Connect with us

Headlines of the Day

Start-ups and IT firms may retrench up to 20,000 people in next six months

India’s IT and start-up sectors may retrench as many as 15,000 to 20,000 employees in the next six months, industry insiders said. Recruitment consultants expect fewer hiring mandates in the months ahead and have decided not to enter new businesses for now. In 2022-23 so far, the two sectors have laid off more than 20,000 employees, including 1,400 in the first two weeks of January.

Why it’s important: Tech firms are battling slowing demand in the main markets in the West and start-ups are facing a funding winter that heralds the end of easy money. The combination of adverse factors is likely to tame the hiring frenzy of the past two years, which have already inflated staff costs. Moneycontrol

Click to comment

You must be logged in to post a comment Login

Leave a Reply

Copyright © 2022 Communications Today

error: Content is protected !!