Paytm Lay Off: About 10 percent of the workforce has been affected by this decision of layoff taken in Vijay Shekhar Sharma’s company Paytm. Now Paytm’s name has also been included in the major layoffs in fintech companies in the recent past.
Only 6 days are left for the end of the year 2023 and preparations are in full swing across the country to welcome the New Year i.e. 2024. There is an atmosphere of New Year’s celebration in many small and big companies, but the management of Paytm, a giant company providing online payment services, has given a big shock to its employees even before the new year starts. Actually, Paytm’s parent company One 97 Communications has laid off more than 1000 employees.
Cited cost cutting
In the ET report published on Business Today, it has been said that even before the end of the year 2023, Paytm has made big layoffs and under this, more than 1000 employees have been shown the way out in one stroke (Paytm Lay Off). Paytm has made these major layoffs as part of the process of cost cutting and streamlining the business. Along with this, it has also been indicated that more such decisions can be taken in the coming days. According to the report, these layoffs have taken place during the last few months.
Impact on 10% of Paytm’s work force
This decision of layoffs taken in Vijay Shekhar Sharma’s company Paytm has affected about 10 percent of Paytm’s workforce. Now Paytm’s name has also been included in the major layoffs in fintech companies in the recent past. According to the report, due to this layoff in Paytm, the section related to loan business of the company has been most affected.
That’s why the decision to lay off was taken
Accepting the layoff, a company spokesperson said that Paytm is aiming to reduce employee costs by 10 to 15 percent during the current financial year. He said most of the posts affected by the layoffs are those that have been replaced by artificial intelligence (AI). However, while explaining about this layoff, the spokesperson has also said that the number of employees in Paytm Payment Business can be increased by 15,000 in the coming year.
Company’s focus on new business
The report says that Paytm is now focusing on new products for its wealth management vertical. It also plans to create an insurance distribution marketplace to hire new talent while other teams are being cut. Paytm spokesperson has said that in this regard, Paytm is changing its operations with AI Automation.
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