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Recruiters are being inundated with resumes and job applications from employees of Paytm Payments Bank and its parent company One97 Communications, who fear the digital payments company could face more regulatory problems in the future.
Employees at all levels in technology, commercial banking, sales and marketing are willing to take pay cuts elsewhere at a time when offers are hard to come by.
The rush of resumes began after the Reserve Bank of India punished Paytm Payments Bank last week for failing to implement process changes despite repeated warnings about falsified compliances and irregularities in KYC norms and related party transactions. .
Meanwhile, in a virtual town hall on Saturday, the company’s founder and chief executive, Vijay Shekhar Sharma, sought to allay employees’ fears about the future of the group, which employs about 35,000 people.
“Given Paytm’s exit from the low-cost lending business, there was a major layoff of employees recently and our marketplace received resumes from them,” said Ramachandran A, CEO of MyRCloud, an AI/ML-powered recruitment marketplace.
“However, after the RBI statement on Paytm, we are seeing CVs coming in from different talent sets including data science, back-end engineers and other tech talent.”
The platform, which has around 1,500 recruiters, has seen a few hundred resumes upload over the past week. “Our platform partners have received between 300 and 400 CVs, largely from junior to middle management,” Ramachandran said. mint.
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Sharma and top managers told employees during Saturday’s public meeting that their jobs were safe and that only performance-based reductions were being made.
According to a company executive, Sharma said during the hour-long public meeting that the company was in touch with the RBI and that the regulator’s action would have a worst-case impact: $300-500 crores in its annual Ebitda.
In response to Mint’s queries, Paytm said the questions were speculative.
While middle and junior company managers seek jobs in the banking and finance sector, senior candidates who do so will need to review their stock offers when negotiating compensation with other companies.
“Some of the established fintechs, especially payment solutions companies, attract leadership talent with a combination of fixed and variable salary, and stock options. These stock options could run into millions of dollars, making it difficult for some employees find other opportunities easily,” said Upasana Agarwal, financial and professional services partner at ABC Consultants, an executive search and talent advisory firm.
A partner at another recruiting firm that has hired top-level executives from One97 Communications said they have been approached by middle and senior managers since last year.
“The company has laid off employees in the last few months and candidates have been looking for jobs. Many of Paytm’s employees receive above-market salaries and will have to take a pay cut,” the partner added.
Paytm’s parent company, however, said it hopes to continue improving its profitability. Sharma told analysts and investors on Thursday that the RBI’s restrictions were a “slow down.”
In a blog post, the company cited a post by Sharma on
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