Latest News | Startups Witness Decline in Hiring; Struggle with Attrition: Study
Get latest articles and stories on Latest News at LatestLY. With a decline in hiring due to the drying up of funding following geopolitical scenarios, Indian start-ups also continued to struggle with the retention of talent during the 2022 calendar year, according to a study.
Mumbai, Jan 16 (PTI) With a decline in hiring due to the drying up of funding following geopolitical scenarios, Indian start-ups also continued to struggle with the retention of talent during the 2022 calendar year, according to a study.
There has been a 44 per cent decline in hiring in the startups during October-December 2022 compared with the January-March quarter, following 'funding winter' in the sector, CIEL HR Services monthly forecast study - Latest Employment Trends in Start-ups revealed on Monday.
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The sector also witnessed a high level of attrition as start-up employees preferred stable jobs, higher pay and a better work-life balance, it noted.
According to the study, over 64 per cent of the respondents wanted to shift jobs for a 'stable job', it stated.
Over 47 per cent of the respondents said job security was a major concern, 27 per cent wanted better pay and 26 per cent wanted to work in established firms, it added.
The study is based on the analysis of responses from 60,704 employees working in top 60 start-ups operating in India.
It further revealed that gender diversity in start-ups across levels is low, with an overall 24 per cent women representation and a negligible 11 per cent in leadership positions.
Lack of flexibility, shifting away from remote working and inadequate support for childcare and eldercare needs continued to be major hurdles for women to sustain and progress in the start-up ecosystem, it added.
“India continues to be the front-runner of the startup ecosystem despite the current threatening economic uncertainties. This downfall is only for a transient period, it will push the start-ups to be more serious in their overall operations and set new thresholds. In this context, we see startups preferring onsite work, with 94 per cent of job openings looking for 'work from office'," CIEL HR Services Managing Director and CEO Aditya Narayan Mishra said.
Startups are on the lookout for highly productive and skilled talent that can adapt quickly to the changes and stay ahead of the curve, he added.
Talking about cities, the study revealed that Bengaluru continued to remain the hottest destination for start-up talent, with 31 per cent of the job openings in this region.
Interestingly, Delhi/NCR is a very close second with 22 per cent of the total job opportunities in startups, it stated. Out of the total job openings, tier I cities accounted for around 94 per cent of the jobs, while tier II and III locations accounted for only 6 per cent of the total employment opportunities, it added.
(This is an unedited and auto-generated story from Syndicated News feed, LatestLY Staff may not have modified or edited the content body)