Startup jobs shrink to a third; hikes fall amid funding freeze
As the funding winter grips Indian new-age tech, startups have turned conservative about hiring, with open job positions in these companies shrinking to about a third compared with the 2021 highs when capital was widely available, according to data from executive search firm LONGHOUSE CONSULTING
Also, employees at these companies are seeing only 10% annual hikes on the higher side, while many are even forced to take a 10% cut, show the findings shared exclusively with ET. Bonus and variable pay-outs have also been smaller this time compared with recent years, causing the dip.
The number of open job positions in these companies was about 200,000 during June 2022 to May this year, compared with 600,000 in the years earlier when disproportionate hikes and hirings were rampant in the sector, show Longhouse data.