IANS | 02 May, 2024
Embattled edtech platform Byju’s, which is finding it difficult to
pay full salaries amid severe cash crunch, has now linked sales
employees’ pay to weekly revenue generation.
The new company
policy is currently applicable to sales teams, including the Inside
Sales (IS) and Byju’s Exam Prep (BEP) teams, according to an internal
company document.
Byju’s did not immediately comment on the new policy.
Applicable
for a period of four weeks till May 21, the new policy will ensure the
disbursal of a percentage of the weekly revenue generated by sales
staff, according to the document.
“Starting immediately, 50 per
cent of the upfront weekly collection will be directly disbursed to our
sales associates every week for the next four weeks,” read the email.
“For
instance, if an associate successfully collects Rs 50,000 in revenue
generated from orders between April 24th and April 30th, they will
receive Rs 25,000 on May 1,” the document further said.
The base salaries for sales team associates will be suspended temporarily during the period till May 21.
“Since
the base salary has been suspended, you will not receive any payout or
salaries for the given period (when the associate fails to do any
revenue in a given week),” the company said in the internal document.
Last
month, the shareholders of the company approved the rights issue,
paving the way for its parent company Think & Learn Private Limited
to issue fresh shares and conclude the rights issue aimed at tackling
the severe cash crunch.
The approval of the extraordinary general
meeting (EGM) proposals cleared the hurdle to tackle unpaid salaries,
regulatory dues and vendor payments.