Layoffs in 2023: Paytm's parent company, One97 Communication, hands over pink slip to over 1000 employees
Paytm Layoffs: Joining the bandwagon of layoffs in 2023, Paytm's parent company, One 97 Communications, has made the decision to terminate more than 1,000 employees across various departments as part of a broader cost-cutting strategy, as reported by the Economic Times. The development comes after Vijay Shekhar Sharma, CEO and founder of Paytm, while sharing his to-do list ahead of the New Year, called out for suggestions from users for the fintech app.
Also Read | Year-Ender 2023: Byju's, Meesho and Udaan on list of Indian firms that handed pink slips; here are the reasons The CEO shared that they have changed the Paytm app’s Home Screen. Paytm Payments Bank and other group entities’ offerings are clearly separated now, giving the app a cleaner look.
The company, which introduced India to mobile payments, is building an India-scale AI system that will help various financial institutes in capturing possible risks and frauds, while also protecting them from new kinds of risks due to advancements in AI.In doing so, the company is also optimising its workforce as it eliminates repetitive tasks, and encourages its employees to adapt to AI. A Paytm Spokesperson said, "We are transforming our operations with AI-powered automation to drive efficiency, eliminating repetitive tasks and roles to drive efficiency across growth and costs, resulting in a slight reduction in our workforce in operations and marketing.
We will be able to save 10-15% in employee costs as AI has delivered more than we expected it to. Additionally, we constantly evaluate cases of non-performance throughout the year," as quoted by ANI.
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