Mumbai: Nearly 67 per cent of employees at startups who participated in a survey said they are looking for a change in established companies, a report released on Wednesday said.
The CIEL Works Startup Report 2024 is based on data and analysis of 1,30,89 employees across 70 startups across the country as well as 8,746 job postings received from various job portals.
Nearly 67 per cent of the workforce surveyed are ready to transition to established firms with job security and the promise of better pay being one of the top two reasons, revealed CIEL HR Services' recent survey on recruitment trends.
The report further notes that job security ranks high on the list of concerns for employees in the startup sector, with 40 percent of respondents expressing discomfort about this aspect within startup roles.
Additionally, 30 per cent of respondents are attracted by the promise of better PA offered by established companies, underscoring the importance of financial stability in career choices, the report said.Additionally, 25 percent of participants cited lack of work-life balance as a significant factor influencing their inclination towards established companies.
The report also revealed that attrition remains a challenge for the sector, with the average average tenure at just 2.3 years, significantly lower than other industries.
“In India's rapidly evolving environment, startups play a vital role as a catalyst of growth, driving innovation and generating employment across various sectors. 65 per cent of companies are planning to increase hiring in the coming months, The future looks promising for the start-up ecosystem, we are hopeful that this ecosystem will revive by the end of this year,” said Aditya Narayan Mishra, Managing Director and CEO, CIEL HR Services.
However, start-ups need to prioritize employee retention and provide comprehensive value propositions that prioritize employee well-being, career advancement, and work-life balance, allowing employees to gain confidence in the start-up and prevent leaving. This will help in bringing about reduction, he said.The report further notes that the initial phase funding, which started with US$151.22 million in January 2023, experienced a gradual decline over time, however, it has seen a steady increase since November 2023.
Software development roles are the most in-demand, meeting 18 percent of job requirements in the startup sector, followed by various sales roles, including pre-sales, retail sales, and enterprise sales, to advance technical and Reflecting the need for skilled professionals. The report said that commercial development.
The CIEL Works Startup Report 2024 is based on data and analysis of 1,30,89 employees across 70 startups across the country as well as 8,746 job postings received from various job portals.
Nearly 67 per cent of the workforce surveyed are ready to transition to established firms with job security and the promise of better pay being one of the top two reasons, revealed CIEL HR Services' recent survey on recruitment trends.
The report further notes that job security ranks high on the list of concerns for employees in the startup sector, with 40 percent of respondents expressing discomfort about this aspect within startup roles.
Additionally, 30 per cent of respondents are attracted by the promise of better PA offered by established companies, underscoring the importance of financial stability in career choices, the report said.Additionally, 25 percent of participants cited lack of work-life balance as a significant factor influencing their inclination towards established companies.
The report also revealed that attrition remains a challenge for the sector, with the average average tenure at just 2.3 years, significantly lower than other industries.
“In India's rapidly evolving environment, startups play a vital role as a catalyst of growth, driving innovation and generating employment across various sectors. 65 per cent of companies are planning to increase hiring in the coming months, The future looks promising for the start-up ecosystem, we are hopeful that this ecosystem will revive by the end of this year,” said Aditya Narayan Mishra, Managing Director and CEO, CIEL HR Services.
However, start-ups need to prioritize employee retention and provide comprehensive value propositions that prioritize employee well-being, career advancement, and work-life balance, allowing employees to gain confidence in the start-up and prevent leaving. This will help in bringing about reduction, he said.The report further notes that the initial phase funding, which started with US$151.22 million in January 2023, experienced a gradual decline over time, however, it has seen a steady increase since November 2023.
Software development roles are the most in-demand, meeting 18 percent of job requirements in the startup sector, followed by various sales roles, including pre-sales, retail sales, and enterprise sales, to advance technical and Reflecting the need for skilled professionals. The report said that commercial development.
