Paytm Layoffs: Fintech Major To Lay Off 5,000 to 6,300 Employees, Plans To Use AI To Reduce Costs, Says Report
Paytm reportedly considering to lay off 15-20% employees to meet with its annual cost saving plan of Rs 400-500 crore. The Paytm layoffs will reportedly affect 5,000 to 6,300 employees in the current financial year.
Mumbai, May 24:슬롯 머신 사이트 추천Paytm CEO Vijay Shekhar Sharma recently hinted at the슬롯 머신 사이트 추천company's plans to achieve significant cost efficiencies through layoffs. This strategic move comes in response to the company's net loss of Rs 550 crore in the fourth quarter.슬롯 머신 사이트 추천The CEO further슬롯 머신 사이트 추천outlined슬롯 머신 사이트 추천the슬롯 머신 사이트 추천company's vision for a 'leaner organisational structure' and 'pruning of non-core businesses'.슬롯 머신 사이트 추천While the specifics of the Paytm layoffs, including the timing and number of employees affected, were not disclosed, the company's future plans demonstrate its firmness to save cost and슬롯 머신 사이트 추천focus on the core-business.
According to a슬롯 머신 사이트 추천슬롯 머신 사이트 추천by슬롯 머신 사이트 추천Business Standard, Paytm-parent슬롯 머신 사이트 추천company One97 Communication슬롯 머신 사이트 추천would lay off around 15-20% of the total workforce. The슬롯 머신 사이트 추천report mentioned that the Paytm layoffs could potentially reduce 5,000 to 6,300 employees from the total workforce. It further슬롯 머신 사이트 추천mentioned that the슬롯 머신 사이트 추천company had around 32,798 average employees on payroll during FY23; out of these, 29,503 were actively engaged.슬롯 머신 사이트 추천The report further highlighted that the average슬롯 머신 사이트 추천cost of these employees슬롯 머신 사이트 추천was슬롯 머신 사이트 추천recorded at Rs 7,87,000.슬롯 머신 사이트 추천Paytm Layoffs Happening? CEO Vijay Shekhar Sharma Hints at Possible Job Cuts.
The슬롯 머신 사이트 추천report said that in FY24,슬롯 머신 사이트 추천the슬롯 머신 사이트 추천cost of employees increased to Rs 10,60,000, and슬롯 머신 사이트 추천the expenditure surged by 34% year-on-year to Rs 3,124 crore. Paytm CEO Vijay Shekhar Sharma recently announced슬롯 머신 사이트 추천the슬롯 머신 사이트 추천company's plan to save Rs 400-500 crore annually by implementing the layoffs.슬롯 머신 사이트 추천Paytm said that employee costs have increased in recent years because of슬롯 머신 사이트 추천investments in areas like technology, merchant sales, and financial services.슬롯 머신 사이트 추천The슬롯 머신 사이트 추천fintech슬롯 머신 사이트 추천company said that the investment in슬롯 머신 사이트 추천merchant sales teams, risk, and compliant functions will continue but슬롯 머신 사이트 추천will슬롯 머신 사이트 추천reduce employee costs.슬롯 머신 사이트 추천Telstra Layoffs: Australia슬롯사이트™s Telecommunication Giant To Lay Off 2,800 People To Cut Costs, Deal With Inflation.
Paytm is also confident in using슬롯 머신 사이트 추천artificial intelligence technology (AI); it would be able to streamline its cost structure and focus on core business, leading to슬롯 머신 사이트 추천substantial cost savings. The슬롯 머신 사이트 추천company faced disruption in Q4 2024 due to RBI's ban on its PPBL services and the resignation of Vijay Shekhar Sharma from the board슬롯 머신 사이트 추천- all leading up to the massive losses this year. Paytm is expected to announce future layoffs and inform the number of employees affected by the decision.
(The above story first appeared on LatestLY on May 24, 2024 11:36 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).