Layoffs coming up at Paytm
Heard that Paytm is planning to layoff 10% of entire work force. Across all levels. Heard cases that folks who were hired at market premium less than 30 days ago are now being asked to leave the organisation. And the layoffs will be hidden under the guise of mid year appraisals. #PaytmKaro
Actually, these are not layoffs. They recently changed their PIP policy and set a " at least 10%" quota for compulsory PIP every review cycle(half and full). Basically, it implies that 20% of the entire Paytm workforce will be on PIP in the entire year. Brace for the impact folks. September half yearly reviews are going to be brutal. For Paytm employees asking for source, checkout PIP policy page on Deep Purple.
All business, all verticals. Atleast 10% reduction in headcount is what is being targeted
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Why? Is something seriously bad happening to the business? Or is it a layoff for layoffs sake?
My guess, they want to portray some growth in profit making at end of quarter. Revenue growth is flat, so cut cost - people cost is easiest to cut
Does that mean the app will finally be less bloaty? All I want is to pay for groceries!
Lol. This means it will become more shit because new folks - who will be hired 2 months later will not know shit - and VSS will implement mindless shit to make UX even worse
Karilyn Nadeen
Stealth
a year ago
well that's disappointing. have heard VSS is not one of the good guys to work with.
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Karilyn Hyrum
Stealth
a year ago
It’s PIP not direct layoff.
Sure, you can sugar coat it. People who were given 5 rating in April appraisal are being put on PIP - definitely not layoffs
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by Kalan Lee
Stealth
Paytm Layoffs: 20% gone
Paytm layoffs have already begun two weeks ago and come as Paytm's Payment Bank has been barred by RBI from conducting several businesses.
https://www.hindustantimes.com/business/paytm-layoffs-paytm-is-cutting-several-jobs-across-deparments-amid-crisis-101710382968024.html