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Startups expected to increase hiring

At a time when layoffs have become a common phenomenon in IT industry and related sectors, here is some good news. According to a survey done by FICCI and Randstand, almost 80% of early-stage startups are looking to increase their workforce in 2023.

According to a press release from FICCI on Tuesday, 80.49% of the total startups surveyed stated that they plan to increase their manpower hiring in 2023, while 15.78% plan to maintain their existing headcount, majority being early stage.

Over 300 startups participated in the survey in which 54.38% of startups attribute the high attrition rate to factors such as better pay packages offered by larger corporations, as well as concerns over job security in a startup. The sectors depicting the highest hiring intent include the healthcare sector, IT/ITes, agri/agritech, AI/ML/DeepTech, Fintech and Manufacturing; while Hyderabad and Pune are emerging as regions exhibiting strong intent to hire for senior-level positions.

Despite the current trend of layoffs among larger corporations, the survey highlights that a significant proportion (80%) of early-stage startups, those with a current workforce of fewer than 20 employees, are actively seeking to expand their workforce in 2023. Notably, these startups have secured Series A and Series B funding, are well-capitalized, and are actively seeking to hire new talent.

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