The parent company of Paytm, One97 Communications, revealed on June 10 that it is implementing a restructuring plan that includes the layoff of an unspecified number of employees.
The business announced that it would help affected employees with their transfer by offering outplacement support.
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Vijay Shekhar Sharma, Paytm, CEO said the company would concentrate on its core operations and increase cost savings in a letter to shareholders on May 22. The letter also hinted at possible layoffs. Paytm CEO Vijay Shekhar Sharma noted that increases in technology and financial services have led to a notable rise in personnel expenditures.
Support for outplacement is being offered by One97 Communications Limited (OCL) to resigned employees as part of the company’s restructuring initiatives. Employees who have chosen to reveal their information are assisted in their rapid outplacement by the company’s human resource personnel, who are actively working with over thirty hiring companies.
Vijay Shekhar Sharma, Paytm, CEO said: “Our employees are our most valuable assets, and their well-being is of paramount importance to us. As we navigate this period of transition, we are committed to upholding ethical standards and ensuring that our workforce is being provided with the necessary support. Our practices are guided by our longstanding commitment towards treating every employee with dignity, respect and fairness.”
About One97 Communications
Founded in 2000 by Vijay Shekhar Sharma, One97 Communications Ltd. is India’s leading mobile internet company. Driven by great consumer experience, it offers digital goods & services to mobile consumers under the Paytm brand.
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