The statistics from RazorpayX, a corporate finance platform, showed a notable 37.63 percent decline in senior executive hiring.
The RazorpayX Payroll platform’s statistics indicates that businesses and startups are becoming more and more inclined to outsource their payroll needs. Ayush Bansal, VP & General Manager, RazorpayX, stated that “the industry’s commitment to establishing a workplace that values diversity is evident, even though challenges are evident with the decline in CXO hiring.”
The study examined payroll information for more than 30,000 workers from April to December 2023, spanning more than 20 industries that presently use RazorpayX Payroll.
Departments including technology, sales & marketing, and logistics & operations saw increases in demand for outsourcing firms of 14.14%,10.74%, and 6.71%, respectively.
In addition, the study stated that there has been an 8.22% increase in the total compensation disbursed during the last nine months.
Status of women
Between April and October 2023, the proportion of women in formal, low-paying jobs reached its highest point in seven years.
In the first eight months of the fiscal year, women made up 20.8% of enrolments to the Employees’ State Insurance Corporation, a statistic that suggests lower-paying jobs and applies to companies with more than ten workers. The percentage was 19.1% the year before.
Bansal stated, “The growth in salaries especially for women employees, despite a hiring slump, highlights the industry’s commitment to building a workplace that values diversity and recognizes the contributions of all its members.”
However, despite the decline, the Human Resource department faces a huge increase in terms of salary.
