Bengaluru-based fintech app Fam, co-founded by Sambhav Jain and Kush Taneja, recently announced a decision to downsize their team by laying off 18 employees.
New Delhi: Bengaluru-based fintech app Fam, co-founded by Sambhav Jain and Kush Taneja, recently announced a decision to downsize their team by laying off 18 employees. The reason behind this strategic move is to shift the company's focus from hyper-growth to a more sustainable approach. Jain and Taneja expressed their commitment to supporting the affected employees in finding new job opportunities.
In a tweet, Jain acknowledged the emotional challenges of letting go of valued team members, particularly in a people-centric organization like Fam, where strong emotional connections are fostered. He expressed pride in the passionate team they had built but explained that the change in direction made it difficult to offer roles that could ensure personal growth for everyone. Jain conveyed empathy towards those impacted by the layoff and expressed confidence in their abilities to excel elsewhere.
Taneja also took to Twitter to express sadness about the layoff, expressing gratitude for the contributions made by the departing team members. He encouraged potential recruiters to consider the talented individuals now seeking new opportunities.
Despite the founders' intentions, their announcement received mixed responses on Twitter. Some users questioned the company's claim of being "people-first" when resorting to layoffs, suggesting that a truly employee-centric company would find alternatives during challenging times. Others expressed concerns about expecting unwavering passion from a team that could be let go through no fault of their own.
Despite these criticisms, several recruiters showed interest in hiring the laid-off employees, and one expressed confidence in Fam's resilience while offering potential opportunities.
Overall, the layoff decision raises questions about balancing growth and sustainability in a rapidly evolving industry, and it underscores the challenges companies face in making tough decisions while still prioritizing their workforce's well-being.
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 "Bengaluru startup lays off 18 employees, extends support in job search")
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