Over the past 15 days, there has been a significant surge in job seekers from fintech giant Paytm, with a notable 5X increase, according to data from Xpheno, a specialist staffing company.
Usual Talent Pool and Current Job Market:
Typically, Paytm’s active talent pool ranged between 800 to 1,200 individuals. However, the current job market reflects an unprecedented growth, with over 6,000 active and accessible talent from Paytm seeking employment opportunities.
Factors Contributing to Job Seeking Surge:
The surge in job seekers is attributed to two major events: Paytm’s recent layoff of 1,000 employees, primarily due to the implementation of artificial intelligence (AI) automation. Additionally, the Reserve Bank of India (RBI) imposed restrictions on Paytm Payment Bank (PPBL), limiting its offering of major banking services.
Impact of Layoffs and RBI Restrictions:
The layoffs and regulatory restrictions have created uncertainty among Paytm employees about the company’s future. The anxiety surrounding job security has prompted a significant portion of the talent pool to actively seek alternative employment opportunities.
Response from Xpheno:
Prasadh MS, Workforce Research & Communication Specialist at Xpheno, highlights that the last two weeks witnessed a substantial increase in active job seekers, with 70 percent of the total accessible talent becoming active within the last seven days.
Insights from Industry Experts:
Sumit Kumar, Chief Business Officer of TeamLease Degree Apprenticeship, emphasizes that RBI’s restrictions on Paytm Payment Bank have introduced challenges for the organization, causing anxiety among employees regarding job stability. This has led existing employees to explore alternative employment options for continuity and stability.
Paytm Founder’s Assurance:
Paytm founder Vijay Shekhar Sharma addressed employee concerns during a virtual town hall with Paytm Payment Bank Ltd (PPBL) employees. He assured them that there would be no further layoffs and emphasized the support received from various banks to navigate the current challenges.
Ongoing Efforts to Gather Paytm’s Response:
Moneycontrol has reached out to Paytm for comments on the situation, and the story will be updated with any official statements or clarifications from the company.
Employee Concerns and Search for Stability:
The combination of AI-driven layoffs and regulatory constraints has led to heightened concerns among Paytm employees. Many are actively seeking employment opportunities elsewhere to ensure continuity in their livelihood and achieve greater job stability.
Overall Impact on Paytm’s Workforce:
The evolving situation is indicative of the challenges Paytm is facing, both in terms of technological transformations and regulatory constraints. The increased job seeking activity suggests a dynamic shift in the workforce landscape, reflecting uncertainties within the company.
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