- February 6, 2024
Paytm Payments Bank crisis: Rivals looking to fish for top talent from Paytm? – Times of India
Paytm’s competitors in the fintech industry are capitalizing on the central bank’s crackdown on Paytm’s payments bank unit, not just in terms of business opportunities, but also in terms of talent acquisition. Recruitment services firms have reported that rival companies are actively seeking to hire tech and sales professionals from Paytm. However, there is less demand for legal and compliance professionals, especially in senior and mid-level positions.While some insiders have confirmed this trend, companies officially deny actively pursuing Paytm talent.
According to an ET report, Phonepe, a leading competitor of Paytm, stated that they are expanding their sales teams to meet the increasing demand from merchants. They mentioned that there is a possibility of hiring some business development executives from Paytm, although they clarified that they are not actively reaching out or requesting CVs.
Similarly, MobiKwik, another fintech firm, expressed their ongoing efforts to hire new talents from various industries, without providing further details. Bankbazaar emphasized that they do not discriminate against any talent based on their previous company and that their hiring decisions are solely based on individual capabilities.
Recruitment services firms have observed a significant interest in Paytm’s talent pool. For example, Michael Page, a prominent recruitment agency, has received inquiries from multiple unicorns and startups in the fintech, e-commerce, and D2C sectors. “Product and technology professionals at Paytm are hot in demand as they make for excellent tech talent … we have seen in the past that when such an instance happens, compliance teams, in particular, face a tough task ahead. However, the impact still needs to be seen with Paytm,” Pranshu Upadhyay – regional director at Michael Page India was quoted as saying.
CIEL HR Services, a recruitment services firm, reported a threefold surge in activity from Paytm employees on public job boards. Paytm employees, particularly those in sales, business development, channel management, product management, as well as tech roles like full-stack development and IT infrastructure management, are actively exploring opportunities, as per CIEL. On the other hand, employees in operations, legal, and compliance roles face challenges in finding favorable market opportunities.
While prospective employers and clients have not outright rejected resumes from legal and compliance professionals, it is evident that these functions may encounter difficulties in being accepted. NBFCs and fintechs, in general, are strengthening their risk, compliance, and legal departments. Leadership and senior management roles require a successful track record in key responsibility areas.
According to an ET report, Phonepe, a leading competitor of Paytm, stated that they are expanding their sales teams to meet the increasing demand from merchants. They mentioned that there is a possibility of hiring some business development executives from Paytm, although they clarified that they are not actively reaching out or requesting CVs.
Similarly, MobiKwik, another fintech firm, expressed their ongoing efforts to hire new talents from various industries, without providing further details. Bankbazaar emphasized that they do not discriminate against any talent based on their previous company and that their hiring decisions are solely based on individual capabilities.
Recruitment services firms have observed a significant interest in Paytm’s talent pool. For example, Michael Page, a prominent recruitment agency, has received inquiries from multiple unicorns and startups in the fintech, e-commerce, and D2C sectors. “Product and technology professionals at Paytm are hot in demand as they make for excellent tech talent … we have seen in the past that when such an instance happens, compliance teams, in particular, face a tough task ahead. However, the impact still needs to be seen with Paytm,” Pranshu Upadhyay – regional director at Michael Page India was quoted as saying.
CIEL HR Services, a recruitment services firm, reported a threefold surge in activity from Paytm employees on public job boards. Paytm employees, particularly those in sales, business development, channel management, product management, as well as tech roles like full-stack development and IT infrastructure management, are actively exploring opportunities, as per CIEL. On the other hand, employees in operations, legal, and compliance roles face challenges in finding favorable market opportunities.
While prospective employers and clients have not outright rejected resumes from legal and compliance professionals, it is evident that these functions may encounter difficulties in being accepted. NBFCs and fintechs, in general, are strengthening their risk, compliance, and legal departments. Leadership and senior management roles require a successful track record in key responsibility areas.
