Struggle to Find Jobs Due to High Salary Expectations Amidst Market Challenges
In the aftermath of a boom in startup hiring a few years back, a growing number of senior executives find themselves stranded in the job market. These CXOs, enticed by hefty salaries and prestigious titles offered by startups, now face rejection from traditional companies hesitant to meet their salary demands.
The phenomenon has given rise to a notable pool of ‘unemployed CXOs,’ as downsizing and funding challenges force many senior professionals out of their roles. Despite their wealth of experience, these executives struggle to secure positions in established firms due to their inflated compensation packages and lofty designations acquired during their tenure at startups.
Mayank Kumar, co-founder of edtech giant upGrad, shed light on the plight of these unemployed CXOs, noting their reluctance to accept pay cuts and unrealistic salary expectations as major hurdles to re-employment. Anshuman Das, CEO of Longhouse Consulting, echoed this sentiment, citing an influx of resumes from laid-off CXOs with inflated salary demands.
Traditional companies inundated with applications from laid-off startup executives, are hesitant to hire them due to their unrealistic salary expectations. Atul Vohra, managing partner of Transearch India, emphasized the disparity between compensation levels in mature industries and the digital sector, urging unemployed CXOs to reassess their expectations.
The hiring frenzy in startups, fueled by aggressive recruitment strategies and generous compensation packages, has resulted in a surplus of senior talent in the job market. With reduced demand for talent, many unemployed CXOs find themselves unable to secure roles that match their previous compensation levels.
As established companies prioritize budget constraints and organizational fit, unemployed CXOs are encouraged to adjust their salary expectations and align with industry standards. Despite the allure of high salaries and bonuses in startups, the reality of the job market presents a stark contrast, prompting candidates to reevaluate their employment prospects.
In conclusion, the influx of unemployed CXOs highlights the challenges of transitioning from startups to traditional companies. As the job market evolves, executives must adapt to changing realities and temper their salary expectations to improve their chances of reemployment.
