Ram Ji Tripathi’s Post

“I started crying at the meeting. I told them that I was willing to work even at a lower salary and designation," said an employee who was recently laid off by Sharma's Paytm. Months after the Reserve Bank of India (RBI) imposed strong restrictions on several business operations of Paytm Payments Bank, Paytm has begun a series of layoffs affecting many employees. According to a TOI report, some employees are being pressured to "voluntarily resign" without prior notice, while others are being asked to reimburse the company for their joining and retention bonuses. "I started crying at the meeting. I told them that I was willing to work even at a lower salary and designation," an unnamed employee told the publication. The employee recounted how HR executives informed him last month that his role would be eliminated as part of an organizational restructuring. Another affected employee highlighted the lack of formal documentation in the termination process, saying, “The calls with HR are being labelled as 'connect' or 'discussion.' There is no formal documentation of any kind.” Additionally, some employees have been instructed to repay their retention bonuses, which were indicated as "recoverable" in their offer letters if they left the company within 18 months of joining. However, Paytm has denied claims of forced actions or unfair treatment against employees. #paytm #employees #layoffs #payments #gurugram #company #Indianstartupnews

I believe it's crucial to understand that sometimes our analysis might not be perfect, and that's completely okay. The key is to recognize when there's a need for change and to act decisively. Issues in management don't arise overnight; they develop over months or even years. It's vital for top management to stay aware of the direction the business is heading. In my view, if problems persist, it's an opportunity for top management to reflect and take timely preventive actions. When faced with challenges, it's essential to bring in fresh ideas and analytical skills. Decision-makers should focus on understanding the root causes of performance issues, which in such type of cases often stem from a lack of vision and analytical foresight among senior staff. If really needed, instead of junior executives, consider bringing in some fresh blood. These senior professionals have done their best to save the business, and now it's time for new perspectives to take the lead. By addressing these areas with a proactive and positive mindset, any organization can steer itself back on the right path. Embracing change and fostering a culture of continuous improvement will lead to better outcomes and a brighter future for the business. #Leadership #PositiveChange #ContinuousImprovement #ProactiveManagement #BusinessGrowth #VisionaryLeadership #MotivationalGuidance #SuccessMindset #StrategicThinking #EmpoweredTeams

During times of crisis, an organization's authentic culture becomes evident. It's a moment when leadership faces scrutiny, and the principles we uphold are put into practice. As leaders, we bear the responsibility of guiding our teams with empathy, resilience, and clarity. By prioritizing our people's well-being, we forge a more cohesive and resilient organization capable of weathering any challenge. Let us lead with integrity and compassion, ensuring our culture shines brightly.

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 Faces Potential #Job Cuts Amidst RBI #Restrictions and #Performance Reviews Uncertainty hangs over Paytm Payments Bank as the deadline for RBI-imposed restrictions approaches that may translate into potential job cuts at One97 Communications Limited, Paytm's parent company, which is currently undergoing its annual performance #appraisal cycle. While a Paytm denies any official layoff plans, it acknowledges ongoing efforts to improve operational #efficiency through AI-powered #automation. This may involve restructuring roles and responsibilities to better align with the company's #growth and cost-effectiveness #goals and is a standard practice and distinct from layoffs. Performance evaluations may lead to adjustments based on individual performance and suitability for specific roles. This news comes amidst previous reports from December 2023 suggesting Paytm's efforts to #rationalize its employee cost structure. This included revising hiring strategies, focusing on contract workers, and implementing stricter performance evaluations. Adding to the company's woes, the Reserve Bank of India (RBI) imposed restrictions on credit and debit transactions for Paytm Payments Bank customers starting March 15th due to identified shortcomings in their due #diligence processes.

Following the Reserve Bank of India's tightened consumer lending rules, Paytm had earlier decided to reduce the disbursement of loans under ₹50,000. Now, in a move, Paytm has announced the layoff of approximately 1,000 employees, primarily might be affecting the lending business. Positively, since AI has exceeded expectations, it is anticipated that this action will save employee costs by 10% to 15% According to Paytm, showcasing the impactful role of technology in optimizing operations. Via X, Vijay Shekhar Sharma highlighted Paytm's 2024 plans to tailor user experiences through AI technologies and continue growing AI in customer care operations, demonstrating a commitment to innovation and customer-centric strategies. Paytm stated, "We constantly evaluate cases of non-performance throughout the year," while making hints about possible future layoffs. #FintechNews #AIInnovation #BusinessStrategy #PaytmUpdate

Layoff a ploy or for RBI ban on Paytm Payments Bank services! With laying off of 3500 employees by Paytm following RBI ban on Paytm Payments Bank services, media reports are presented in such a way as if the onus of Paytm layoff is on RBI. No doubt RBI’s ban was for Paytm Payments Bank violation of permissible business practices. Indulging in unfair business practices, and then laying off people with alleged ban of RBI cannot make the company immune from their irresponsibility like massive laying off. Unfortunately we do not have any regulatory or institutional support for such poor employees. Hence these employees’ cry will go unheeded. We also should examine was RBI’s action so intimidating that Paytm has to go for such massive layoff?

