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BYJU’S Links Sales Staff Salaries To Weekly Revenues

Inc42 · 1y ago

BYJU’S Links Sales Staff Salaries To Weekly Revenues

Edtech major BYJU's has introduced a policy linking the salaries of its sales staff to weekly revenue. This move comes as the company faces financial strain and aims to incentivize sales performance. The policy applies to the company's inside sales and exam prep teams, and the percentage of payout will depend on factors such as revenue generated, designation, and the number of sales associates in the team. The policy will be effective from April 24 to May 21 and will help ensure timely payouts for the sales team, even during operational adjustments.

Related News

BYJU'S pays April salaries to employees, except sales staff: Report

Money Control

Money Control · 1y ago

BYJU'S pays April salaries to employees, except sales staff: Report

BYJU'S has paid April salaries to all employees, except its sales staff, Moneycontrol reported. This comes after the edtech startup reportedly linked the salaries of its sales staff to the revenue they generate every week. The salaries have been paid from the revenues generated and the debt raised by the founders earlier, CNBC-TV18 reported.

BYJU’S Slashes Product Prices, Revamps Sales Model

Inc42 · 1y ago

BYJU’S Slashes Product Prices, Revamps Sales Model

Indian edtech company BYJU'S has reportedly slashed prices and revamped its sales model amidst ongoing financial and legal challenges. The annual subscription for BYJU'S Learning App has been reduced to INR 12,000, while offline BYJU'S Tuition Centres courses are priced at INR 36,000 per year. BYJU'S CEO, Byju Raveendran, introduced a new sales strategy that links team salaries to weekly revenue generation. The company aims to have a workforce of 50,000 salespeople by next year. BYJU'S has faced a debt crisis, cash crunch, and legal cases, prompting these changes.

The Clock Is Ticking For BYJU’S

Inc42 · 1y ago

The Clock Is Ticking For BYJU’S

BYJU'S, the edtech company, is facing financial troubles and struggling to pay its employees. The company suspended fixed salaries for its sales team, linking their pay to weekly sales, leading to dissatisfaction among employees. Only some employees have been paid their March salaries, with many others still waiting for payment. The company's financial situation, along with a decline in its brand reputation, raises concerns about whether BYJU'S can survive in the long run. The company's cost-cutting measures under the BYJU'S 3.0 plan do not inspire confidence, and its competitors are focusing more on offline learning.

At AGM, Byju’s investors press for transparency from founder

Economic Times

Economic Times · 1y ago

At AGM, Byju’s investors press for transparency from founder

Investors at Byju's annual general meeting urged founder Byju Raveendran to provide full transparency regarding the financials and state of the edtech firm. They emphasized the need for open communication to build trust and support for the company. Byju's audited financials for fiscal year 2022, including a significant loss and the write-off of subsidiary Whitehat Jr, were discussed. The company has been facing challenges related to staff salaries, asset sales, and a term loan. Investors have also pushed for Raveendran to step aside from day-to-day operations.

Byju’s misses own timeline to pay variable income to tuition centre staff

Money Control

Money Control · 1y ago

Byju’s misses own timeline to pay variable income to tuition centre staff

Mrinal Mohit, the de facto head of the Byju’s Tuition Centres (BTC) vertical had said in an employee townhall in July that the company would be paying variable or performance-linked income and other incentives to the entire staff with their September salaries. But at least 7 employees have confirmed to Moneycontrol that these incentives were not paid with September salaries

BYJU’S Slashes Salaries For New Sales Hires By More Than 90%

Inc42 · 1y ago

BYJU’S Slashes Salaries For New Sales Hires By More Than 90%

BYJU'S has implemented a new compensation structure for hiring sales associates, with fixed pay as low as INR 10,000 per month, according to sources. The company has significantly reduced the remunerations for BDAs and Inside Sales Associates, both in terms of fixed and variable pay. This move aligns with Byju Raveendran's focus on a new sales-based model, which ties revenue generation to employee salaries.

BYJU’S Closes $200 Mn Rights Issue, But Employee Salaries Delayed Again

Inc42 · 1y ago

BYJU’S Closes $200 Mn Rights Issue, But Employee Salaries Delayed Again

BYJU's, the edtech major, has closed its $200 million rights issue but is facing further delays in salary payments to its employees. In an email to staff, CEO Byju Raveendran blamed a small number of investors who had locked the funds raised in a separate account, preventing the company from making the payments. The Bengaluru bench of the National Company Law Tribunal had ordered BYJU's to keep the proceeds from the rights issue in a separate escrow account. Raveendran said the company was aiming to ensure salaries were credited by 10 March.

Salaries stuck since April at PayMate as cash crunch deepens

Livemint

Livemint · 25d ago

Salaries stuck since April at PayMate as cash crunch deepens

PayMate, a Visa-backed B2B payments company, has been delaying salaries since April due to a cash crunch, attributed to aggressive global expansion and regulatory challenges in India. The Reserve Bank of India's directive destabilized its India business, compounding financial difficulties. As a result, approximately 100 employees have faced salary disruptions, with junior staff receiving partial payments and senior staff awaiting dues for months, including July salaries, which remain unpaid.

Eternal’s headcount surges on quick-commerce, going-out bets

Livemint

Livemint · 10d ago

Eternal’s headcount surges on quick-commerce, going-out bets

Eternal (formerly Zomato) significantly increased its workforce in FY25 to support the expansion of its quick-commerce business, Blinkit, and its going-out vertical, District. This rapid growth led to a doubling of the workforce, mainly involving last-mile delivery staff, dark store operators, and local sales teams. However, this expansion resulted in reduced average salaries while executive boardroom compensations increased, as indicated in the company's annual report.

Byju’s lays off about 500 staffers, nearly half from tuition centre business

Economic Times

Economic Times · 1y ago

Byju’s lays off about 500 staffers, nearly half from tuition centre business

Byju's, the troubled edtech company, has reportedly laid off around 500 employees, mainly in sales and marketing roles. The layoffs come as the company faces difficulties in securing capital and managing day-to-day operations. Around 240 of the affected employees worked in Byju's Tuition Centre operations, with the rest employed in other areas like K-10 and examination preparation. The company has attributed the layoffs to a cash crunch and a business restructuring exercise. Additionally, employees were informed that their salaries would be delayed due to actions by investors. Byju's is currently attempting a $200 million rights issue to raise funds.

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