{"id":4292,"date":"2023-05-05T07:32:13","date_gmt":"2023-05-05T07:32:13","guid":{"rendered":"https:\/\/razorpay.com\/newsroom\/?p=4292"},"modified":"2023-06-06T13:03:15","modified_gmt":"2023-06-06T13:03:15","slug":"demand-for-specialized-gig-worker-headcount-increases-by-21-amid-36-hiring-dip-in-last-six-months-razorpayx-payroll-insights","status":"publish","type":"post","link":"https:\/\/razorpay.com\/newsroom\/demand-for-specialized-gig-worker-headcount-increases-by-21-amid-36-hiring-dip-in-last-six-months-razorpayx-payroll-insights\/","title":{"rendered":"Demand for Specialized Gig Worker Headcount Increases by 21%, Amid 36% Hiring Dip in Last Six Months: RazorpayX Payroll Insights"},"content":{"rendered":"<ul>\n<li><i><span style=\"font-weight: 400;\">Salaries to Gig workers witnessed a growth of 20.94% in the past six months; these include highly skilled gig workers earning more than INR 150K per month<\/span><\/i><\/li>\n<\/ul>\n<p><b>INDIA, Bangalore, 5th May 2023: <\/b><span style=\"font-weight: 400;\">Indian startups have experienced unprecedented headwinds in the last 12 months and this has further intensified in the past 6 months. However, the majority of them have taken calculated measures to continue building their businesses sustainably. This has led to a slew of developments within the ecosystem in the last 6 months, including massive shifts in hiring patterns, salary distribution, and even modes of employment trends. <\/span><b>The Half-yearly Insights by<\/b> <a href=\"https:\/\/razorpay.com\/x\/current-accounts\/?utm_adgroup=&amp;amp;utm_gclid=Cj0KCQjwtrSLBhCLARIsACh6Rmjl3wOgP_X4yxpP94o6zOL_Wmjk2mCgUHKGkbH0_JkAnJCa1nCH-7IaAuVbEALw_wcB&amp;amp;utm_source=google&amp;amp;utm_medium=cpc&amp;amp;utm_campaign=GoogleSearch_RZPx_Brand_CA_24062021&amp;amp;utm_term=razorpayx&amp;amp;utm_content=text_1&amp;amp;hsa_kw=razorpayx&amp;amp;hsa_net=adwords&amp;amp;hsa_grp=129644320728&amp;amp;hsa_cam=13637925495&amp;amp;hsa_acc=9786800965&amp;amp;hsa_tgt=kwd-1007922725691&amp;amp;hsa_ver=3&amp;amp;hsa_ad=540411985364&amp;amp;hsa_mt=e&amp;amp;hsa_src=g&amp;amp;gclid=Cj0KCQjwtrSLBhCLARIsACh6Rmjl3wOgP_X4yxpP94o6zOL_Wmjk2mCgUHKGkbH0_JkAnJCa1nCH-7IaAuVbEALw_wcB\"><b>RazorpayX Payroll<\/b><span style=\"font-weight: 400;\">,<\/span><\/a> <span style=\"font-weight: 400;\">the business banking platform of Razorpay, has brought several interesting findings by analyzing <\/span><b>payroll data from Oct 2022 to March 2023 of 26,000+ employees across 20+ sectors<\/b><span style=\"font-weight: 400;\"> who are currently using RazorpayX Payroll.<\/span><\/p>\n<p><b>Here are the top insights:<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Demand for Skilled Gig Workers Increases Amidst Startup Hiring Woes<\/b><b>: <\/b><span style=\"font-weight: 400;\">While the rate of<\/span><b> hiring went down by 36.45% in the past six months<\/b><span style=\"font-weight: 400;\">, the demand for <\/span><b>gig workers, earning more than INR <\/b><b>150K per month, increased by 21.38%.<\/b><span style=\"font-weight: 400;\"> This signifies higher demand for particularly skilled gig workers.\u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Interestingly, the headcount of <\/span><b>gig workers<\/b><span style=\"font-weight: 400;\"> operating in the<\/span><b> Business Department grew the most by 28.24% and the Finance Department witnessed a headcount growth of 20.18%<\/b><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">While <\/span><span style=\"font-weight: 400;\">hiring full-time employees across all departments slowed down in the past six months, <\/span><b>sales and marketing teams have grown by 20.61%. <\/b><span style=\"font-weight: 400;\">The <\/span><b>hiring of full-time CXOs and Senior Executives declined the most (36.02%) <\/b><span style=\"font-weight: 400;\">during this period. <\/span><\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Salaries Continue to Increase Despite Hiring Slump<\/b><b>: <\/b><span style=\"font-weight: 400;\">While overall hiring has dipped, overall salary spends <\/span><b>for full-time employees has increased by<\/b> <b>23.07%<\/b><span style=\"font-weight: 400;\">.<\/span> <span style=\"font-weight: 400;\">Similarly, within the<\/span><b> gig workers\u2019 cohort, total salary payouts rose by 20.94%.\u00a0\u00a0\u00a0<\/b><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The <\/span><b>average salary for entry-level jobs took a dip of 13.36%, <\/b><span style=\"font-weight: 400;\">indicating a gradual decline in the CTC for freshers. And the<\/span><b> average salary of CXOs grew by 10.29%<\/b><span style=\"font-weight: 400;\"> in the last six months.