Massive Layoffs Coming - Paytm
There are news that massive layoffs are coming in Paytm. HR and Business Heads have been given targets - average 30% reduction expected across all teams. #bravenewworld
Poor timing !! Festive season, Christmas/new year and these layoffs.
It's a remainder for everyone that companies won't even think twice before laying you off. So stop making any company your dream or glorifying it.
EdibleHaste
Student
9 months ago
Companies avoid firing people for multiple sessions as well, they fire when it is actually enough and not possible to continue any further.
Companies can't fire people just on a whim who have to take day to day responsibilities and operation accountabilities.
Your both statements are incorrect.
Many times companies fire as a precautionary measure/to improve balance sheets as well and not just as last resort.
Anyone can be fired. Everyone is replaceable no matter what level or department of work.
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AmplePasta41
Stealth
9 months ago
They're citing AI is the reason for layoffs as if they've invented AGI LOL
Lol. Their pinnacle of automation is populating Google Sheets daily, that too doesn't work half the time.
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Itachi777
Stealth
9 months ago
Will this affect engg and product also? Or only business
All functions. Product and Engg might be affected more this time around
Btw @BijaySekharSarma
Thanks for posting about it yesterday itself. Very kind of you!
I think it must have just gotten leaked today
I’m sure they didn’t have the meeting to announce it today.. That would be more effed up
RealOldmonk
Stealth
9 months ago
https://www.hindustantimes.com/business/paytm-lays-off-over-1000-employees-as-cost-cutting-measure-more-job-cuts-likely-101703472841187-amp.html
They said it's because AI has streamlined some processes, especially in marketing & ops. Curious to know the job profiles impacted due to this.
Last week he was posting about his ToDo List of 2024 in LinkedIn .
And asking people for improvements in PayTm.
Blud asked for improvements a week in advance.. visionary Vijay sekhar..he knew people will bash him if he asks for suggestions after the layoff
Damaru
Stealth
9 months ago
Ai will become the biggest misnomer in next 10yrd for ceo to get away with bad decisions and bad culture.
A friend at Paytm tells me vss wants at least 70% frontend code to be generated through copilot by end of March 24, and frontend devs are being encouraged to start learning backend stuff for future job safety
You can't make this shit up
SatyaNadhela
Student
9 months ago
Is it even possible?
Sharmaji Aaj kal joh Twitter pe padh rahe hain and YouTube pe dekh rahe hain, unko voh apne company main karwana hai
There were actually early signs, they started reviews earlier than normal. It came out to be true, this was the way to do it :/
NiceWork
Student
9 months ago
Still hiring i think
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It was around the corner looking at the PR he started with Shradha. He said something like there will be a bloodbath in early 2024, everything adds up now. He's an absolute clown. Market's going to improve.
mistral
Stealth
9 months ago
Yeah he thinks there would be bloodbath and aybe that's why he wants to have as much capital as possible . Frankly , the time to be cautious was early 2023 not now whe Fed is looking to cut rates . Dumb lala harkat hai yeh .
I am waiting to see a post from VSS on this. How gracefully he admits the causes and owns the effects. He is still acting all normal and positive on X.
Vijay shekhar Sharma gave a statement recently saying ai has delivered more productivity than expected, and they are planning to make use of ai more and more to reduce costs in coming future
mistral
Stealth
9 months ago
He is bluffing , don't fall for it w/o facts . AI hasn't bought large productivity bumps yet to fire people
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MuddyInk34
Stealth
9 months ago
With no clear vision and different goals across functions plus no real business differentiation this is bound to happen..
Sab kuch karo aur ebitda badhao. PG bhi becho, edc becho, loan becho, insurance becho, saath main khudki kidney bhi bechdo
Indusplateau
Stealth
9 months ago
Irony is VC and HNI are going to pump their bags on Monday.
Indusplateau
Stealth
9 months ago
Tuesday *
As a Paytm shareholder I’m very happy. Market needs some positive news and 1000 jobs cut is indeed that
WeepyPast83
Stealth
9 months ago
what activities is AI actually automating at paytm which is replacing these 1000 people, wanted to know some examples, can anyone working at paytm shed light on this?
Bumpy_Stock
Stealth
9 months ago
I believe they wanted some "road to profitability" stories for their 2024 quarterly reports.
Bhai banda kare kya , har jgah se nikala he Jaa rhe sab. Ghar he baith jaaye kya?
Qwerty2398
Stealth
9 months ago
Why HR? what will they do... I think the HR decided to include themselves in the discussion. Just so their name also appears.
