Simpl, a start-up in the fintech sector, has made the announcement to reduce its workforce. The decision has been made as the company acknowledged that it had hired more people than necessary, as it had anticipated the demand for e-commerce during the pandemic to persist. However, it has now recognised the need to take corrective measures.
As reported by CNBC, the fintech startup has let go of 25 per cent of its workforce this week from various departments. The decision is going to impact a total of 125 employees at the company. Moreover, Simpl has joined the trend of saying goodbye over an official e-mail while sharing its reasons and future focus with affected employees.
In a letter addressed to employees, Nitya Sharma, CEO and co-founder, Simpl, announced the challenging resolution to downsize the company’s workforce and bid farewell to numerous skilled colleagues who have been instrumental in the company’s success so far, after thoughtful contemplation.
The spokesperson stated that the company is providing a severance package along with healthcare, outplacement, and counselling assistance to employees who are being let go.
Simpl’s representative expressed gratitude to its employees for their valuable contributions while stating that, in light of the present economic circumstances and in preparation for the forthcoming economic environment, they have reviewed their headcount with the goal of becoming a more efficient and adaptable organisation.
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