Bengaluru-based fintech startup, Fam has laid off 18 of its employees. The layoff comes as a result of a strategic shift in their business focus from hyper-growth to sustainability, said the company’s co-founder Sambhav Jain in a series of tweets.He also explained and acknowledged the challenges of letting go of valuable team members, especially in a ‘people-first’ organisation like Fam, where emotional connections run deep.
https://twitter.com/_ SambhavJain_/status/ 1686718585450762240?s=20
“Given the shift in focus of the company from hyper-growth to sustainability, we wouldn’t have been able to provide these people with a role in the company that could justify their personal growth, could fuel the fire to their passion, and most importantly joy at work,” Jain wrote in a tweet.
https://twitter.com/_ SambhavJain_/status/ 1686718590718763009?s=20
Jain reassured the laid-off employees that Fam would do its utmost to empathize with their situation and believed in their potential to excel elsewhere.
Also Read: Company Fires Top Performer To Teach Employees A Lesson; Social Media Is Irked
While the news came as a shock to many, the founders emphasised their commitment to supporting the affected individuals in their pursuit of new job opportunities.
Fam’s other co-founder, Kush Taneja share his sentiments about the layoff in a tweet thread. He expressed sadness over parting ways with the departing team members and expressed gratitude for their contributions to the company’s growth. He also called for potential recruiters to hire these dedicated individuals for new roles.
https://twitter.com/ iamkushtaneja/status/ 1686740267007614977?s=20
However, Fam’s claim of being “people-first” faced scrutiny from some Twitter users, questioning the company’s decision to resort to layoffs during challenging times. They argued that a truly employee-centric organization would explore alternatives to retain its workforce.
https://twitter.com/ Abhikau04787027/status/ 1686866955486351360?s=20
Others raised concerns about the expectations of unwavering passion from employees who could be let go through no fault of their own.
https://twitter.com/sid_ shah10/status/ 1686970636718202880?s=20
Check other reactions here:
https://twitter.com/ rupaynirjhar/status/ 1687380621235269632?s=20
https://twitter.com/ pratiknirhali/status/ 1687163523615666177?s=20
Despite these criticisms, the announcement also garnered support from the recruiting community. Several recruiters expressed interest in hiring the laid-off employees, citing confidence in Fam’s resilience and potential.
One user expressed his intent to hire and replied to Jain’s post wishing him and the company to come out stronger. Here also asked him to connect with him as his company is hiring at the moment.
https://twitter.com/_ SambhavJain_/status/ 1686718585450762240?t=oS_ R804KL1EBIxX0hGyFQg&s=08
Also Read: Fired Employee Left Speechless After Ex-Boss Asks For Work Updates
Apart from Fam, many other startups, including Meesho, Unacademy, and Swiggy, have laid off nearly 500-1000 employees each till now in 2023 alone.
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