undertaking a massive cost-cutting drive. Employees were asked to forego 3 months’ salary for the time being. The CEO of Voonik has also shared views on this matter. The total number of employees working for this Bengaluru-based firm is 350, out of which 200 are being asked to sacrifice their salary for now as per various media reports in which this information was shared by a few unidentified people who are familiar with these new developments. The CEO and co-founder of Voonik, Sujayath Ali has confirmed the news and promised that pending salaries would be offered later on. Sacrificing salaries is not mandatory for all employees who have been asked to do so. These employees also have the undesirable option of handing in their resignation and getting one month’s salary in exchange. This is not the first time an e-commerce firm has made things tough for employees. Snapdeal, a giant e-commerce firm had also asked many of its employees to leave because of a financial crisis. Media reports regarding Voonik’s surprising decision state that the company had hired many highly paid executives recently but was unable to pay their salaries. Sharing details of its financial crises, media reports state that the fashion e-tailer needs to compete with brands like Amazon, Limeroad, and Myntra-Jabong but it has not been able to scale business since raising about USD 30 million in equity capital. It has recorded a loss of more than INR 84 crore while its revenue was just 16 crores in 2016 fiscal. Reference :- http://buildyourorg.com/News
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