Over 80% of Indian companies report zero layoffs in 2023
- IBEF
- January 22, 2024
Certain companies have demonstrated empathy towards their employees in response to the impending threat of Artificial Intelligence (AI) causing widespread layoffs. According to a report by HR consulting firm Mercer | Mettl, only 22% of Indian companies terminated employees in 2023, a figure notably lower than the global average of 32%.
The latest report from Mercer | Mettl highlighted that a significant portion of Indian mid-sized firms resisted layoffs, with 81% reporting zero layoffs in the previous year. Notably, companies in the IT services, computer software, and financial services sectors were the primary contributors to employee layoffs in 2023.
Collating responses from over 1,500 HR leaders across 20 industries in India, the report indicated a continuing trend of hiring freelancers in the current calendar year. In the preceding year, 54% of HR professionals reported actively hiring remote workers, reflecting a shift in workforce dynamics. This nuanced approach by Indian companies underscores a commitment to mitigating the impact of AI on employment and adapting to evolving workforce trends.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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