Despite ongoing layoffs, the FICCI and Randstad India survey found that 80% of early-stage startups with fewer than 20 employees actively seek to hire in 2023.
“Notably, these startups have secured Series A and Series B funding, are well-capitalised, and are actively seeking to hire new talent,” the report said. As many as 300 startups participated in the survey.
According to the survey, new project orders, increased funding from investors, and expansion plans will influence hiring decisions for 92% of startups.
According to the study, most of the jobs will be for junior and mid-level positions. Over 38% of the companies surveyed indicated they planned to hire people at the junior level, while 27% said they would focus on hiring people at the mid-level.
The agri/agritech and automotive industries are a few exceptions to this trend, where companies are expected to prioritize senior-level C-suite hiring.
The survey found that, in comparison to more established organizations, high-growth startup companies experience a much greater attrition rate. These startups have an attrition rate approximately 1.7 times higher than traditional firms, or about 43.7%.
“In our survey, 54.38 % of the startups attributed the high attrition rate to better pay packages by bigger corporates and fear of job security in a startup — besides lack of clarity in career progression clarity and credibility issues,” the FICCI survey said.
