Byju's, India's top edtech company, is facing a problem – they promised their staff performance bonuses and extra rewards, but they're running late with the payments. This delay is happening when Byju's is already dealing with many other problems like money troubles, changes in who's in charge, and other stuff.
They Promised, But Didn't Deliver
In July, Mrinal Mohit, who oversees Byju's Tuition Centres, told employees that they'd get extra money and rewards added to their September paychecks. But here's the catch: at least seven employees have confirmed that they didn't get those promised extras in September.
Normally, these performance-related bonuses get paid out every three months, but it seems the company hasn't paid any since September 2022. And it's not just the tuition centre staff waiting; employees from other departments are also wondering when their extra payments will arrive.
Employees have been asking their managers and the HR department, but it looks like nobody has a definite answer.
Struggling on Many Fronts
Byju's isn't having an easy time lately. They're busy trying to work out a $1.2 billion loan deal with lenders, waiting for much-needed funding, and dealing with changes in leadership. Plus, they're rushing to get their financial reports sorted for the years 2022 and 2023.
They've also given up a big office space in Bengaluru and let go of some staff. And to add to the mix, they've faced criticism for delaying provident fund payments to employees. They haven't even done employee appraisals for the year 2024, something that's typically done by now.
Steps Toward Improvement
But it's not all bad news. Byju's is taking steps to make things better. They've brought in Richard Lobo, a seasoned pro from Infosys, to head up HR and address employee concerns.
In July, they also added some big names, TV Mohandas Pai and Rajnish Kumar, as advisors to their board after three key investor board members left due to differences with Byju's founder, Byju Raveendran.
Conclusion
So, while Byju's is going through some tough times and employees are waiting for promised payments, they're also working to fix things. The delay in performance bonuses is just one piece of the puzzle, and employees are hopeful that the company will resolve these issues while getting back on track.