October 6, 2022

Fintech firm Slice is providing new hires a three-day week with wage at 80% of the going market price, Bloomberg reported. “It is a win-win strategy that frees the employees to pursue different passions or pursuits — or different gigs — whereas nonetheless locking in a gradual pay and benerefits from Slice,” mentioned Rajan Bajaj, the corporate’s founder, in line with the report. 

“That is the way forward for work,” Bajaj, 28, mentioned in a telephone interview to Bloomberg. “Individuals don’t wish to be tied all the way down to a job.” 

International buyers are pouring billions of {dollars} into India’s tech startups, placing entrepreneurs below stress to ramp up groups. A large expertise crunch has ensued as IT outsourcers, Silicon Valley giants, world retailers and Wall Avenue banks’ know-how facilities vie for engineering and product expertise alongside a whole bunch of fast-growing startups.

Slice is betting that its strategy will make it stand other than the competitors. The corporate has 450 workers and desires to recruit 1,000 engineers and product managers within the subsequent three years.

“It’s the perfect of each worlds,” Bajaj mentioned. “Employees can get wage and full advantages working a three-day week, and spend the remainder of their time chasing a startup dream, on the lookout for a co-founder or pursuing a non-work ardour.”

The transfer comes amid many corporations, startups and IT, are transferring to fewer working days per week to boost the productiveness of workers, amongst varied incentives.  

Just lately, cybersecurity firm TAC Safety has shifted to a 4-day work week, closing on Fridays for the final 7 months for higher productiveness. If it makes employees extra productive and happier, it is going to make the coverage everlasting in Mumbai workplace, the corporate mentioned on Monday.

Terming it a step to adapt to the “Way forward for Work,” the corporate, which has round 200 workers, determined to concentrate on empowering workers to have a wholesome work-life stability and a happier workforce in return.

The transfer towards shorter weeks has been underway for at the least a century. Nonetheless, given the worldwide pandemic, the work tradition took a dramatic change and several other corporations are actually slowly adapting to a extra hybrid workplace tradition the place workers are requested to work from workplace alternatively, other than few days of labor.  

In 1926, Henry Ford adopted a five-day work week rather than the everyday six days, after experiments confirmed productiveness wouldn’t endure because of this. Firms and international locations have experimented with four-day weeks for years with out widespread adoption.

Proponents of shorter weeks now level to research displaying a lift in worker productiveness and well-being, prompting international locations resembling Eire and Iceland to attempt them out. Know-how behemoth Amazon.com Inc. piloted a four-day week for choose workers in 2018, and even China is making an attempt to rein in its extreme working hours. Simply as in Silicon Valley, the Indian startup trade’s work-centered tradition is leaving some engineers disenchanted whereas some are milking the chance for all its price. 

Even Bhavish Aggarwal, founding father of ride-hailing startup Ola and electric-car startup Ola Electrical Mobility Pvt., tweeted just lately in half jest that he was pondering of outsourcing work to a less expensive vacation spot — the San Francisco Bay Space.

Flush with capital, startups are additionally spending on different initiatives to draw engineers and designers. Social commerce platform Meesho introduced a companywide 10-day break in November so employees can unplug and rejuvenate. Fintech startup BharatPe has proffered referral goodies like BMW bikes, devices and cricket holidays in Dubai.

Slice started providing its three-day choice on Monday, and it’s betting its timing is opportune: tens of millions of engineers are making ready to return to in-person work, after practically two years of being confined to working from house.

The startup, based in 2016, makes a speciality of providing bank cards to India’s younger. Its bodily card launched in 2019 with the corporate touting sign-ups of lower than a minute, cashbacks and a number of cost choices. Slice issued 110,000 playing cards final month, making it among the many nation’s high suppliers. Its backers embody Japan’s Gunosy Capital and India’s Blume Ventures.

The brand new hires will kind small groups and work on newer cryptocurrency or “purchase now pay later” merchandise. Current workers are eligible for this system “supplied they’re a match,” Bajaj mentioned. “A 3-day work week permits us to recruit a sure caliber of expertise as a result of it’s a perk massive tech corporations like Google and Amazon don’t supply,” he mentioned, reported Bloomberg. 

With inputs from Bloomberg

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