Paytm is laying off people since May 27 (forced resignation)
HR is having 15-20 meets everyday, anyone can confirm with their calendar.
Multiple HRs multiple laid off people. Zero severance. They are pressuring people to resign and saying you have to resign today itself!
Market is going to get flooded with Paytm folks.
Worst regret is that management and CEO made bad decisions and flunked compliance / risk. But after crackdown by RBI they are making employees suffer.
It is heard that this will continue to go on till months.
There should be a course on how to behave and work like a CEO.
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Sadly after serving for 7+ years , have been thrown out out
You have spend 7 years in Paytm. 🫡
Was work from home the biggest reason for you to stay? Or something else?
Wfh plus near to my home and I was enjoying even
I expect this firing will continue till July or Aug.
Paytm is firing for last 2-3 months . It has become formal now only. I would classify is as silent layoff while earlier it was a secret layoff going on.
The same is being done by flipkart silently. They intentionally gave bad ratings to the people and than no discussion over the same and giving some lame reasons for their performance and asking them to resign as soon as possible. They have already cleared a layer of around thousands.
These companies are doing this to make them look good in the market and to prevent their share price or like flipkart who are going to have ipo soon and this unprofessional behaviour will ruin their reputation.
Same with paytm as if this news comes in market than its share prices will be impacted adversely.
Tech itself is a scam
Companies like Paytm are.
They have no viable research now and want to ride the old wave of payments. Payments market is saturated now.
Since there is no Innovation by Paytm in recent times, and thrash back of RBI, they have moved to firing employees.
This is happening since a long time. I got laid off in March itself. And I know of people getting laid off since January. Even before the RBI issue.
Correct. In December they reduced headcount. Then in Jan. Then there is no stopping. And now they have added fuel to fire.
No severance, only 2 months standard notice period pay.
We are regressing in most of the Indian tech companies in terms of culture