Business Standard

Hiring of permanent workers fell 61% in start-ups: RazorpayX Payroll report

Technology-related jobs have managed to marginally increase their contribution to the overall workforce by 4 per cent, while the hiring trend is slowing down in general

jobs, employment, companies, corporate, people
Premium

The hiring of new permanent employees has dipped by 61 per cent as compared to October 2021

Peerzada Abrar Bengaluru
India’s start-ups are resorting to steep hiring cutbacks as the changing dynamics of the start-up ecosystem have led to a churn in the last 12 months, according to a report by RazorpayX, fintech firm Razorpay’s business banking platform.

With many startups facing the chills of a funding winter, most of them are cutting back on hiring, said the Annual Insights Report by RazorpayX Payroll.

The hiring of new permanent employees has dipped by 61 per cent as compared to October 2021. The dip in hiring is seen across seniority with CXO hiring dropping by 93 per cent during this period.

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Oct 31 2022 | 9:37 PM IST

Explore News

To read the full story, subscribe to BS Premium now, at just Rs 249/ month.

Key stories on business-standard.com are available only to BS Premium subscribers.

Register to read more on Business-Standard.com