eFishery News Roundup 1. Around 1,800 eFishery workers face layoffs after fraud investigation Around 1,800 eFishery workers are facing mass layoffs after the Indonesian tech company was investigated over suspected fraud. A labour union leader told local media that rumours are spreading among the workers that liquidation is the top option to deal with the eFishery fallout, which is feared to lead to mass layoffs before February. For the full story: https://lnkd.in/gEVvtbCf 2. eFishery employees fear being blacklisted by other startups eFishery employees are worried that the scandal engulfing the company's management is preventing them from seeking new jobs in other startups. A few workers said that their job applications were stopped halfway without any explanation, while those who sent their resumes were immediately frozen. Since the reported fraud went viral, eFishery's management halted all operations, including some ongoing projects. For the full story: https://lnkd.in/gr9icR9X 3. Three banks lent a combined USD 78.5 million to eFishery Three banks - Bank DBS Indonesia, Bank OCBC NISP and Bank HSBC Indonesia - lent a combined USD 78.5 million to eFishery, Kontan reported. DBS gave a USD 32 million working capital loan in October 2022, while OCBC lent USD 16.5 million in February 2023. HSBC gave a USD 30 million "green and social loan" in May 2024 and acted as a sustainable finance coordinator for eFishery. For the full story: https://lnkd.in/gEPTEqWg 4. eFishery claimed to have paid all bank debt eFishery has paid all of its bank debt and denied rumours of a potential default, Kontan reported, citing a spokesperson who declined to be named. The spokesperson did not provide details, such as the amount that was supposedly paid and the banks involved. For the full story: https://lnkd.in/g_WUWpqR
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Founders will agree that the secret sauce of sustained success of a startup is its people. At the same time, many startups commit the cardinal error of not paying enough attention to the HR aspect of the business. If you are a startup founder in India, have you thought through your HR policies? Crafting a robust employment agreement is a crucial step in securing your business. A well-drafted agreement not only protects your intellectual property and confidential information but also ensures smooth operations and compliance with employment laws. To read more about the key elements that should be included in an employment agreement to safeguard your startup's interests read the blog post- #startup #employmentlaw #startup #agreement #noncompete #confidentiality #termination
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Startups today often struggle to offer competitive salaries to their employees. There was a time when individuals had to choose between the higher financial rewards that came with hard work in startups and the stability, albeit with a lower salary, offered by MNC's. This isn’t about work culture—that’s a separate discussion—but the reality is that many startups now demand intense effort while providing meager compensation that isn't enough to survive in metro cities. To make matters worse, the government hasn't taken significant steps to address these challenges. The problem is clear: organizations are exploiting the scarcity of jobs by underpaying employees and not offering them what they truly deserve. Wrong is wrong, regardless of how it’s justified or sugarcoated!!!
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Founders, right after you have settled the new hires, ensure that your policies are in place. Few basic policies are common and can easily be traced and modified from the internet. Having policies boosts confidence when it comes to grievance redressal. #startup #founders #hrpolicies #hr
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I strongly condemn the recent tragic murder of the CEO of a software house. This heinous act is utterly inexcusable. However, it serves as a stark reminder for all organizations, including startups, about the importance of timely salary payments. In Pakistan, it has become alarmingly common for companies to delay paying their employees, despite the fact that many individuals rely on their paychecks to get by, especially in these inflationary times. This practice must end. Companies need to pay their employees on time to foster complete dedication and commitment. If you are not serious about your employees' well-being, you cannot expect them to be serious about their work. This must change.
