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Startups’ salary expenses jump 43% in April-Sept amid hiring spree

Employee headcount grew by 30 percent, with senior levels seeing the highest growth at 43 percent compared to the previous six months, RazorpayX Payroll data shows

 

Ballooning salaries and team expansions

The last six months has led to a 43 percent spike in salary spends of startups in India with companies hiring aggressively amid a tech boom, according to RazorpayX Payroll data.

The median salary has gone up by 7 percent during the April-September 2021 period as startups continue to see a growing investor interest, says a note released on October 20 by the salary management product of Razorpay, the digital payments and business banking company.

360 startups from the user base of RazorpayX Payroll across more than 15 sectors with an employee count of over 25,000 were part of the study, the note said.
Road to recovery

“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,” Razorpay CTO and co-founder Shashank Kumar said.

Employee headcount grew by 30 percent in the last six months. While hiring for entry-level jobs was up 14 percent, mid-level jobs grew by 31 percent and mid-senior level by 38 percent, says the note.

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