Shark Tank India judge Viraj Bahl recently reminisced how he and his team decided not to let go of any employee during the Covid-19 pandemic, which was marked by layoffs across companies to cut costs. Speaking to actor Chitrangda Singh on her podcast The Rockford Circle, he said, "My promise would be that the highest pay cut anyone gets, I would take double the pay cut. I was opening newspapers online and would read only about layoffs. I was thinking, 'What if I lose my job tomorrow?'. It was the worst thing that can happen to someone with everything in the world looking bleak at that time." "I am very proud of the fact that we did not let go of a single person during the Covid-19 pandemic. The team was briliant. I am forever in gratitude that they did it with a smile," he added. During the same podcast, he, however, minced no words while commenting on the 70-hour work week debate. “I think the 70-hour work week is a bats**t crazy idea,” Bahl said, adding, "It is okay for a founder to work 70 hours because he is the biggest commercial gainer out of a 70 hour work week." However, to expect your team to work 70 hours is "crazy," he said. "Either compensate them in the same way you are getting compensated for working 70 hours, proportionately, or do not expect them to work 70 hours. I think it’s an obsolete idea. Seventy hour weeks should not happen,” Bahl asserted. View this post on Instagram A post shared by Being Punekar (@beingpunekarofficial) Why is it necessary for company founders to be supportive of employees' needs? Piyali Maity, clinical director, counselling operations, 1to1help, said that companies often resort to layoffs as a cost-cutting method, but supporting employees without actually laying them off can be beneficial to both organisations and employees in the long run as it helps build employee loyalty and morale and saves training costs or new recruits. "Employees who feel secure in their jobs are more engaged and contribute innovative solutions for business growth. One way could be to upskill employees. Consciously investing in training ensures that employees are invested and adapt to the organization's growing needs. Similarly, moving employees to different departments that require a workforce may help maintain employment," said Maity. Maity added that implementing remote work options and reduced working hours can also help retain employees and manage labour costs.
