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Unacademy CEO Faces Backlash Over No Salary Hikes Announcement in Expensive T-Shirt
In a surprising turn of events, Unacademy CEO Gaurav Munjal announced that the edtech firm will not be offering salary hikes to employees this year. The announcement was made during a virtual town hall meeting, where Munjal’s choice of attire—a $400 Burberry T-shirt—didn’t go unnoticed and has become a focal point of criticism on social media.
CEO’s Fashion Statement Sparks Controversy
Munjal, who addressed the company’s workforce via a virtual town hall, was seen wearing a Burberry Parker T-shirt, priced between $200 and $570 on resale sites. His choice of clothing has sparked a wave of criticism, with many pointing out the irony of announcing salary freezes while donning such an expensive item.
During the town hall, Munjal explained that the company had failed to meet its growth targets for the year, which led to the decision to forgo employee appraisals. “2023 was an average year for us. 2024 was slightly better, but we still didn’t hit our growth goals,” Munjal stated. He attributed the shortfall to several factors, including challenging market conditions and declining revenue from offline centers.
Reasons for No Salary Hikes
Munjal cited various challenges, including market headwinds and a decrease in revenue from offline centers, as contributing factors to Unacademy’s failure to meet its targets. “We’re facing tough times, and that’s why I have some bad news. We won’t be able to do any appraisals this year,” he admitted. Despite having previously mentioned the possibility of appraisals, Munjal confessed that the company realized a mistake during the process.
He acknowledged that some employees have not had appraisals for two years but urged them to consider the broader context. “We are among the few companies still standing while many competitors are falling by the wayside,” Munjal noted.
Social Media Reacts
The news of the no-appraisal decision quickly spread across social media platforms, with users expressing their discontent. Many criticized Munjal for his lavish attire during a time of financial austerity. “These CEOs won’t lower their own standard of living but will halt appraisals for the people who are driving their businesses,” one Reddit user commented.
Another user recalled Munjal’s previous statements about the necessity of private jet travel, saying, “This is the same guy who used to travel in private jets and justified it by claiming his time was exceptionally valuable.”
There were also criticisms directed at the company’s ambitious growth targets. “Who set such unrealistic goals? If the company isn’t making losses, every employee deserves a salary hike,” another commenter argued.
Recent Layoffs Add to Discontent
The announcement of no salary hikes comes on the heels of Unacademy’s recent decision to lay off 250 employees. The layoffs were part of a strategy to streamline operations amid the company’s financial challenges. This move, coupled with the salary freeze, has amplified employee dissatisfaction and public criticism.
Gaurav Munjal’s announcement of a no-salary-hike policy, paired with his choice of an expensive T-shirt, has ignited a storm of criticism. While Munjal cites financial and market challenges as reasons for the salary freeze, the disconnect between the company’s financial decisions and the CEO’s high-end fashion choices has fueled public outrage. As Unacademy continues to navigate through tough times, both employees and observers are closely watching how the company addresses its internal and external challenges.
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