Corporate News

Report: Indian startups reduce full-time hiring by 61%

November 18, 2022
The Wellness Tribe Team
Report: Indian startups reduce full-time staffing by 61%

India is experiencing severe hiring cutbacks, according to a recent study released on Monday, showing that permanent staff recruitment has decreased by 61 percent over the last 12 months.

From October 2021 to September 2022, data were collected from more than 25,000 Indian workers working at more than 1,000 companies in 20 different industries.

A recent report from Razorpay's business banking platform RazorpayX Payroll reveals a 1,300% decline in hiring for chief experience officers (CXOs).

Due to the changing dynamics of the startup environment, employment trends have changed significantly over the last year.

The Indian startup ecosystem has proven to be robust and adaptable despite recent challenges. Taking macro forces into consideration, entrepreneurs have formed smaller but more powerful teams to maximize their workforce. Many businesses are cutting their workforces in the midst of the financial winter.

Indian Startups Cut 61% off Permanent Hiring: Razorpay Report
Photo by Clem Onojeghuo on Unsplash

Another report from my back-of-the-envelope assessment indicates that startups and major tech firms have laid off more than 5,000 Indians in the last month. 

According to some predictions, the Indian economy is anticipated to lay off 16,000 workers by the end of 2022. It seems nobody's job is safe, not even at global behemoths like Twitter or Byju's.

Even though there was a decrease in hiring, the total wage paid to full-time employees increased by 64.7%. It was noted in the survey that the increase in income, particularly among the highest-paid professionals, is not distributed equally between the sexes.

Although employment has declined overall, technology hiring appears to have been the least affected. Technology-related occupations have managed to slightly boost their contributions to the total workforce by 4%, even though the hiring trend has generally slowed down.

A Look at the Gig Economy

It is apparent that companies prefer gig workers over permanent employees as the number of permanent employees has declined. The number of payments made to gig workers has grown by 153% since October 2021. A semi-gig worker model is now being used by 15% more businesses than it was previously.

According to the survey, the majority of semi-skilled gig workers employed by startups earn less than Rs 20,000 per month, followed by those who earn between Rs 20,000 and Rs 40,000.

Interestingly, these employees have among the weakest growth rates, averaging 26% and 52%, respectively.

Research shows that competent gig workers with earnings between Rs 85,000 and more than Rs 150,000 have experienced the fastest growth over the last year, even though they contribute the least to the overall pool.

Workplace Adaptability

Pivot Like a Pro: How High is Your Business's AQ?

January 5, 2024
Mohit Sahni
Pivot Like a Pro: How High is Your Business's AQ?

In today’s fast-paced world, adaptability isn’t just a buzzword – it’s a survival trait. The concept of an "Adaptability Quotient" (AQ) has gained traction, representing an organization's ability to adjust to changing environments. Unlike the fixed metrics of IQ or EQ, AQ is fluid, evolving with your business. It's about how quickly and effectively your company can pivot in response to new challenges, technologies, and market dynamics.

Forbes highlights that companies with high AQ are more likely to thrive in today’s volatile market. They’re the ones who see change not as a hurdle, but as an opportunity.

Assessing Your Company's AQ

So, how do you measure something as dynamic as adaptability? It starts with a self-assessment. Evaluate how your organization has handled past changes. Were transitions smooth, or did they meet resistance? Did your team demonstrate resilience in the face of adversity?

A Harvard Business Review study suggests considering factors like decision-making speed, innovation frequency, and the ability to abandon old norms. These are the hallmarks of an adaptable enterprise.

Cultivating a Culture of Adaptability

Adaptability starts with culture. It’s about fostering a mindset where change is expected and embraced. This requires leadership to lead by example, encouraging experimentation and learning from failures.

Google’s Project Aristotle revealed that psychological safety plays a critical role in team effectiveness. In an adaptable organization, employees feel safe to voice their opinions, take calculated risks, and contribute new ideas without fear of failure or ridicule.

Leveraging Technology for Enhanced Adaptability

In the realm of adaptability, technology is your ally. The right tech stack can streamline processes, provide valuable data insights, and enable swift responses to market changes. A report by Deloitte emphasizes the importance of digital transformation in increasing AQ.

However, it's not just about having technology; it's about how it's used. Training and upskilling employees to leverage these tools effectively is crucial.

The Engine of Adaptability

Finally, adaptability is fueled by continuous learning. An organization with a high AQ is always learning - from market trends, from competitors, from its own successes and failures.

Investing in employee education and staying abreast of industry developments are key. As per a LinkedIn Learning report, companies that champion learning are more agile and better equipped to adapt to unforeseen challenges.

Embracing Diversity and Inclusion for Greater Adaptability

A diverse and inclusive workforce is a cornerstone of adaptability. Diversity brings a plethora of perspectives, ideas, and problem-solving approaches. An inclusive environment ensures that these diverse voices are heard and valued.

Research by Boston Consulting Group found that companies with more diverse management teams have 19% higher revenues due to innovation. This indicates that diversity is not just good for company culture, but it's also beneficial for business.

