The hiring of Chief Experience Officers (CXO) dropped 1,300 per cent between October 2021 and September 2022 in the country, finds a report.
The report by RazorpayX Payroll states that due to the funding winter, a majority of start-ups cut back on hiring, and the hiring of new permanent employees dropped by 61 per cent, compared to October 2021.
“Data from RazorpayX Payroll indicates that start-ups have been optimising their workforce by building leaner yet stronger teams, keeping in mind the macro forces. Moreover, compensating their existing employees for their contribution towards building sustainable runways, in the long run, shows that companies have been looking inwards, alongside the increasing adoption of giggers. Coupling this trend with rising salaries across key roles, we will soon see a new era of work among startups,” said Shashank Mehta, Vice President and Head of RazorpayX.
Payments
The report states that despite the decline in hiring overall, salaries increased by 64.7 per cent since October 2021. On average, income at all levels saw an increase of 12 per cent. While the median salaries of gig workers increased 19.9 per cent in the last year, salaries in the 99th percentile of gig workers grew 58.3 per cent.
It also indicates an unequal distribution of salaries across genders. Mehtasaid, “However, the existing gender gap in terms of workforce ratio and pay still remains a challenge every startup needs to counter on priority. It is only through equitable participation and pay can we make our workforce truly productive in every sense.
According to the report, growth in salaries earned by males is 29 per cent compared to 22 per cent by women. In contrast to the median income discrepancy between men and women, which was 46 per cent last year, the salary gap between the genders in the 95th percentile salary range was 70 per cent.
The Annual Insights Report by RazorpayX Payroll, the business banking platform of Razorpay, derived insights by analysing payroll data between Oct 2021 and September 2022 of more than 25,000 employees in more than 1,000 start-ups from more than 20 sectors who use RazorpayX Payroll