New Delhi, Nov 1 (KNN) In the last 12 months the hiring of permanent employees by Indian startups have dropped by 61 per cent as the ecosystem is going through a sharp hiring cut, said a report by RazorpayX Payroll.

The business banking platform of Razorpay released the report on Monday which noted the hiring for chief experience officer (CXO) has decreased by a massive 1,300 per cent since October 2021.

Since last year there has been a massive shift in hiring patterns due to the changing dynamics of the startup ecosystem.

However the total salary spent on existing full-time employees increased by 64.7 per cent regardless of the lower hiring.

But these rising salaries are not distributed equitably across genders, especially in the top salary bracket, said the report.

"The Indian startup ecosystem has been facing headwinds in the past few months but they have been nothing short of resilient and adaptive to such a dynamic environment. The data indicates that startups have been optimising their workforce by building leaner yet stronger teams, keeping in mind the macro-forces," said Shashank Mehta, Vice President and Head of RazorpayX.

On the other hand gig workers seem to be the preferred way to go for startups, while hiring permanent employees has seen a fall.

The report analysed data from October 2021 to September 2022 of more than 25,000 employees across over 1,000 Indian startups from 20 sectors.  (KNN Bureau)