CEO of Unacademy Gaurav Munjal received backlash on social media for declaring that there would be no employee evaluations while sporting a $400 Burberry T-shirt.
Social media users did not miss the irony of the fancy suit worn to give the dismal news. Munjal clarified during the virtual town hall that the company missed its goals in 2024 even if its performance was above average, which is why the appraisals had to stop.
Imagine you have been working at a unicorn startup, eagerly anticipating your appraisals, only to be abruptly informed that there will be none.
In a similar development, Unacademy CEO Gaurav Munjal appeared at the company’s virtual town hall last week wearing a $400 Burberry… pic.twitter.com/UWvwTytJ6m
— Indian Startup News (@indstartupnews) August 6, 2024
“No Employee Evaluations This Year”
“I believe that 2023 was a mediocre year for us. However, 2024 was above average, if not spectacular. But our growth was not met. The good news is that we have a long runway and the burn is now very low. He was heard saying on a video, “And I kept saying that we don’t have a survival risk.”
Munjal ascribed Unacademy’s inability to reach goals to obstacles in the market, dwindling income from offline facilities, and other factors. It has been difficult, which is why I have some bad news: this year we will not be conducting any assessments. We realized we made a mistake, even though I did say we would two or three weeks ago.”
Acknowledging Past Promises by Unacademy
He reminded them to look at the wider picture, acknowledging that some staff had not gotten appraisals in the previous two years. People on social media immediately remarked on Munjal’s pricey T-shirt. Someone said, “These CEOs won’t lower their standard of living but stop appraisals for the people running their businesses.”
One more said, “Just accept a pay reduction! Employee evaluations may have been funded with the money. The compensation gap between the average employee and the CEO is still too great. Users referred to the virtual town hall video from last week as the “worst apology” they had ever seen. The post’s caption, “This is Burberry Black Parker T-shirt with embroidered logo,” acknowledged the irony of the situation. Yes, indeed, one shouldn’t pursue their interests. But things are as they are.
Conclusion: Balancing Corporate Image and Employee Welfare
The criticism Unacademy CEO Gaurav Munjal received emphasizes how crucial it is to strike a balance between employee welfare and company image. The incident emphasizes how important it is for business communications to be sensitive and transparent, particularly when talking about budgetary restrictions and employee reviews. Prioritizing fair treatment and honest communication with employees can help businesses create a more encouraging and productive work environment as they navigate difficult market conditions.
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