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Business News/ Companies / News/  Over 80% of Indian companies report zero layoffs in 2023
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Over 80% of Indian companies report zero layoffs in 2023

Only 22% of Indian companies sacked their employees in 2023, compared to the global average of 32%, according to a report by HR consulting company Mercer | Mettl

Layoffs news: 22 of Indian companies sacked their employees in 2023 as against the global avearge of 32%Premium
Layoffs news: 22 of Indian companies sacked their employees in 2023 as against the global avearge of 32%

With the threat of layoffs looming over millions of employees due to the entry of Artificial Intelligence (AI), some companies have taken an empathetic move for their employees. A report by HR consulting company has revealed that only 22 of Indian companies sacked their employees in 2023 as against the global avearge of 32%.

Mercer | Mettl in its latest report mentioned that majority of the Indian mid-size firms held their ground and implemented minimal reduction in hiring with 81% companies reporting zero layoffs last year. Companies from IT services, computer software, and financial services sector were the ones who sacked their employees in 2023.

The report, which collated responses from more than 1,500 HR leaders in 20 different industries across the country said, the trend to hire freelancers will continue in the current calendar year as well. Last year 54% of the HRs reported hiring remote workers.

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Also, the report mentioned that 77% of the HR leaders have projected that rehiring top talent is an effective way to regain institutional knowledge this year.

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On the hiring trends of 2024, the report claimed that AI and automation will continue to influence job roles across industries.

"This year will set the trend for how Workforce 2.0 develops superior skills and an open mindset to embrace AI making 2024 the watershed year that defines the future of work for good," the report said.

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For instance, 51% of the HRs said that AI will replace the jobs of content writers and 46% said that customer service is also at the risk of obsolesce.

Further, organisations are predicted to focus on skills this year. The report said that inclusive hiring will be the top diversity, equity, and inclusion (DEI) priority with 68% of companies prioritising equal opportunities for all genders as they plan talent acquisition strategies for the coming years.

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"As we navigate through an era where skills are becoming redundant at an unprecedented pace, empowering the workforce is key. Companies need to embrace inclusivity as a mindset now more than ever to better understand their workforce and plan effectively for the future," Siddhartha Gupta, Chief Executive Officer, Mercer | Mettl said.

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ABOUT THE AUTHOR
Mansi Jaswal
I write about gender-related issues, women's rights, women empowerment, gender equality, women's health topics, and their wealth management. Also, profiling women who have fought all odds to make their own identities in their own rights. Before Mint, I worked at Business Today and Business Standard. I studied journalism at IIMC, Delhi. Got a story idea? Email me at mansi.jaswal@htdigital.in
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Published: 19 Jan 2024, 03:12 PM IST
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