People who are at higher positions and are looking for a change in their jobs, might have to wait for some more time. Is not such great news, hiring in senior roles have diminished by around 80% in the first quarter of the year 2023, as compared to the first quarter of the year 2022, a report by LONGHOUSE Consulting has found.
The report suggests that this declining trend has been found across new-age tech firms. It further highlighted that the sectors which saw significant impact were the E-commerce and Edtech sectors. Hiring in these sectors plummeted by 93% and 84%, respectively. In Q1 2023, hiring had declined by 70-90% across all industries compared to Q1 2022, continuing a downward trend.
Anshuman Das, CEO and Founder at LONGHOUSE Consulting, says that the start-ups that are in the growth phase and late-stage will continue to be hit badly. However, he did mention that early-stage and Pre-Series A start-ups are projected to hire. “EV, healthcare, AI or ML, Fintech, and manufacturing early-stage start-ups in the series A and B levels are anticipated to increase the hirings with a few roles open for senior positions,” Das said.
The research was carried out based on new senior posts, basically those whose CTC was greater than 50 Lakh Per Annum. The data was received and tracked by LONGHOUSE Consulting from January–March 2022 and 2023.
Das further added that we will see an increase in more seasoned entrepreneurs who are launching their second or third ventures as well as experienced executives who are switching to entrepreneurship. He said that the hiring scenario in the startup system will be similar to the first quarter in the following two quarters as well, and that the current start-up slowdown will fuel more entrepreneurship than impact it negatively.