Job portals feel a bit jobless as hiring crunch bites
Job portals are perhaps feeling joblessness as the economic slowdown and uncertainty of future business prospects is making recruiters defer and limit if not freeze their hiring plans, reports Ruchi Hajela.business Updated: Dec 07, 2008 21:32 IST
Job portals are perhaps feeling joblessness as the economic slowdown and uncertainty of future business prospects is making recruiters defer and limit if not freeze their hiring plans.
Info Edge’s flagship job portal Naukri.com has witnessed a 50 per cent downfall in its revenue from last year. “Last fiscal we grew by 60 per cent and during the first half of this year Naukri business grew only by 30 per cent. We expect the business to be drastically down over the next six months and even a 10-15 per cent growth would be great,” said Hitesh Oberoi, chief operating officer, Info Edge.
Headhunters say that it is not just financial services and Information Technology related jobs that have caught the winter chill but companies across sectors have either slowed down their hiring pace or have put a hiring freeze.
Economic slowdown coupled with domestic factors like liquidity crunch and inflation have had a cascading effect on business and jobs in manufacturing sector as well say industry experts.
“Job listings across sectors have fallen by over 50 per cent over the last few months. The business slowed down during the first half of the year and is at almost no growth now,” said Anand R Iyer, chief executive officer at leading job portal JobStreet.