Layoff News: Seven months have passed into the new year but layoffs are still hitting. Now it has hit a fintech startup in Bangalore. Sambhav Jain and Kush Taneja, two co-founders of fintech application Fam, have shown the way out to 18 employees. However, Sambhav and Kush are helping the retrenched employees find new jobs
Layoff News: Seven months have passed into the new year but layoffs are still hitting. Now it has hit a fintech startup in Bangalore. Sambhav Jain and Kush Taneja, two co-founders of fintech application Fam, have shown the way out to 18 employees. The company says that now its strategy is to remain stable for the time being instead of rapid business expansion, due to which layoffs have to be done. However, Sambhav and Kush are helping the retrenched employees find new jobs.
How Fam’s co-founders are helping fired employees
Sambhav Jain has tweeted on the social media platform X (formerly Twitter) that the most difficult thing for any founders is to let go of their people. However, these are tough times and FAM was forced to lay off 18 employees. He says that for these people, there is currently no such work in the company which can be according to their personal growth, can promote their passion and they can enjoy here. However, in the tweet, he has also requested for further work for these employees. Sambhav said that if any company is hiring in EPD or growth functions then they should contact.
One of the most difficult things to do as a founder is to let people go. Today was a tough day as we had to let go 18 members of the Fam across functions. Parting ways is never easy, especially for a people-first organisation like ours, where everyone is emotionally connected.
— Sambhav Jain (@_SambhavJain_) August 2, 2023
Kush Taneja has also made such an appeal to the companies. Thus, the founders are helping the employees who have been retrenched from fame to get them employed again.
Today was an extremely sad day for us as 18 of our FamStars had to leave
How is the reaction of the users
A user has commented on Sambhav Jain’s tweet that employees are hired and fired in a business, but if you lay off when funding shrinks, don’t call yourself people-first or family because rationing works in the family. Members are not ejected upon arrival.
As a business, people are hired & fired but don't call yourself 'people-first' or 'family' if the first thing you do when funding shrinks is firing people… Family doesn't throw out its members when ration is less
— Abhijeet Kaushal (@Abhikau04787027) August 2, 2023
On the other hand, some users have also extended a helping hand. A user has invited a CV for Tech and BD Resources. This user’s company is in Delhi which also has a branch in Bangalore.
