The nearly doubling of job searching activity in this talent pool over the past six months indicates that more than half (51%) of the employees of India’s top 24 unicorns, which combine the top 12 by profitability and top 12 by headcount, are looking for new work opportunities.
Less than 25,000 people from these types of businesses were actively looking for work a year ago. Kamal Karanth, co-founder of Xpheno says, the difficulties around investments and the limiting of discretionary spending, have put talent on the verge, shaking up employee stickiness to the company.
The top 24 unicorn companies in India, which are comprised of the top 12 by profitability and the top 12 by headcount, have more than half (51%) of their employees seeking for new jobs. The nearly tripling of job searching activity in this skill pool over the previous six months demonstrates this.
Under 25,000 people from these types of firms were actively looking for work a year ago. The top 12 successful unicorns, according to Karanth, have better stickiness, with only 18% employees actively looking for work, compared to the top 12 by headcount numbers, where 36% of employees are looking for work.
Amit Nawka, partner, deals and startups, PwC, said, “Many people who have been laid off at startups in recent times are not necessarily low performers. But they lost their jobs because their employers discontinued certain businesses or the organizations reprioritized their efforts based on the current funding environment, leading to many roles becoming redundant.”
Increasing job instability and rumors of more layoffs if the financing situation does not improve, according to industry insiders, are making talent, even from huge companies, uneasy.
Many of them are looking for employment alternatives outside the business. In general, employees in the startup/unicorn ecosystem can tell if the organization’s pulse is favorable or negative rather readily.
People are actively seeking for somewhat solid areas right now because they are concerned that there may be more layoffs if the financing situation does not improve, the source added. Ten of the 24 unicorns analyzed had made layoffs in the recent quarters.