Paytm fires 1,000 employees to save 15 percent of staff costs. Check Details

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Paytm fires 1,000 employees to save 15 percent of staff costs

| Updated: December 25, 2023 13:03

Paytm, the flagship brand of One 97 Communications, has recently undertaken a significant measure to streamline its operations and reduce staff costs by 15 percent. The move resulted in the termination of more than 1,000 employees across various departments, including payments, lending, operations, and sales. This initiative, executed over the past few months, accounts for approximately 10 percent of Paytm’s total workforce.

Sources indicate that the decision to downsize is rooted in performance-related concerns, reflecting the company’s strategic effort to enhance profitability. The move aligns with a broader trend in the new economy sector, characterized by modern businesses leveraging advanced technology, where over 28,000 employees have been laid off in the first three quarters of the year due to financial challenges and difficulties in securing funding.

While a Paytm spokesperson disputed the reported number of job cuts, they confirmed the ongoing organizational changes. The spokesperson stated that the company aims to reduce staff costs by 10-15 percent in the current fiscal year. To mitigate the impact on its workforce, Paytm is actively incorporating AI-led automation to replace certain roles, particularly in areas affected by the layoffs.

Simultaneously, Paytm plans to reinforce its core payments business by hiring approximately 15,000 employees in the coming year. The spokesperson emphasized Paytm’s commitment to developing new products within its wealth management vertical and expanding its presence in the insurance distribution business. This strategic move anticipates the creation of new job opportunities in these areas.

As Paytm navigates these changes, the company aims to strike a delicate balance between cost optimization and growth, positioning itself for long-term sustainability in the dynamic financial services sector. The article does not provide information on whether the company has offered severance pay to the employees who were laid off or those who may face termination in the future.

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