Digital payments player Paytm has requested all its employees to contribute some of their leaves to ensure that its operations run smoothly. The move comes as the government eases restrictions through parts of the country under lockdown 4.0.
Under the new rules, employees will be able to contribute their Privilege Leave (PL) accumulated up to 35 days, and all currently accumulated Casual Leave (CL).
Rohit Thakur, Chief Human Resources Officer, Paytm stated, “Ensuring that our employees are safeguarded from the current global crisis is of utmost importance to us. We believe that this is the right step to effectively accommodate the short term impact and the long term interests of our company and all employees.”
This decision, Paytm said, was taken after due discussions as it was agreed upon that in the post-COVID world, it would be important to have all hands on deck so that the firm can fully support citizens who will rely even more on the digital economy and payments.
However, the firm stated that this is a temporary measure as employees would be again entitled to collect PL and CL going forward. The company believes that this move will help the company keep its costs under control without adversely affecting employee morale.
With these cost-saving measures, Paytm hopes to cushion its workforce from the effects of the economic downturn of the COVID-19 crisis. It is hoping that not only the move will have a positive impact on the balance-sheet but will also help the company ensure that it continues with its growth drive given that digital payments are expected to rise sharply on account of the crisis. As the economic impact of the COVID-19 becomes clear, firms will have to take many new measures to cut losses and maintain business continuity.