22 February, 2024

Hiring for full-time workers dipped 17% last year: Report

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The hiring for full-time employees dropped by 17.23 per cent last year, with chief experience officer (CXO) hiring witnessing a decline of 25 per cent, a new report showed on Wednesday.

The data from the business finance platform RazorpayX also revealed a sharp decrease of 37.63 per cent in hiring for senior executives.

“The data from the RazorpayX Payroll platform reflects a growing inclination among startups and enterprises towards outsourcing services. 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.

The report analysed payroll data of over 30,000 employees, across 20 plus sectors currently using RazorpayX Payroll, from April to December 2023.

While hiring for full-time positions has slowed in the last nine months, demand for outsourcing companies has increased, with their money inflow growing by 26.77 per cent.

The demand for outsourcing companies increased across departments such as technology, sales & marketing, and logistics & operations by 14.14 per cent, 10.74 per cent, and 6.71 per cent, respectively.

Moreover, the report mentioned that the total salary disbursed over the past nine months has grown by 8.22 per cent.

The average salary for full-timers witnessed an uptick of 6.69 per cent.

For female employees, the average salary increased by 9.13 per cent, and for male employees, it grew by 8.87 per cent.

“The growth in salaries especially for women employees, despite a hiring slump, highlights the industry’s commitment to building a workplace that values diversity and recognises the contributions of all its members,” Bansal said.

Despite a dip in hiring full-time employees, departments such as sales and marketing and finance have witnessed a growth of 23.24 per cent and 21.45 per cent, respectively, the report said.

Full-time employees in finance and human resources departments saw a salary increase of 11.06 per cent and 8.90 per cent, respectively.


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