While hiring for full-time employees dipped by 17.23 percent, CXO hiring witnessed a decline of 25 percent, according to data by RazorpayX Payroll.
Banking platform of Razorpay analyzed payroll data of more than 30,000 employees, across 20 sectors currently using RazorpayX Payroll, from April to December 2023. The data also reveals a sharp decrease of 37.63 percent in hiring senior executives.
Despite a dip in hiring full-time employees, departments such as sales & marketing, and finance have witnessed a growth of 23.24 percent and 21.45 percent, respectively. This trend depicts strategic decision-making by companies, reallocating resources to areas that are crucial for growth and financial stability.
Demand for outsourcing companies up
While hiring for full-time employees slowed down in the past nine months, the demand for outsourcing companies witnessed an upward trend with their money inflow witnessing a growth of 26.77 percent. The demand for outsourcing companies increased across departments such as technology, sales & marketing, and logistics & operations by 14.14 percent, 10.74 percent and 6.71 percent respectively.
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This reflects the significant shift of startups towards specialised outsourcing firms catering to their respective niches. Interestingly, this growth doesn't extend to individual contract workers as their salaries only saw a marginal increase of 0.22 percent.
For female employees, the average salary increased by 9.13 percent, and for male employees, it grew by 8.87 percent. Notably, the positive trend in salaries for female employees reflects a commendable increase, highlighting strides toward gender pay equity in the workplace.
Full-time employees in finance and human resources departments saw a salary increase of 11.06 percent and 8.90 percent, respectively. At the same time, the overall growth across sectors stands at a growth of 7.03 percent.
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“The Indian startup ecosystem continues to lead in technological disruptions, setting new benchmarks despite economic challenges. The data from the RazorpayX Payroll platform reflects a growing inclination among startups and enterprises towards outsourcing services. This strategic shift aims at enhancing efficiency, fostering a balanced approach to effective capital utilization, and paving the way for future building blocks of the company through innovation. While challenges are apparent with the decline in CXO hiring, the industry's commitment to fostering a workplace that values diversity is evident,” said Ayush Bansal, VP & General Manager, RazorpayX.
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