Paytm layoff: 7 demands every employee should make for a dignified exit when asked to quit

In the aftermath of RBI’s decision to discontinue Paytm Payments Bank and its wallet business, numerous employees are being compelled to “voluntarily resign” abruptly, without a prior notice. According to several current and former employees of Paytm who spoke with TOI, severance pay has been denied to several, while others are being asked to refund joining and retention bonuses they received from the company.Employees affected by the fintech’s restructuring have not received any official communication detailing the process or the resulting job cuts. Allegedly, the company has advised employees against documenting HR meetings, which are being informally referred to as ‘connect’ or ‘discussion’ calls without any formal documentation being provided, reveals a statement from one employee.
In the current economic climate, layoffs have unfortunately become a common occurrence across various industries. During such challenging times, it is crucial for employees to understand their rights and to advocate for fairness in the layoff process. Here’s what employees should consider demanding from their organization to ensure a fair exit process.

Reason and Basis of Layoff

Transparency is of paramount importance during a layoff. Employees have every right to know why layoffs are occurring and how they were selected for dismissal. It’s fair and legit to demand clarity on the criteria used for determining who gets laid off and who doesn’t. This includes understanding whether performance, seniority, or other factors played a role in the decision-making process. Clear communication helps employees gain closure and move forward with better sanity.

Adequate Notice Period

A reasonable notice period allows employees time to plan for their future, search for new job opportunities, and make necessary financial adjustments. Demand a fair notice period that takes into account the length of service and the nature of the position held within the organization.

Severance Package

Employees should not hesitate to demand a fair severance package that reflects their years of service and dedication to the company. Severance pay should cover essentials such as salary continuation, accrued vacation time, and assistance with health insurance coverage for a transitional period. It’s important to negotiate this aspect carefully or seek legal advice to ensure the package offered is equitable.

Access to Resources and Support

During a layoff, access to resources such as career counseling, resume writing workshops, and job placement services can be extremely helpful. Demand access to these resources to help you navigate the job market efficiently. Some companies may also offer outplacement services to assist you with job search efforts, networking opportunities, and interview preparation. These resources can significantly ease the transition process to new employment.

References and Recommendations

Requesting references or recommendations from current supervisors or colleagues can be very helpful when seeking new employment opportunities. Politely ask for letters of recommendation or endorsements on professional networking sites like LinkedIn. Positive references can strengthen job applications and increase your scope of getting selected.

Legal Assistance

Consulting with a labor attorney or legal advisor can provide clarity on employee rights during a layoff. Employees asked to quit should demand that all legal obligations are met by the organization, including compliance with labour laws, contract agreements, and severance negotiations. Understanding legal rights ensures that employees are treated fairly and receive what they are entitled to under the law.

Feedback and Closure

Employees may seek closure by requesting constructive feedback on their performance and contributions to the organization. Understanding areas of improvement or acknowledging achievements can help in personal growth and development. Additionally, exit interviews can provide an opportunity to share insights and suggestions for improving organizational practices in the future.