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Startups hire top talent at lower salaries during slowdown

Source | www-livemint-com.cdn.ampproject.org | Rashmi Menon

MUMBAI: When Achitra Borgohain, founder of e-waste recycling service Binbag, posted a job opening for a project manager last week, he wasn’t expecting to be able to fill the role till the end of May. “I’m setting up a new processing plant in Guwahati, and it’s usually hard to find talent willing to relocate to Assam,” says Bengaluru-based Borgohain. To his surprise, he’s already got eight applicants from across the country lined up. “I even got an application from the co-founder of a waste management company,” he says.

The impact of covid-19 in an already-slowing economy is pushing experienced professionals to consider jobs and roles they may not otherwise have contemplated. HR consultants say experienced hands, who have lost jobs, are willing to take up to pay cuts up to 30%. Startups are taking advantage of this, and some founders are preparing to pick from a bigger pool of good talent due to retrenchment and hiring freezes across sectors.

Prashant Srivastava, founder of TheOther 2 Thirds Consulting, an employee engagement startup, is in the process of hiring four people for his tech team.

“The programmers would have cost me a bomb three months ago. Now, they are willing to join me at their current salary or less,” says Mumbai-based Srivastava.

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