Job cuts in India: Leading companies have gone for layoffs in 2016-17. According to job data for 121 listed companies reveals net hiring in these companies have come down from 742,012 to 730,694.
Job cuts in India: Leading companies have gone for layoffs in 2016-17, according to Indian Express report. According to job data for 121 listed companies reveals net hiring in these companies have come down from 742,012 to 730,694. These companies, however, exclude IT and financial services sector, the report says. These companies are part of BSE 500 and numbers were available for the fiscal ended March 2017. The data indicates that the decline of 11,318 employees span across sectors such as metal, power, capital goods, construction and FMCG among others.
Out of these 121 companies, data for the last three years is available for 107. It shows a net aggregate decline in headcount for the second consecutive year. While employee numbers stood at 684,452 at the end of March 2015, it came down to 677,296 at the end of March 2016. Subsequently, it was further down to 669,784 at the end of March 2017, accoridng to IE report.
“A number of companies in the manufacturing space are already saddled with high unutilised capacities and, therefore, instead of hiring they are taking measures to reduce their staff cost. Also, in many cases, if employees are leaving or retiring, the organisation is not getting replacements,” a top executive with a leading HR firm was quoted as saying by IE.
Of the 121 companies in the list, while 49 saw a net decline in their employee numbers at the end of the financial year 2016-17, 68 saw some addition to their net employee strength. Four companies witnessed no change in net numbers. The analysis is based on data sourced from Prowess IQ, CMIE.4,272 and 2,657 respectively.