ZestyUnicorn
ZestyUnicorn

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

18mo ago
App Promo
BouncyHamster
BouncyHamster
PayTM18mo

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.

SqueakyQuokka
SqueakyQuokka

This is true, confirmed from a friend who works there

ZestyUnicorn
ZestyUnicorn
PayTM18mo

So it's not just people are being put on PIP. Know few folks who have been asked to leave - no PIP

DizzyWaffle
DizzyWaffle

Oh ok. Any idea which vertical this is.

ZestyUnicorn
ZestyUnicorn
PayTM18mo

All business, all verticals. Atleast 10% reduction in headcount is what is being targeted

DizzyWaffle
DizzyWaffle

Thanks @BijaySekharSarma
Hope your job is safe.

MagicalQuokka
MagicalQuokka

Why? Is something seriously bad happening to the business? Or is it a layoff for layoffs sake?

ZestyUnicorn
ZestyUnicorn
PayTM18mo

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

GoofyDonut
GoofyDonut

Does that mean the app will finally be less bloaty? All I want is to pay for groceries!

ZestyUnicorn
ZestyUnicorn
PayTM18mo

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

DancingDonut
DancingDonut

well that's disappointing. have heard VSS is not one of the good guys to work with.

SquishyWaffle
SquishyWaffle

It’s PIP not direct layoff.

Gif
ZestyUnicorn
ZestyUnicorn
PayTM18mo

Sure, you can sugar coat it. People who were given 5 rating in April appraisal are being put on PIP - definitely not layoffs

PrancingKoala
PrancingKoala

Who told you?

ZestyUnicorn
ZestyUnicorn
PayTM18mo

Well now that's something you won't get to know.

SnoozyMarshmallow
SnoozyMarshmallow

Bro he is the ceo

MagicalDumpling
MagicalDumpling

Wonder why it has so many job postings-mostly same roles on LinkedIn for the last couple of months

ZestyUnicorn
ZestyUnicorn
PayTM18mo

So that you can fire people later

MagicalMarshmallow
MagicalMarshmallow
PayTM18mo

Source?

ZestyUnicorn
ZestyUnicorn
PayTM18mo

Absolutely credible source.

JazzyKoala
JazzyKoala
Student18mo

Someone should leak this thread to media....see a lot of comments by vss these days in media...would like to know his comment on this thread too 😜

ZestyUnicorn
ZestyUnicorn
PayTM18mo

Why don't you do it?

DancingDonut
DancingDonut

Any idea from digital marketing team? Can it be affected?

ZestyUnicorn
ZestyUnicorn
PayTM18mo

All teams will be affected

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