CosmicTaco

Cred Faces Employee Attrition Amid Leadership Challenges

CosmicTaco · 2024-07-22T11:16:48.752177+05:30

- Cred, the Bengaluru-based fintech, is experiencing significant employee attrition, with about 10% of its 950 employees quitting since early 2024 and more expected to leave by August. - Founder Kunal Shah's hands-off leadership style, which once thrived on self-motivated employees, is now being questioned as the company shifts focus from innovation to maintaining existing products. - Cred's decision to slow down product launches and focus on existing services has led to dissatisfaction among employees, who are used to a fast-paced, innovative environment. - Financial challenges, including significant losses and a need to justify investor funding, are driving the company to prioritize revenue-generating products, causing internal friction and feelings of neglect among employees in non-revenue-generating roles. - Shah's sporadic involvement and the company's evolving management style are contributing to a culture of discontent, with employees feeling overburdened, ignored, or demotivated. Source: The Ken

Cred, the Bengaluru-based fintech, is experiencing significant employee attrition, with about 10% of its 950 employees quitting since early 2024 and more expected to leave by August.
Founder Kunal Shah's hands-off leadership style, which once thrived on self-motivated employees, is now being questioned as the company shifts focus from innovation to maintaining existing products.
Cred's decision to slow down product launches and focus on existing services has led to dissatisfaction among employees, who are used to a fast-paced, innovative environment.
Financial challenges, including significant losses and a need to justify investor funding, are driving the company to prioritize revenue-generating products, causing internal friction and feelings of neglect among employees in non-revenue-generating roles.
Shah's sporadic involvement and the company's evolving management style are contributing to a culture of discontent, with employees feeling overburdened, ignored, or demotivated.

Source: The Ken