New Delhi, December 20: India is in the middle of an economic slowdown and according to the latest report, hiring has slowed down in IT, startups and multinational corporations. The data has been shared by HR firm Xpheno exclusively to ET, which says the top 100 companies, including funded startups, IT services companies and others have registered a mere growth of 7 percent this year. The report further states that the slowdown is expected to continue in the next year as well.

Almost all the major industries are facing the heat of the slowdown. From job cuts, salary delays to plants getting shut, the economic scenario of the country are in the doldrums. The study points out that a hiring freeze across countries and an increase in attrition rates, with no net additions, are some of the reasons for the slowdown. Economic Slowdown: Growth of 8 Core Sectors Recedes to 2.1% in July Vis-a-Vis 7.3% Last Year.

However, there are certain departments that have witnessed higher growth. For e.g. the sales and marketing roles recorded a 13 percent growth compared to IT roles, which saw 9 percent growth.

According to the report, a visible trend that is likely to be seen in the coming year is - hiring will mostly be driven by global corporate houses in India and companies like Google, Apple, Facebook and Amazon. This year, it was mainly the IT companies that led the growth, however, the trend is expected to change in the coming year.

 

(The above story first appeared on LatestLY on Dec 20, 2019 11:16 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).