"𝗜 𝘀𝘁𝗮𝗿𝘁𝗲𝗱 𝗰𝗿𝘆𝗶𝗻𝗴 𝗮𝘁 𝘁𝗵𝗲 𝗺𝗲𝗲𝘁𝗶𝗻𝗴. 𝗜 𝘁𝗼𝗹𝗱 𝘁𝗵𝗲𝗺 𝘁𝗵𝗮𝘁 𝗜 𝘄𝗮𝘀 𝘄𝗶𝗹𝗹𝗶𝗻𝗴 𝘁𝗼 𝘄𝗼𝗿𝗸 even at a lower salary and designation." These are the words of a Paytm employee who is staring at an imminent job cut. Paytm reported a net loss of ₹550 crore in the quarter ended March 2024 and its revenue from operations in Q4FY24 dipped 2.6%. The solution to salvage this is "layoffs". Due to the RBI's decision to shutter Paytm's financial arm and wallets business, Paytm Payments Bank (PPBL), many employees are being asked to "voluntarily resign" without prior notice. An employee added that layoffs have been happening since October. Many former and current employees of Paytm told the Time of India they were forced to "voluntarily resign", were not paid severance and asked to return their retention and joining bonuses. "I was abruptly laid off on January 5. My finances were strained, and I had to take a loan to pay back my bonus of ₹2 lakh," alleged former staffer Prakher Srivastava. An affected employee from the lending team, who raised a complaint, is awaiting a report on it. "Just two months ago, (founder) Vijay Shekhar Sharma in a townhall had said that no one from the lending team will be laid off. I thought my job was safe," the employee told the paper. A former employee claimed he did not receive an experience letter when he was terminated after refusing to resign. While many employees resigned voluntarily to avoid termination, some are resisting to seek a "fair exit process" and consult lawyers. The point is Paytm just fired hundreds, and your company could be next. Wake the f*ck up and smell the coffee! We're barely halfway through 2024, and layoffs are already rampant. You think your job is secure? Think again. Corporations don't give a sh*t about you – you're just a number on a spreadsheet. Stop relying on that paycheck and start working for yourself. Create multiple income streams, so you're never at the mercy of heartless corporations again. You've got 200 days left in this year. What are you going to do with them? • Start a blog? • Launch a YouTube channel? • Offer 1:1 consulting? • Teach online? The possibilities are endless in this digital age, but you need to take action. The internet has opened up the world. You can reach global audiences and build a brand for yourself. All you need is one person to believe in you and your abilities. I'll be that person if no one else will. I'll cheer you on, but you have to choose to act. The world is changing rapidly, and those who don't adapt will be crushed. So, what's it going to be? Are you going to be a passive victim, or will you fight for your financial freedom? The choice is yours, but the clock is ticking. Make these last 200 days of 2024 count. All the best to you if you have the courage to take action. As for the rest of you, well, you've been warned. - #paytm #layoff #layoff2024

Paytm trims workforce, more layoffsmay follow Full Article Link >>> https://lnkd.in/g9-MQxws Welcome To Latest IND >> Fastest World News MUMBAI: Paytm is pruning its workforce as part of its strategy to check costs and create a leaner organisation . Several employees across departments have been laid off while many have quit their jobs at the firm in the past 3-4 months, following RBI’s move to impose […] . . Latest IND . . . . #trendingnews #newstrending #trendingtopicnews #lifestyle #business #news #healthylifestyle #smallbusiness #supportsmallbusiness #lifestyleblogger #luxurylifestyle #businessowner #businesswoman #smallbusinessowner #businessnews

Paytm Employees Weep Over the Layoff Procedure In the last couple of days, Paytm employees’ cries were heard all around the corner. One of India’s leading fintech companies appears to follow unethical practices by pressuring employees to voluntarily resign as the troubled fintech deals with the Paytm Payments Bank debacle. In the fast-paced realm of Fintech, where innovation meets financial services, Paytm has carved a niche for itself as an ice-breaker. With its inception in 2010, the company swiftly rose to prominence, becoming India's largest mobile payment platform. However, recent events have cast a shadow over its prestigious reputation, as allegations of unethical practices and layoffs have come to light. To delve deeper into the topic, read the article attached below. https://lnkd.in/gBSbkk6S #paytmlayoffs #fintech