This Indian Startup Begins 3-Day Work Week With 20% Salary Cut! Will This Model Work?
Slice, a fintech company based in Bengaluru, will now be operating only three days a week. Apparently, the company believes that this will help increase their talent pool.
Slice hopes to attract more technology talent while there is a shortage in Indian companies.
Bengaluru Based Fintech Startup, Slice, Starts Three Day Working Week
The company is reportedly offering salary at 80% of the going market rate.
As per Rajan Bajaj, the company’s founder, “This is a win-win approach that frees the workers to pursue other passions or interests — or other gigs — while still locking in a steady pay and benefits from Slice.” He also talks about how this is the future of work and that people don’t want to be tied down to a job.
This is probably the first time any company has adopted a three day work week policy.
There is a huge dearth of talented employees in technology companies and India’s tech entrepreneurs are now under a lot of pressure to increase their teams, especially because global investors are investing billions of dollars.
Slice is hoping that this new policy will set it apart from its counterparts. As of now the company has 450 employees and plans to take on another 1000 engineers and product managers in the upcoming three years.
Three Day Working Week Best Of Two Worlds?
As per Bajaj, this is the best of both worlds. He states, “Workers can get salary and full benefits working a three-day week, and spend the rest of their time chasing a startup dream, looking for a co-founder or pursuing a non-work passion.”
Recently, we reported that a spokesperson for the Scottish government said that the pandemic had enhanced support for more flexible work practices including a four day work week. Furthermore, he said that lesser workdays could not only enhance “well being” but also aid sustenance of more and better jobs. He said that the administration could soon roll out a ‘pilot project’ for the same.
The Labour Secretary Apurva Chandra announced on Monday that the Government is working on a new labour code, which will allow a four-day working week with longer work hours/day.
The weekly limit under the new code will continue to remain 48 hours, however employers will be allowed to deploy their employees flexible work hours, depending upon the number of active days in the week.