” With a high attrition rate of between 25–30%, startups in India continue to employ a substantial number of workers. This implies that even as they reduce the number of positions, many will keep hiring to replace attrition. Freshman hiring will resume in full force with the start of the following academic year, particularly among startups… and I anticipate a complete slowdown in layoffs by the first quarter of the upcoming fiscal year,” said Sekhar Garisa, CEO of Monster India.

Large MNCs typically look to offshore hiring in nations like India for talent during economic downturns. Therefore, employees with specialized skills have a strong chance of finding new employment, according to Ashish Gupta, co-founder, and CEO of Benori Knowledge, a startup consulting firm.

Garisa emphasized that the 500,000 active job advertisements on hiring networks right now are actually from digital firms trying to hire. In contrast to the pre-Covid era, benefits and pay expectations have leveled out. He suggested that another developing trend would be mid-career workers starting to choose upskilling to enter specialty professions, where demand would increase but supply might not be sufficient.

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