Byju’s, the once-celebrated edtech giant, and Paytm, a leading fintech player, currently find themselves entangled in distinct challenges. Byju’s faces accusations of financial irregularities, questionable sales tactics, and significant workforce reductions, while Paytm grapples with regulatory restrictions from the Reserve Bank of India (RBI) impacting its core services. The recent resignation of Paytm’s founder, Vijay Sekhar Sharma, from his position as the chairman of Paytm Payments Bank, adds another layer to the uncertainties surrounding employees’ professional futures.
The tragic suicide of Gaurav Gupta, an employee at Paytm Payments Bank in Indore, on 26 February 2024, underscores the critical importance of careful consideration and proactive planning for individuals facing turbulent times in their organisations.
Gupta’s decision to take his own life was reportedly fuelled by the stress and anxiety stemming from the financial downturn and uncertainty surrounding the future of the company. Despite not leaving a suicide note, it’s apparent that Gupta was dealing with immense pressure, fearing the possibility of losing his job due to the company’s regulatory issues.
These scenarios leave employees feeling uncertain and anxious about their professional futures.
“The initial step, involves understanding the root causes of the downturn, its organisational impact, and the future outlook.”
Vivek Tripathi, VP-HR, NewGen Software
For employees facing such turbulence, careful consideration and proactive planning are paramount. “The initial step,” advises Vivek Tripathi, VP-HR, NewGen Software, “involves understanding the root causes of the downturn, its organisational impact, and the future outlook.” Should the challenges be industry-wide or beyond the company’s control, employees may choose to express resilience and loyalty by weathering the storm alongside the organisation. However, when the company’s woes stem from internal factors such as flawed business models or ethical lapses, as in Byju’s case, the situation becomes more nuanced. “A breakdown in trust towards leadership due to reckless ventures or unethical practices,” Tripathi says, “may necessitate exploring alternative career paths.”
Periods of ambiguity necessitate introspection. Do an individual’s career aspirations align with staying put? While some prioritise stability, others may seek growth opportunities elsewhere. Open communication with leadership becomes crucial. Seek clarity on the company’s strategies to address challenges and its plans for employee well-being. If exploring external opportunities is considered, proactive preparation is essential. Updating resumes, refining online profiles, and actively networking can enhance marketability in the job market.
“Employees in such organisations may be more inclined to weather the storm, trusting that their efforts will be recognised and rewarded ultimately.”
Ramesh Shankar S, HR leader and former CHRO, Siemens
Ramesh Shankar S, HR leader and former CHRO, Siemens, emphasises that the appropriate course of action for employees largely depends on their perception of the organisation’s values and leadership’s credibility. If an organisation is known for its strong values and the leadership inspires confidence by demonstrating a commitment to navigating challenges collectively, then remaining with the company might be a viable option.
Rituparna Chakraborty, VP and co-founder, Teamlease, underlines the importance of building a robust professional network. “A strong network serves as a safety net during unforeseen disruptions,” she says. Staying informed about industry trends, competitor strategies, and market dynamics empowers individuals to make informed career decisions. Additionally, seeking guidance from mentors, colleagues, or career counsellors can provide valuable perspectives and empower individuals to make confident career choices.
Shankar contrasts this with companies such as the Tata Group, known for transparent communication and solidarity during challenging times. “Employees in such organisations may be more inclined to weather the storm,” Shankar says, “trusting that their efforts will be recognised and rewarded ultimately.”
“Setting up a savings account and regularly contributing a portion of your income acts as a safety net, providing a cushion in case of unforeseen circumstances.”
Rituparna Chakraborty, VP and co-founder, Teamlease
Ultimately, the decision to stay or leave rests on each individual’s assessment of the company’s integrity, leadership credibility, and alignment with personal values, as Shankar believes.
Financial prudence is also crucial. “Setting up a savings account and regularly contributing a portion of your income acts as a safety net,” advises Chakraborty, “providing a cushion in case of unforeseen circumstances.” This financial buffer reduces the pressure to accept unsuitable job offers solely due to immediate financial needs.
Employees navigating turbulent times with their current employers must prioritise their well-being and professional growth. While loyalty is commendable, seeking opportunities elsewhere may be the most prudent course of action if the company’s leadership fails to address underlying issues or adhere to ethical standards. By prioritising informed decision-making, actively building professional networks, and taking steps towards financial security, employees can weather these storms and emerge prepared for the opportunities that lie ahead.
