Paytm Founder Vijay Shekhar Sharma Responds to Senior-Level Employees Exits, Says ‘All Is Well and All Is Rocking’
Paytm founder Vijay Shekhar Sharma addressed the senior-level departures and layoffs at the company, emphasising ongoing HR department efforts to assist affected employees and praising government support and infrastructure improvements.
New Delhi, July 7: Paytm founder Vijay Shekhar Sharma broke his silence on the recent departures of senior level employees at the digital payments company. Paytm Founder Vijay Shekhar Sharma addressed the concerns surrounding the company's recent layoffs and employee departures. In June, One97 Communications, the parent company of Paytm, laid off an unspecified number of employees.
As per a report of Economic Times, Vijay Shekhar Sharma breaks his silence on why senior-level employees are leaving Paytm and acknowledged the challenges faced by the company. At a recent event, Paytm founder Vijay Shekhar Sharma talked about senior employees leaving. He said, "All is well and all is rocking." Vijay Shekhar Sharma also mentioned that the company's HR department is helping those who lost their jobs to find new placements, as per a report of ET NOW. Paytm Layoffs: Employees of Fintech Major Complain About Forced Voluntary Resignations and Informal Processes, Says Report.
He also said that the company's HR teams are working with more than 30 companies that are hiring and helping employees who have chosen to share their details to find new jobs. Vijay Shekhar Sharma also praised the government for its support of the start-up industry. He mentioned that the past decade has seen positive improvements in infrastructure. Additionally, he pointed out that over the past 10 years, the government has improved the infrastructure, which includes better connectivity across the country, with significant improvements in road and airline networks. Paytm Layoffs 2024: Parent Company One97 Communications Limited Cuts Undisclosed Numbers of People Amid Restructuring, Facilitates Outplacement.
In March 2024, Paytm's sales staff decreased by about 3,500 to 36,521 employees compared to the previous quarter, mainly because of the Reserve Bank of India's ban on Paytm Payments Bank services. The Reserve Bank of India (RBI) stopped Paytm Payments Bank Limited (PPBL) from accepting deposits, credit transactions or top-ups in customer accounts, wallets and FASTags starting from March 15. The decision was made to protect the interests of customers, including merchants. One97 Communications announced that it will reduce its non-core business activities and will keep working to create a leaner organisation using AI technology.
(The above story first appeared on LatestLY on Jul 07, 2024 06:05 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).