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India Business News: Paytm's reputation for offering salaries above the industry average has made it challenging for rivals and startups to hire employees. Many Paytm empl
Competitors and other startups are eyeing talent within Paytm amid its current challenges. However, the company s reputation for offering salaries well above industry norms means that many potential candidates are being priced out of the talent market. Industry insiders and executives from recruitment services and search firms have noted that Paytm s generous compensation packages are difficult for other companies to match.
While many employees of cash-strapped ed-tech firm Byjus have been in the job market for a while now, troubles at Paytm after the central bank imposed curbs on its payments bank unit have made a number of its staffers jittery, driving them to explore other options. Swiggy and Flipkarts announcements of workforce cuts have also added to the supply of talent who were highly paid.
The current downturn comes after the dream run of 2021 when startups saw a hiring spree with massive pay packages, lucrative stock options, and exotic perks such as lavish joining kits, outings and weekend parties, health club memberships, and mindfulness and meditation sessions to attract and retain top talent.