No Salary Hikes for Unacademy Employees, CEO’s ₹33,000 T-Shirt Sparks Backlash
No Salary Hikes for Unacademy Employees, CEO's ₹33,000 T-Shirt Sparks Backlash
CEO Gaurav Munjal announced no salary appraisals for Unacademy employees during a virtual town hall, wearing a $400 Burberry T-shirt, which drew criticism from social media users.
Unacademy CEO Gaurav Munjal has come under fire after announcing no salary appraisals for the company’s employees while wearing a ₹33,000 ($400) Burberry T-shirt. The announcement was made during a virtual town hall meeting, and the irony of the situation did not go unnoticed by social media users.
Unacademy CEO shares news of no appraisal year while wearing a $400 tshirt
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In his address, Munjal stated that Unacademy did not meet its growth targets for the year, which led to the decision not to offer appraisals. “I think 2023 was an average year for us. But 2024, if not great, was above average. However, we did not hit our growth goals. The good part is that the burn is extremely low now, and we have a huge runway. I kept saying that we don’t have a survival risk,” Munjal said.
He pointed to several challenges, including market headwinds and decreasing revenue from offline centers, as reasons for the company’s performance shortfall. “It’s been tough, and that’s why I have one bad news: we won’t be able to do any appraisals this year,” Munjal added.
Munjal acknowledged that some employees had not received appraisals for two years and urged them to consider the company’s broader situation. “We are the ones who are still standing while our competitors are going down one by one,” he said.
However, the CEO’s appearance in a pricey Burberry T-shirt during the announcement sparked criticism.
A Reddit user shared a snippet from the town hall, highlighting the expensive attire and questioning the CEO’s priorities.
“These CEOs won’t lower their own standard of living but rather stop appraisals for the people who are running their businesses,” one user commented.
Another remarked, “This is the same guy who used to travel in private jets and said it is justified because his time is just that valuable.”
A third user questioned the company’s growth targets: “Who told him to keep unrealistic growth rate goals? If they are not making losses, every employee should get a salary hike.”
This announcement comes shortly after Unacademy laid off 250 employees as part of efforts to streamline operations. The decision to forego appraisals, combined with the recent layoffs, has further impacted employee morale.
The CEO’s Burberry Parker T-shirt, which sells for between $200 and $570 online, became a focal point of criticism as employees and social media users expressed their frustration over the disparity between executive and employee treatment.
