Paytm Fires 1,000 Employees Save 15 Per Cent Of Staff Costs As The String Of Layoffs In 2023 Continues, Paytm’s Parent Company One 97 Communications Has Decided To Fire Over 1,000 Employees Across Various Departments In An Effort To Cut Costs Across The Company, Reported The Economic Times.
Paytm Is In The Process Of Realigning Various Businesses And Thus, Is Looking To Cut Costs, Reported Et. This Means That There Could Be More Layoffs Across The Company In The Coming Months. The Layoffs Have All Taken Place Over The Last Few Months.
Many Companies In The New Economy Sector, Which Includes Modern Businesses Using Advanced Technology, Have Let Go Of Over 28,000 Employees In The First Three Quarters Of This Year. This Shows That These Companies Are Facing Financial Difficulties Because It’s Harder For Them To Get Funding. Paytm, A Big Company In This Sector, Is Also Making Changes That Follow This Trend. They’ve Decided To Cut Jobs, Especially In Their Lending Business, Which Grew A Lot In The Past Year.
A Spokesperson From Paytm Disagreed With The Number Of Job Cuts Reported But Confirmed That They Are Making These Changes. The Cited Source Said That The Goal Is To Reduce Staff Costs By 10-15 Percent In The Current Fiscal Year. To Mitigate The Impact On Its Workforce, Paytm Is Actively Incorporating Ai-led Automation To Replace Certain Roles,
Particularly In Areas Affected By Layoffs.many Companies In The New Economy Sector, Which Includes Modern Businesses Using Advanced Technology, Have Let Go Of Over 28,000 Employees In The First Three Quarters Of This Year. This Shows That These Companies Are Facing Financial Difficulties Because It’s Harder For Them To Get Funding. Paytm,
A Big Company In This Sector, Is Also Making Changes That Follow This Trend. They’ve Decided To Cut Jobs, Especially In Their Lending Business, Which Grew A Lot In The Past Year.
A Spokesperson From Paytm Disagreed With The Number Of Job Cuts Reported But Confirmed That They Are Making These Changes. The Cited Source Said That The Goal Is To Reduce Staff Costs By 10-15 Percent In The Current Fiscal Year. To Mitigate The Impact On Its Workforce, Paytm Is Actively Incorporating Ai-led Automation To Replace Certain Roles, Particularly In Areas Affected By Layoffs.
The Company’s Losses Were Recorded At Rs 292 Crore In Q2 Of Fy24 As Against A Loss Of Rs 571 Crore In Q2 Of Fy23.
The Noida-based Company’s Esop Expenses For The Quarter Stood At Rs 385 Crore In Q2.