\u00a0\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Automated Reimbursements Gain Traction in Hybrid Work Culture<\/b><b>:<\/b><span style=\"font-weight: 400;\"> In the past six months, the <\/span><b>number of reimbursements to employees has grown by 15.75%<\/b><span style=\"font-weight: 400;\">, reflecting the inclination towards a hybrid work culture. RazorpayX\u2019s Payroll platform has enabled the filing of over 2.5 Lakh reimbursements in the last six months with a total amount of INR 105 Cr being claimed.<\/span><span style=\"font-weight: 400;\"><br \/>\n<b style=\"color: #111111; font-family: Roboto, Arial, sans-serif;\"><\/b><\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\"><b style=\"color: #111111; font-family: Roboto, Arial, sans-serif;\">Ayush Bansal, VP &amp; GM, RazorpayX said,<\/b><i style=\"color: #111111; font-family: Roboto, Arial, sans-serif; font-weight: bold;\"><span style=\"font-weight: 400;\"> &#8220;In the face of challenging macroeconomic scenarios, Indian startups have always exhibited remarkable resilience and adaptability, and have continued to cement their position as one of the world&#8217;s most dynamic startup hubs. The data from RazorpayX Payroll platform reflects the same spirit and shows that startups are increasingly leaning towards automated platforms, which has helped them navigate the ever-evolving business landscape with agility, reducing operating costs and saving crucial hours on payroll compliance. Additionally, startups have continued to remain bullish on hiring skilled gig workers last year. This trend promises a brighter future with more opportunities for specialized workers, giving rise to a new era of work and work culture with greater flexibility and freedom.&#8221;<\/span><\/i><br \/>\n<\/span><\/p>\n<p><b>RazorpayX currently serves ove<\/b><b>r 45,000 busine<\/b><b>sses and in the last 6 months has helped save 300+ man-hours for startups<\/b><span style=\"font-weight: 400;\">. The neo-banking platform has seen over<\/span><span style=\"font-weight: 400;\"> 200% growth in its Payouts business. The platform has disbursed payouts with an annualized money movement of over $30+ billion.<\/span><span style=\"font-weight: 400;\"> In a first-of-its-kind move, RazorpayX also recently launched Forex services for startups <\/span><span style=\"font-weight: 400;\">to seamlessly transfer the funds they have raised globally to India.<\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">***<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Salaries to Gig workers witnessed a growth of 20.94% in the past six months; these include highly skilled gig workers earning more than INR 150K per month INDIA, Bangalore, 5th May 2023: Indian startups have experienced unprecedented headwinds in the last 12 months and this has further intensified in the past 6 months. However, the<\/p>\n","protected":false},"author":14,"featured_media":4293,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"no","_lmt_disable":"no","footnotes":""},"categories":[29],"tags":[11,33,31,52],"class_list":{"0":"post-4292","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-people","8":"tag-featured","9":"tag-razorpay","10":"tag-razorpayx","11":"tag-razorpayx-payroll"},"modified_by":"Giri Sandeep","_links":{"self":[{"href":"https:\/\/razorpay.com\/newsroom\/wp-json\/wp\/v2\/posts\/4292","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/razorpay.com\/newsroom\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/razorpay.com\/newsroom\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/razorpay.com\/newsroom\/wp-json\/wp\/v2\/users\/14"}],"replies":[{"embeddable":true,"href":"https:\/\/razorpay.com\/newsroom\/wp-json\/wp\/v2\/comments?post=4292"}],"version-history":[{"count":2,"href":"https:\/\/razorpay.com\/newsroom\/wp-json\/wp\/v2\/posts\/4292\/revisions"}],"predecessor-version":[{"id":4295,"href":"https:\/\/razorpay.com\/newsroom\/wp-json\/wp\/v2\/posts\/4292\/revisions\/4295"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/razorpay.com\/newsroom\/wp-json\/wp\/v2\/media\/4293"}],"wp:attachment":[{"href":"https:\/\/razorpay.com\/newsroom\/wp-json\/wp\/v2\/media?parent=4292"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/razorpay.com\/newsroom\/wp-json\/wp\/v2\/categories?post=4292"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/razorpay.com\/newsroom\/wp-json\/wp\/v2\/tags?post=4292"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}