Paytm employees look for new jobs; 5X jump in jobseekers: Report

Paytm Crisis: Owing to the ongoing crisis in Paytm, the employees of the fintech firm have put themselves into the job market. As per MoneyControl, there has been a 5X jump in jobseekers from fintech Paytm over the last 15 days at the specialist staffing company Xpheno.

Paytm employees look for jobs

The usual number of employees from Paytm looking for jobs was in the 800 to 1,200 range. However, the job market currently has over 6,000 active and accessible talent from Paytm.

“The last 2 weeks have seen a significant spike in the volume of the active job seekers accessible to recruiters. 70 percent of the total accessible pool has gotten active in the last 7 days,” Prasadh MS, Workforce Research & Communication Specialist at Xpheno, told Moneycontrol

This sudden rise is seen as a compound effect of RBI's restriction on Paytm Payments bank and Paytm laying off 1,000 employees due to artificial intelligence (AI) automation. TeamLease's Sumit Kumar told Moneycontrol existing employees are looking for safe pastures for employment to maintain continuity in their livelihood and stability as the crisis in Paytm has created anxiety.

"The restrictions imposed by RBI on Paytm Payment Bank, poses headwinds for the organisation which has huge business implications that has created anxiety amongst the employees about their employment, which seems under jeopardy,” Chief Business Officer of TeamLease Degree Apprenticeship, Sumit Kumar told Moneycontrol.

Meanwhile, Paytm founder Vijar Shekhar Sharma had earlier said that there will not be any layoffs due to the restrictions imposed by RBI.

"You are a part of the Paytm family, and there is nothing to worry about. Many banks are helping us,” Sharma said during a virtual town hall with employees of Paytm Payment Bank Ltd (PPBL) on Saturday.