A large number of start-ups and micro, small and medium enterprises (MSMEs) in reduced their workforce in the last eight months, with 31% of them reducing their women workforce, as the covid-19 pandemic impacted their business and revenue adversely.
Many businesses ended up cutting costs and some even shut down temporarily or permanently, according to a survey conducted by LocalCircles, a community social media platform.
The survey, which received over 7,000 responses from startups, MSMEs and entrepreneurs, looks at workforce adjustments and women employment impact due to covid, along with the outlook on hiring in the next 6 months.
It found that 25% of the start-ups and MSMEs said their business has shut down and all workforce has been let go, 15% said their workforce has reduced by 50% or more, 19% said their workforce has reduced by 25-50%, and another 19% said their workforce has reduced by up to 25%. Only 6% said their workforce has increased while 16%…