Executive search firms said companies are either withholding hiring offers or withdrawing them altogether. Executive Access India MD Ronesh Puri said in the last one week, he has seen at least half a dozen cases where offer letters were withdrawn.
Antal India MD Joseph Devasia said, “In 10 days, the scenario on the business front has become scarier. Overall we have seen five such cases. What’s sad is two of these were candidates who had already joined the company and were on probation, and the company decided to pull the plug.”
An Indian tech company, said Devasia, which is facing dwindling revenues since the lockdown, couldn’t honour one such hiring contract. “They themselves didn’t have any visibility of whether they will be able to raise more funds. In a lot more firms, the number of vacancies has dropped drastically and companies are shelving hiring plans,” he said, without naming the company.
BTI Executive Search MD James Agrawal said, “I have been speaking to a number of companies and they are saying they are deferring new offer letters by ..
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