AgenciesTotal salary spends by startups increased by 43% during April to September 2021, an Insights Note by RazorpayXPayroll, the business banking platform of Razorpay has revealed. EdTech, FinTech, and Electronics (online and offline) are some of the sectors that witnessed a significant increase in their salary spend during the last six months, according to insights derived from the payroll data of over 25,000 employees across 360 startups in India from 15+ sectors.
In recognition of a challenging fiscal year, there’s been a 52% increase in organisations that disbursed bonuses. The amount paid out on bonuses increased by 23% during the past year as opposed to pay cuts and deferred bonuses last year. Real Estate, Hospitality and AgriTech are some of the sectors that weren’t able to give out bonuses yet since they are gradually stabilising.
Employee headcount increased by 30% in the last six months. As businesses start to flourish, hiring has kickstarted again and is expected to only grow in the months to come. At an individual organisational level, 57% of the organisations saw an increase in hiring, and 28% saw a decrease in headcount, in the last six months. The E-commerce sector contributed to this growth in a major way, given that a lot of businesses and consumers started to embrace digital.
During the last six months, employee headcount in entry-level roles grew by 14%. The data revealed that mid-level roles grew by 31% while mid-senior level roles saw a growth of 38%. Senior-level roles saw the highest growth of 43% in headcount across startup organisations. This could possibly indicate a need to onboard C-level leaders for rethinking business strategies.
Shashank Kumar, CTO and Co-Founder, Razorpay said in a release: “Businesses across industries are on the road to recovery and these insights reiterate this in many ways. The fact that the majority of our startups using RazorpayX Payroll have increased their salary spends alongside a steadily growing headcount is a clear sign of revival.”
In recognition of a challenging fiscal year, there’s been a 52% increase in organisations that disbursed bonuses. The amount paid out on bonuses increased by 23% during the past year as opposed to pay cuts and deferred bonuses last year. Real Estate, Hospitality and AgriTech are some of the sectors that weren’t able to give out bonuses yet since they are gradually stabilising.
Employee headcount increased by 30% in the last six months. As businesses start to flourish, hiring has kickstarted again and is expected to only grow in the months to come. At an individual organisational level, 57% of the organisations saw an increase in hiring, and 28% saw a decrease in headcount, in the last six months. The E-commerce sector contributed to this growth in a major way, given that a lot of businesses and consumers started to embrace digital.
During the last six months, employee headcount in entry-level roles grew by 14%. The data revealed that mid-level roles grew by 31% while mid-senior level roles saw a growth of 38%. Senior-level roles saw the highest growth of 43% in headcount across startup organisations. This could possibly indicate a need to onboard C-level leaders for rethinking business strategies.
Shashank Kumar, CTO and Co-Founder, Razorpay said in a release: “Businesses across industries are on the road to recovery and these insights reiterate this in many ways. The fact that the majority of our startups using RazorpayX Payroll have increased their salary spends alongside a steadily growing headcount is a clear sign of revival.”
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