Hiring for full-time workers dipped 17% last year: Report
Updated: Jan 31st, 2024
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| Hiring (img: IANS) |
The hiring for full-time employees dropped by 17.23% last year, with chief experience officer (CXO) hiring witnessing a decline of 25%, a new report showed today.
The data from a business finance platform revealed a sharp decrease of 37.63% in hiring for senior executives.
“The data from reflects a growing inclination among startups and enterprises towards outsourcing services. While challenges are apparent with the decline in CXO hiring, the industry’s commitment to fostering a workplace that values diversity is evident,” said the VP & general manager of the business finance platform.
The report analysed payroll data of over 30,000 employees, across 20 plus sectors currently using the platform, from April to December 2023.
While hiring for full-time positions has slowed in the last nine months, demand for outsourcing companies has increased, with their money inflow growing by 26.77%.
The demand for outsourcing companies increased across departments such as technology, sales & marketing, and logistics & operations by 14.14%, 10.74%, and 6.71%, respectively.
Moreover, the report mentioned that the total salary disbursed over the past nine months has grown by 8.22%.
The average salary for full-timers witnessed an uptick of 6.69%.
For female employees, the average salary increased by 9.13%, and for male employees, it grew by 8.87%.
“The growth in salaries especially for women employees, despite a hiring slump, highlights the industry’s commitment to building a workplace that values diversity and recognises the contributions of all its members,” the VP said.
Despite a dip in hiring full-time employees, departments such as sales and marketing and finance have witnessed a growth of 23.24% and 21.45%, respectively, the report said.
Full-time employees in finance and human resources departments saw a salary increase of 11.06% and 8.90%, respectively.
(Source: IANS)
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