Two Bengaluru-based founders have announced a layoff in their company citing a shift in focus from hyper-growth to sustainability, and have offered to help the 18 affected employees find new jobs. Sambhav Jain and Kush Taneja, co-founders of fintech app Fam, asked recruiters to get in touch for the relevant profiles and referrals.
"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," Jain tweeted.
He added that although he and Taneja are proud of the "super passionate team" they have built over the years, due to the shift in the company focus, they couldn't provide the 18 employees roles that could justify their personal growth.
"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 wrote. He added that the company has all the compassion for those laid off and is confident that they would do amazing things wherever they go.
"If you’re looking to hire people in EPD and growth functions, please DM. Will be happy to share and refer relevant profiles," Jain tweeted.
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.Related stories
— Sambhav Jain (@_SambhavJain_) August 2, 2023
Kush Taneja also tweeted, "Today was an extremely sad day for us as 18 of our FamStars had to leave. We are forever grateful for their contributions in building the Fam! Please DM if you are looking for super passionate and extraordinary folks for your team."
Their appeal, however, received a mixed response with enquiries from multiple recruiters and with a few Twitter users pointing out that layoffs don't mean that a company is "people-first" in its approach.
Hi @_SambhavJain_ - sorry to hear this. I am sure Fampay will come out stronger. We are hiring. Not able to DM you - apparently only blue tick users can DM you. Can we connect?— Prathamesh Dembla (@pratham_pd) August 2, 2023
"As a business, people are hired and fired but don't call yourself 'people-first' or 'family' if the first thing you do when funding shrinks is firing people...a Family doesn't throw out its members when ration is less," wrote user Abhijeet Kaushal (@Abhikau04787027).
"Is it fair to expect passion from your team when they can get laid off for no fault of theirs? And then build the same passion for their next role? Commenting on the overuse of 'passion' in corporate speak," added another user Sidhdharth Shah (@sid_shah10).
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