Leaving with footprints, Fin-Tech company Simp has laid off about 160-170 employees from different departments, it was reportedly. The company’s choice concerns a monthly high expenditure, and the bit longer it takes to onboard new users. This largely happened in engineering, including product development, which focused more on high-paying positions.
On the other hand, the successful completion of this project is a critical test for Simp as it is a constant challenge to properly manage its resources and funds. According to a report on Moneycontrol, Simp headed the workforce of 650 people a few moments ago but, at present, has cut its job force to one-fourth.
The layoffs revealed true concentration in crucial spheres: core operations, interns, call center agents, and the D2C checkout vertical.On 8 May, the Simp community held a town hall meeting, which was attended by Simp’s founder and CEO, Mr. Nityanand Sharma. In a clarifying statement, Mr. Sharma admitted that the organization’s difficult decision was to downsize the workforce.
Sharma apologized to affected employees and showed compassion, promising that his company would provide every possible help and assistance needed to secure new job positions. Simp admitted that these budget cuts have been done to promote organizational effectiveness and to make the company a profitable one.
The organization targets to cut back on its operational stream and upfront variable costs. 2023 was a painful year for Simp: our workforce lost the same number of employees (about 20% of the total staff) in March, and now, just months later, we are going through another round of layoffs. Through recent behavior, Simp seems to be pushing to adjust itself to the changing fintech environment while preparing for its company’s future by employing a sustainability strategy.
