Layoffs, Hiring Slowdown: Nearly Half of Employees Don’t Plan To Switch Jobs in 2023, Says Report

By admin On Apr 17, 2023

Mumbai, April 17: The ongoing uncertainties have made both jobseekers and employers cautious as nearly half of the employees interviewed (47 per cent) will not look to switch jobs in 2023, a report said on Monday.

Over 47 per cent employees interviewed are choosing to stay put in their current organisations and over 37 per cent are looking to prioritise their career growth in 2023, according to a report by global job site Indeed. 50 Lakh Jobs Lost in Two Years Post Demonetisation, Finds SWI 2019 Report on Unemployment.

The report is based on a survey conducted by Valuvox among 1,157 employers and 1,583 jobseekers during the January-February 2023, across sectors.

“Amidst the ongoing uncertainties, the overall sentiment of jobseekers and employers seems to be cautious. However, some sectors like BFSI and healthcare are witnessing significant hiring, showcasing a strong future for these areas. Layoffs in 2023: Around 50% of Indian Workers Don’t Plan To Change Jobs Amid Hiring Slowdown.

“…in 2023, the acceptance of the gig economy at large is also expected to strengthen the job market. Employers now need to focus on devising ways in which they can retain and continue to attract this talent pool,” Indeed India Head of Sales Sashi Kumar said.

Further, the report revealed that the BFSI (banking, financial services and insurance) sector witnessed a significant increase in hiring with 71 per cent of the sector’s employers hiring during the period.

Healthcare (64 per cent) and construction and real estate (57 per cent) were the other two sectors that hired substantially, it said. In contrast, media and entertainment (49 per cent), IT/ITeS (29 per cent) and manufacturing (39 per cent) sectors saw the least hiring during the period, the report said.

The findings suggest that there was a substantial increase in the proportion of employers hiring for mid-level (27 per cent) and senior-level roles (12 per cent).

The proportion of jobseekers entering the job market for the first time has also increased to 23 per cent from 16 per cent in the October-December quarter, as per the report.

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