In the past 9 months, total salary payouts rose by 8.22%, with full-timers seeing a 6.69% increase in average pay. Notably, female employees experienced a 9.13% rise compared to 8.87% for males, signalling progress towards workplace gender pay equity.
Amidst the ever-changing landscape of 2023, the Indian startup ecosystem experienced significant upheaval and evolution. Startups were actively involved in integrating new technologies, adjusting to updated regulations, and innovating their business strategies to stay efficient and competitive. Faced with these hurdles, companies displayed strategic agility by cutting costs and reallocating resources to key business areas. Simultaneously, many firms strategically bolstered their teams through focused hiring, showcasing resilience in the face of adversity.
The shifting industry dynamics and workforce strategies are revealed through the sectoral movements observed by RazorpayX Payroll, the business banking platform of Razorpay. Analysing payroll data from April to December 2023, encompassing over 30,000 employees across 20+ sectors, the platform sheds light on notable transformations within the organisational landscape. Insights include the rising adoption of outsourcing firms, alterations in salary distributions and hiring patterns, as well as department-wise demand trends over the past nine months.
Source: People Matters
