Layoffs in 2023: Around 50% of Indian Workers Don’t Plan To Change Jobs Amid Hiring Slowdown
In the era of layoffs amid hiring slow down, majority of employees in India (47 per cent) are choosing to stay put in their current organisations, a report showed on Monday.
New Delhi, April 17: In the era of layoffs amid hiring slow down, majority of employees in India (47 per cent) are choosing to stay put in their current organisations, a report showed on Monday.
Hiring has slowed down, with only 53 per cent of the employers hiring during the January-March period, down from 64 per cent in the previous quarter (October to December 2022), according to job portal Indeed. Salary Hike For TCS Employees: Tata Consultancy Services To Increase Pay of Top-Performing Employees by 12-15%, May Raise Base Salaries of Freshers.
"Amid the ongoing uncertainties, the overall sentiment of jobseekers and employers seems to be cautious. However, some sectors like BFSI and healthcare are witnessing significant hiring, showcasing a strong future for these areas," said Sashi Kumar, Head of Sales, Indeed India. Infosys Cut Hiring by 46% in Fiscal Year 2023, Reduces Headcount by 3,611 Employees While Resisting Layoffs.
Additionally, in 2023, the acceptance of the gig economy at large is also expected to strengthen the job market. "Employers now need to focus on devising ways in which they can retain and continue to attract this talent pool," Kumar added.
Over 37 per cent of all jobseekers are looking to prioritise their career growth in 2023. The BFSI sector in India witnessed the most significant hiring with 71 per cent of the sector's employers hiring during the quarter.
Healthcare (64 per cent) and construction and real estate (57 per cent) were the other two sectors that hired substantially. In contrast, media and entertainment (49 per cent), IT/ITeS (29 per cent), and manufacturing (39 per cent) sectors saw the least hiring during the quarter. The findings showed that working from office emerged as the favoured work mode for current jobseekers, with 57 per cent preferring to work from office.
The most in-demand job role for the March quarter was for retail sales associate (41 per cent of all employers) followed by project engineer (23 per cent) and marketing analyst (20 per cent), the report mentioned.
(The above story first appeared on LatestLY on Apr 17, 2023 03:27 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).