Encouraging diversity in your workforce means more than just hiring practices. It's about creating an environment where all employees feel they can contribute their best work. This involves regular training, open communication channels, and policies that support diversity at all levels.

Building an Agile Infrastructure

An organization's infrastructure can significantly impact its adaptability. This includes not just physical infrastructure but also organizational structures and processes. An agile infrastructure is designed to support quick shifts and rapid decision-making.

This might mean adopting flatter organizational structures that facilitate faster communication and decision-making. It could also involve investing in cloud-based systems and tools that allow employees to work flexibly and collaboratively from anywhere.

Moreover, agile infrastructure is about having the ability to scale up or down quickly in response to market demands. This flexibility ensures that your organization can adapt to various scenarios, whether it's a sudden increase in demand or a need to cut costs during slower periods.

Incorporating these additional sections into your article will provide a more comprehensive view of the different facets that contribute to an enterprise's Adaptability Quotient.

The adaptability of your organization is an important indicator of its future success. By assessing your current adaptability, nurturing a culture of openness to change, utilizing technology wisely, and committing to continuous learning, you can enhance your organization's adaptability. In doing so, you position your enterprise not just to survive but to thrive in the ever-changing business landscape.

Occupational Wellbeing

Research Shows Resilient Mental Health Post-Pandemic

March 28, 2023
Disha Shah
Research Shows Resilient Mental Health Post-Pandemic

The COVID-19 pandemic has upended lives and disrupted the normal rhythm of society. It's no surprise that many people have been struggling with their mental health during these trying times. 

However, a recent study published in the peer-reviewed medical journal BMJ is shedding light on a surprising finding: in general, people's mental health has remained remarkably resilient despite the pandemic. 

In this article, we will take a deep dive into the findings of the study and explore what they mean for mental health surveillance and policy. 

So, buckle up and get ready to learn about the power of the human spirit and the resilience of our mental health during challenging times.

The Study

In the study published in BMJ, researchers assessed the impact of the pandemic on mental health by analyzing 137 studies from around the world. The findings challenge some of the commonly held assumptions about the pandemic's effects on well-being.

Breaking Down the Data

The study analyzed various mental health indicators, including general mental health, anxiety, and depression symptoms. The researchers compared outcomes assessed from January 2018 to December 2019 with those assessed from January 2020 and beyond, with a focus on any changes that may have occurred.

Contrary to Popular Belief

Contrary to what many people might believe, the report suggests that the pandemic's overall impact on mental health has been relatively minor. In fact, the vast majority of analyses showed no significant changes in general mental health, anxiety, or depression symptoms.

The Nuances of Mental Health

While there were some small negative changes in mental health among certain subgroups, such as women and parents, the overall picture painted by the data is one of resilience rather than crisis.

The Importance of Continued Monitoring

While the report's findings are encouraging, they are by no means a reason to become complacent. The pandemic's impact on mental health is a complex and evolving issue, and continued monitoring and support will be essential in the months and years to come.

A New Perspective

As a whole, this report challenges our assumptions about the pandemic's impact on mental health. It highlights the need not to underestimate the capacity of people to recover after a crisis. As HR professionals continue to navigate these unprecedented times, it is important to keep this new perspective in mind and to continue providing the support that employees need to thrive.

Implications for HRs

Research Shows Resilient Mental Health Post-Pandemic
Photo by Tim Gouw on Unsplash

In the wake of the COVID-19 pandemic, HR professionals have faced unprecedented challenges in maintaining the well-being of their workforce. 

The BMJ study's findings offer valuable insights for HRs looking to create a supportive and resilient workplace culture. Here are some key implications of the study that HRs should keep in mind to support the mental health of their workforce.

Prioritize Mental Health Support

While the study shows that most people have been resilient in terms of mental health during the pandemic, it's important to remember that certain groups, such as women, parents, and those in the LGBTQ+ community, experienced small to medium negative changes. 

HRs should prioritize providing mental health support to employees, especially those in vulnerable groups.

Foster a Resilient Workplace Culture

The study's findings also suggest that people are generally resilient in the face of adversity. HRs can foster a resilient workplace culture by providing resources and support for employees to cope with stress and challenges. 

Access to counseling services, mental health days, and flexible work arrangements are all examples of how this can be done.

Continue Mental Health Surveillance

The study highlights the need for continued mental health surveillance, especially during times of crisis. HRs should work with management and employees to monitor the mental health of the workforce and address any concerns in a timely manner. 

Employee check-ins, anonymous feedback mechanisms, and mental health training for managers can all contribute to this.

Closing Thoughts

The BMJ study provides a nuanced understanding of the impact of the pandemic on people's mental health. HR professionals can use this information to support their employees better and create a more inclusive and supportive workplace culture.

At The Wellness Tribe, we understand the importance of creating a holistic approach to employee wellness, including mental health. Our corporate wellness solutions are tailored to meet the unique needs of your organization and can help you promote a healthy and supportive work environment. 

If you need any assistance in implementing employee wellness programs or resources, don't hesitate to reach out to us today. Together, we can prioritize the mental health and well-being of your workforce.

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