Wary firms, candidates on fence slow top-level hiring
₹5-15 crore had changed firms and are now regretting their calls. They are available in the market, but are not in a hurry to take up another offer," Raina said. "Over the last 6-8 months, while mandates have opened up, companies are talking long to close positions," said Anshuman Das, chief executive and co-founder of Careernet, a talent solutions provider.
“During the hiring frenzy, while employees were given offers in a couple of weeks, now it is taking 4-6 months to hire as compared to 1-3mths earlier," The recruitment firm said companies are also looking at 95%-plus fitment, which even a year ago was 50-60%. The hikes while changing jobs are also now reasonably muted. The delays reflect a selection process that a senior search firm executive calls “careful calibration".
The Delhi-based headhunter did not want to be named but highlighted that companies are now wary of making mistakes in recruitment that they made during the pandemic. “Clients are talking about non-linear transformation and for that the number of candidates available is less. They are not in any hurry and are advised by the promoters and the Board to wait before they make a hire in haste," this executive said.
Shiv Agrawal, managing director of ABC Consultants, said that while the time taken continues to be long, firms in the IT and finance sectors are at least talking about the mandates. “When markets get choppy, companies will take a longer time to decide. With IT sector slowing down, its domino effect was felt in the consumer sector as well since people movement became more cautious." After a year of frenzied recruitment in 2021 and the first part of 2022 that led to excess staff, many IT companies and startups have paused hiring due to budget
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