New Delhi: Sambhav Jain and Kush Taneja’s Bengaluru-based finance app Fam announced the termination of 18 employees, citing a shift in emphasis from hyper-growth to sustainability. However, the owners have stated that they are willing to help the impacted employees find other employment.
Jain acknowledged the hardship of parting ways with individuals in a tweet, particularly at a people-first company like Fam where strong emotional ties are present. He emphasised that while having established a devoted workforce and being proud of them, the company’s new orientation precluded them from providing positions that may foster personal development.
Jain went on to say that the corporation understands the laid-off workers’ plight and has faith in their capacity to succeed elsewhere.
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
Apart from all the things we’ve done and accomplished as a company, the thing that I and @iamkushtaneja are most proud of is the super passionate team that we have built over the years.
— Sambhav Jain (@_SambhavJain_) August 2, 2023
Given the shift in focus of the company from hyper-growth to sustainability, we wouldn’t have been able to provide these people with a role in the company that could justify their personal growth, could fuel the fire to their passion, and most importantly joy at work.
— Sambhav Jain (@_SambhavJain_) August 2, 2023
We have all the compassion for them and are confident that these people will build amazing things wherever they go, and wish everyone the best in life. If you’re looking to hire people in EPD and Growth functions, please DM. Will be happy to share and refer relevant profiles.
— Sambhav Jain (@_SambhavJain_) August 2, 2023
Taneja also expressed his regret at the layoff on Twitter while thanking the departed team members for their services. If potential employers were looking for talented people to join their teams, he asked them to get in touch.
Today was an extremely sad day for us as 18 of our FamStars had to leave
We are forever grateful to their contributions in building the Fam!Please DM if you are looking for super passionate and extraordinary folks for your team https://t.co/fmQTH90xP8
— Kush (@iamkushtaneja) August 2, 2023
The founders’ appeal, meanwhile, was met with conflicting reactions, with some Twitter users rejecting the company’s assertion that it puts “people-first” when it makes use of layoffs.
One commenter asserted that if a business appreciates its workers, it wouldn’t fire them in trying circumstances. A different user expressed doubts about expecting passion from a group that could be fired for no fault of their own.
Despite these complaints, a number of recruiters showed interest in the laid-off workers. One recruiter expressed optimism in Fam’s fortitude and provided potential prospects.
