New Delhi: There is a lot of churn going on in the startup ecosystem. Data is taken from market research firm PrivateCircle ResearchIt was revealed that 3.6 lakh employees left their jobs across 111 unicorn startups in India during the period September 2022-July 2023. The data which reflects voluntary employee exits as well as retrenchments by companies, includes employees for whom provident fund (PF) contributions have been made. However, at the same time, firms also hired 3.7 lakh employees, resulting in an increase of 15,128 in the total headcount. ,
According to analysts, two factors are playing a role in this. While layoffs are certainly causing exits, attrition rates in startups have also increased due to higher workloads. An analyst said, “Many employees are leaving the job due to increasing stress. At times, some employees are not even able to cope with the work culture of some companies.” In fact, only three unicorns – Zerodha, Hike and Zoho – had an attrition rate of less than 1% during the period September 2022-July 2023, the data shows.
The workforce size of the country’s tech hub Bengaluru (only for unicorns) shrank by more than 40,000 employees during the period (the figure indicates net change, which was calculated after adjusting for net additions and exits). . Overall, Delhi-NCR unicorns reported the highest number of employee exits at 1.8 lakh, followed by Bengaluru, where 1.2 lakh employees left either due to layoffs or better opportunities. The research firm said it considered the September 2022-July 2023 period because the number of unicorns remained flat during the time frame.
According to analysts, two factors are playing a role in this. While layoffs are certainly causing exits, attrition rates in startups have also increased due to higher workloads. An analyst said, “Many employees are leaving the job due to increasing stress. At times, some employees are not even able to cope with the work culture of some companies.” In fact, only three unicorns – Zerodha, Hike and Zoho – had an attrition rate of less than 1% during the period September 2022-July 2023, the data shows.
The workforce size of the country’s tech hub Bengaluru (only for unicorns) shrank by more than 40,000 employees during the period (the figure indicates net change, which was calculated after adjusting for net additions and exits). . Overall, Delhi-NCR unicorns reported the highest number of employee exits at 1.8 lakh, followed by Bengaluru, where 1.2 lakh employees left either due to layoffs or better opportunities. The research firm said it considered the September 2022-July 2023 period because the number of unicorns remained flat during the time frame.
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