Hiring for leadership positions down by around 80% in Q1
Hiring for senior positions in new-age tech firms saw a significant decline in the first quarter of 2023, with an 80 per cent drop compared to the same period in the previous year, according to a report.
Ecommerce and edtech sectors saw significant impacts, with hiring plummeting by 93 per cent and 84 per cent, respectively, continuing the trend of declining hiring, reveals new report by LONGHOUSE Consulting, an executive search and talent advisory firm, on hiring trends for senior leadership positions among Indian startups in Q1-CY 2023.
Anshuman Das, CEO and Founder, LONGHOUSE Consulting predicted that the hiring scenario in the startup ecosystem will remain similar to the first quarter in the next two quarters.
“There will be ongoing loss in senior positions with high-paying jobs. Growth stage and late-stage start-ups will continue to be badly hit, although 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,” he said.
Das also predicts a surge in more seasoned entrepreneurs launching their second or third ventures, as well as seasoned executives who are switching to entrepreneurship, despite the current start-up slowdown.
The research was carried out based on new senior posts (CTC greater than 50 LPA) received and tracked by LONGHOUSE Consulting from January–March 2022 and 2023.