Those in higher positions and considering a career change may need to wait a little longer. Not so great news, but his report for LONGHOUSE Consulting found that senior-level hiring fell by about 80% in the first quarter of 2023 compared to the first quarter of 2022.
The report suggests that this downward trend can be seen across new-age technology companies. Furthermore, it was highlighted that the sectors that have seen the greatest impact are e-commerce and his Edtech sector. Employment in these sectors plummeted by 93% and 84% respectively. Employment in Q1 2023 is down 70-90% across all industries compared to Q1 2022, continuing the downward trend.
Anshuman Das, CEO and founder of LONGHOUSE Consulting, said growth- and late-stage startups will continue to be hit hard. However, he said early-stage and pre-series A startups will be adopting. “EVs, healthcare, AI or ML, fintech, and manufacturing in series A and B level early stage start-ups are expected to see an increase in hiring as some roles open up for senior positions. ”he said Das.
The survey was basically conducted on the basis of new senior positions with CTC exceeding Rs.5 lakh per year. Data were received and tracked by LONGHOUSE Consulting in January-March 2022 and 2023.
Das added that there will be more seasoned entrepreneurs looking to launch a second or third venture, and more seasoned executives looking to switch to entrepreneurship. He said the adoption scenario for the startup system will be similar to the first quarter in his next two quarters, saying that the current startup slowdown will stimulate entrepreneurship rather than hurt it. said deaf.