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Why are salaries important on time in startups? In a corporate environment, especially in startups, timely payment of salaries is important for several reasons that affect the overall health and success of the business. Here are the main reasons why getting salary on time is important: 1. Motivation and Employee Morale 2. Talent retention and attraction 3. Legal and Compliance Reasons 4. Company culture and productivity 5. Financial health and business stability In short, the timely payment of salaries is critical for maintaining employee morale, attracting and retaining talent, ensuring legal and regulatory compliance, promoting a positive company culture, ensuring financial health, and maintaining ethical standards. For startups, where the stakes are often higher and resources are more limited, the importance of timely salary payments cannot be underestimated. It is a fundamental aspect of building a successful, sustainable, and reputable business. That's why we at CodeAspire release salaries on time without delay. #employee #happiness #salaries #business #jobs #satisfaction #motivation
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As your startup scales, managing HR, payroll, and compliance can get overwhelming. That's where an Employer of Record (EOR) steps in! Here's why it's a game changer for high-growth startups: ? Streamline payroll & benefits ? Ensure compliance with local regulations ? Hire talent globally without the admin hassle ? Focus on growing your business while we handle the rest Let Wages Corp take the pressure off so you can focus on what truly matters—expanding your vision! #EOR #StartupGrowth #Scalability #GlobalHiring #WagesCorp #ComplianceMatters #HRSupport #BusinessGrowth #PayrollSolutions #FocusOnGrowth #EntrepreneurLife #StreamlineOperations #TalentAcquisition #ScalingUp
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If you lost your job and you are willing to accept less than $55k for salary, you will probably land another one. If you're not, the odds are that you will search and search and not find what your previous job paid. That's the reality released by Vanguard. Many of those who can't absorb that kind of drastic pay cut are starting their own businesses. Just as in the mid-1980s when we middle-aged middle managers were downsized out this could be the beginning of a new era of entrepreneurship. Fortunately, then and now technology can make the price of entry for startups relatively low. https://lnkd.in/gHD2hjJR #CorrelationofLowCompensationandHiring #BigSalaryLittleHiring #AnotherEraofEntrepreneurship #The1980sGenerationofAccidentalEntrepreneurs
Reduce Your Salary Expectations to Under $55,000 and You Have a Better Shot at Getting Hired: Or Instead, Become an Entrepreneur
janegenovaintuitivecareercoaching.blogspot.com
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Not many startups focus on enabling emerging markets like the Philippines, Pakistan, Ghana or UAE. Cadana has already put $2.5M in the hands of workers and shielded them from $15M in currency devaluation. What Albert Owusu-Asare and Ameer Shujjah are doing is important and urgent for the families in those emerging economies who rely on every dollar coming to them. Grateful your team is solving such an important, global problem. #startups #venturecapital #fintech #payroll https://lnkd.in/gDanYYzX
Cadana, an emerging markets payroll services provider for global hiring platforms, banks $7.1M seed | TechCrunch
https://techcrunch.com
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Top HR Practices for Startups. Just launched your startup? Don’t forget the importance of strong HR practices! Here are some key tips to get you started: Get Your Legal Docs in Order Make sure you’re compliant with all employment laws and have the necessary documents like NDAs and contracts ready. Set Up Payroll Early Whether it’s manual or software-based, having a reliable payroll system is crucial to keep your team happy and paid on time. Build Your HR Team As you grow, having a dedicated HR team will help manage recruitment, employee relations, and compliance effectively. Plan Your Hiring Forecast your staffing needs based on business goals to avoid last-minute hiring scrambles. Creative Compensation Can’t compete with big salaries? Offer equity, flexible work arrangements, and growth opportunities to attract top talent. Cultivate a Strong Culture Communicate your company values clearly and ensure they’re reflected in every aspect of your business. Diversity & Inclusion A diverse team brings fresh perspectives. Use inclusive hiring practices and offer regular diversity training. Continuous Development Regular feedback and professional development opportunities keep your team engaged and growing. Creating a solid HR foundation can set your startup up for long-term success. Let’s build something amazing together! Click the link to know more - https://buff.ly/4br2vmF #StartupJourney #HRBestPractices #CompanyCulture #TeamGrowth
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?? Expanding your business globally? Navigating the complex world of international compliance can be a huge challenge. ??? That's where Professional Employer Organizations (PEOs) come in! Our latest blog post, "PEOs – The Key to Global Compliance," is a must-read if you plan to take your business to new markets. ???? Discover what we are going to cover: ? What Are the Challenges in Global Compliance? ? How Do PEO Services Help Mitigate Compliance Challenges? ? Key Areas Managed by PEOs for Global Compliance ? Should You Use PEO Services? Whether you're a startup or an established enterprise, understanding the role of PEOs can be your game-changer in global expansion. ???? Read the full story and unlock the secrets to seamless international business operations. Click on the link Below ?? https://lnkd.in/gnAfFHGE #GlobalBusiness #PEOs #Compliance #InternationalExpansion #HR #BusinessGrowth #Startups #Globalpeoservices #PEOservices #peoserviceprovider #Globalcompliance #PEOserviceproviderinindia #GlobalExpansion #peo #eor #payroll
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