Akshata Sharma
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Salaries of most key edtech roles across various departments have seen as much as a 50% drop from the highs of 2020-2021 Let's take a look
"The salary packages in edtech have since 2022 undergone corrections and calibrations to return to normalised scales. The workforce optimisation and continued cost shedding has seen job offer packages shrink by 30% to 80% compared to the previous high of 2021 and early 2022," Prasadh MS, Workforce Research and Communications Specialist at Xpheno said.
* According to data, edtech startups raised a mere $283 Mn in 2023, compared to $2.4 Bn in 2022 and $4.73 Bn in 2021.
* Since the peak of edtech funding in 2021, startups have had to pivot to hybrid models from online-only learning. The pivots forced startups to review the high employee costs and other customer acquisition spends.
* The cash crunch due to lack of growth on the online learning front resulted in nearly 15,000 layoffs and dozens of shutdowns. Startups such as Lido, Udayy, SuperLearn, DUX Education, Frontrow, Crejo.fun among others shut down operations.
* Notably, edtech unicorns like BYJU'S, Unacademy have accounted for a majority of the layoffs, with both giants having to scale back in verticals.
* The layoffs meant increased the talent supply in the edtech market with thousands of job seekers now ready to work at 50%-60% lower salaries than what they drew before.
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