Source | economictimes.indiatimes.com | Namrata Singh
MUMBAI: The coronavirus epidemic has begun to impact hiring as travel restrictions slow down or halt the process of interviews. With industries such as hospitality, pharma and consumer electronics taking a hit, hiring is expected to suffer the collateral damage. Given the current scenario, some hiring firms are also cutting their growth targets for the next fiscal.
“The epidemic has impacted trade and this would mean that companies would look to conserve their bottom-line by saving costs. As a knee-jerk reaction, it could hit hiring. We have received this feedback from our conversations with companies. If this snowballs into a bigger issue, we may not meet our targets of doubling growth numbers in the next fiscal year. Targets may have to be revised downwards,” said Joseph Devasia, India MD, Antal International, a global executive recruitment company.
BTI Executive Search MD James Agrawal said there have been delays in accomplishing regional and international assignments, which contribute 20-25% to the firm’s turnover.
“Managers are unable to travel on assignments and interviews, and this has temporarily impacted the hiring business,” said Agrawal.