Sunil Kumar Sahoo’s Post

Paytm Laid of over 1000 employees! 1. Paytm has fired 10 percent of its workforce to save costs. 2. The company said this will help reduce staff costs by 10-15 percent.  3. Paytm is actively incorporating AI-led automation to replace repetitive roles. It is still going to hire for other roles, so this move is not due to recent trends of economic slowdown but is a measure to improve the company spending structure and be more profitable. #paytm #layoff #paytmkaro #paytmlayoffs #linkdinpost

Paytm - Not accepted here!!! Recently there was news about how Paytm fired 1000 Employees overnight. 1000 unhappy families towards the year end which could have been a happy new year for them. These leads us to many questions such as: 1️⃣ Is only one source of Income sufficient in the Lay-off culture? 2️⃣ Will AI take our jobs? 3️⃣ Will you now spend more money on lavish things instead of necessities? 4️⃣ Will you now focus on building 12 months of Emergency funds ? 5️⃣ Will you allocate time to have another skill set to empower your finances? So be prepared for the worst. Accept the fact and Level Up through upskilling and navigate the transformative phase diligently. What are your views on this - Let us discuss. #paytm #layoff #ai #jobs #2023year

AI replaced 1000 employees in PAYTM.😱📉 The company has laid off over 1000 employees from its operations, sales, and engineering teams after the firm implemented AI technology. The reasons behind the lay-off:✍️ >It is done mainly to improve efficiency across all the segments of the company. >The company is of the view that, it will be able to save 10-15% in employee costs as AI has delivered more than it expected. This is not the first lay-off,🧐 In 2021, PayTm also laid off 500 to 700 employees based on non-performance of its employees. Future plans of the company:🤝 >The company is now focussing on building new products for its wealth management vertical. >It also plans to build an insurance distribution marketplace. >It says its core payment business may see manpower increase by 15,000, leading to the hiring of new talent, while other teams are being cut down. #paytm #ai #aicommunity #layoffs #news #company

Following regulatory actions by the #ReserveBankofIndia (RBI), #Paytm, under its parent company One 97 Communications, is reducing its #workforce by up to 20% as part of its annual performance review. This move is driven by the need to ensure compliance and streamline operations. The layoffs are accompanied by AI-powered automation implementation to enhance efficiency. #Paytm emphasizes that this process is distinct from layoffs and is aimed at aligning roles with regulatory requirements and organizational goals. To avoid significant workforce reductions amidst regulatory actions, Paytm could actively work with regulators, invest in staff training for compliance, and encourage flexibility. By promoting transparency and innovation, the company can handle regulatory challenges while minimizing the need for layoffs, ensuring a sustainable work environment for its employees. . . . . . . #paytm #paytmpaymentsbank #innovation #automation #ai #growthmindset #automation #performanceevolution #technology #employees #jobsearch #jobforfreshers #jobsforyou

In light of mounting losses, Paytm has initiated an employee cost reduction plan targeting to save Rs 400-500 crore. This could potentially result in a reduction of 5,000-6,300 employees. And the process of downsizing is already underway. Reports indicate that over 1,000 employees were laid off across various departments in December last year, as part of streamlining operations and curtail costs. Make sure you like and follow #paytm #employee #layoff #news #businessupdates #karlostartup

PayTM lays off 1000 employees. That’s 1000 families not having a happy new year. Life is uncertain. Another reminder to always update your skills as per market and don't be loyal for the company as company is not being loyal with us. Prepare for worst. Keep funds for emergency expenses for a year atleast. Is this Pointing 2024 Recession? 😐 #layoff #paytm #linkedin #linkedincommunity #recession #2024batch #hr #jobhiring #hiring #developercommunity #bangalore #talentacquisition #recessionrisk

Paytm, under its parent company One 97 Communications, is set to reduce its workforce by as much as 20% across various departments as part of its annual performance review. The layoffs are part of a broader initiative to implement AI-powered automation, which may render some roles redundant. The company is currently in the midst of its annual appraisal cycle, which involves performance assessments that could lead to job adjustments based on performance evaluations and role suitability. Paytm said the process is distinct from layoffs and is a routine aspect of performance evaluations in any organization. #paytm #workforce #employees #payments #fintech #startup #indianstartupnews

Paytm has announced the layoff of 1,000 employees, citing several reasons, including the integration of AI technologies. "We will be able to save 10-15% on employee costs as AI has delivered more than we expected," said a Paytm spokesperson to Moneycontrol. There is a high chance that job loss due to AI, in this particular case, might not be significant. However, several media companies, with their headlines, have portrayed it as predominantly AI-driven. The mention of AI, often without substantial details, is becoming a convenient scapegoat that obscures other underlying issues and fosters unnecessary fear among the workforce. Organizations like Paytm should provide clarity on what percentage of the total layoffs were attributable to AI. Unless companies provide specific information, it is easy for media to potentially mislead. They paint a dystopian picture where AI is the villain, silently pulling strings and displacing jobs in large numbers. #FutureOfWork #TechLayoffs #PaytmLayoffs

Paytm is laying off employees following RBI's decision to stop several business operations of Paytm Payments Bank. Some employees are being asked to "voluntarily resign" without prior notice, while others are asked to return joining and retention bonuses. The calls with HR are being labelled as 'connect' or 'discussion' with no formal documentation. Employees are feeling the impact of the organizational restructuring. A laid-off Paytm employee told HT: “I started crying at the meeting. I told them that I was willing to work even at a lower salary and designation.” The employee said that executives from the HR department reached out to him over a call last month and said that his role would be eliminated as part of an organisational restructuring. Some employees have also been told to pay back their retention bonuses which their offer letter showed will be "recoverable" by the company if they "leave the employment" before 18 months of taking up the role. Paytm has refuted allegations of unfair treatment and forced actions on employees. They have assured that terminations are conducted through official channels and in compliance with appointment letter norms. Paytm is supporting affected employees by honouring full notice periods, providing outplacement assistance, and processing due bonuses. Their focus is on building a leaner, more efficient organization for long-term sustainable growth and value delivery to stakeholders. #startuppedia #paytm #startup #startupnews #layoffs

Paytm 🤔 It was just yesterday , when i was talking with one of my friend that , there are companies which are over hiring . They hire people to do very small part of work and pay them an average wage. It's more like If there is a homepage , there is a person to build the header , a person to buil nav bar , a person to add favicon , a person to add grids and so on ..... Well a single person can take few of the tasks and can do more than one task right ? But companies get funding and overspend it on hiring a big chunk of mass . When they face a downtrend , then they figure out , oh this thing was possible without these 6000 people . Be wise . Spend money as per the need. You guyz are creating fake jobs and disguised unemployment. #truth #office #layoff #masslayoff #paytm #finance #management