Startups are often the driving force behind job creation. Speaking of, while tech companies are aggressively firing employees, startups are bucking off the trend and actively hiring. This is a positive sign for the economy. Recently, a joint survey was conducted by the Federation of Indian Chambers of Commerce and Industry (FICCI) and Randstad India. More than 300 companies took part in the survey. According to the report, nearly 80% of early-stage startups intend to increase staff in 2023. While more than 57 per cent of startups are seeking new employees on a permanent basis, about 43 per cent intend to hire temporary and gig workers.
A startling 92% of the 300 startups survey depicted that the optimism surrounding their hiring choices was primarily motivated by new project orders they secured, additional financing they raised, and the growth plans companies had in store.
Only 15.78% of startups, the majority of which are in the early stages, plan on retaining their current headcount. Meanwhile, more than half of the surveyed startups attribute the high attrition rate to things like higher pay packages provided by bigger companies and worries about employment security in a startup.
A positive sign for the economy: Vishwanath PS, MD and CEO, Randstad India believes that the emergence of new-age innovative organizations across sectors will result in significantly contributing to the development of India’s economy over the coming years. “These startups will eventually go on to create unique employment opportunities and career paths, innovation and competitive dynamics in the world of work,” he further added.
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