An attrition rate just short of 50% has put the EV maker’s senior management in a constant state of churn. The result: a lack of stability and depth of experience expected in a company that aims to go public.
In December last year, when Bhavish Aggarwal’s Ola Electric Mobility filed its draft red herring prospectus for a public listing with the Securities and Exchange Board of India, one statistic stood out—the company’s 47.48% attrition in the 2022-23 fiscal year. This means that close to half its workforce changes every year, a remarkably high rate of churn.
This attrition level is significantly higher than other electric two-wheeler companies, which see a 10-20% churn, leave alone legacy auto makers, where it is under 10%. The number is shocking even when compared to employee attrition in India’s information technology sector, which was …
Pradip is a co-founder at The Morning Context and leads our newsletters vertical. He has previously worked at The Ken as a staff writer, at Mint as an assistant features editor and the Deccan Chronicle as a copy editor. He works with a slew of expert newsletter writers across subjects and domains. His own writing spans the gig economy, farmers caught in the crossfire of technology, global warming and parents trapped in the edtech wave. Some of his best stories have come at the intersection of technology and human endeavour.
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