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Hiring sentiment in the mobile phone sector where sales roles are important, is bearing the brunt of the slowdown in handset shipment, reported Economic Times (ET).
While exports have helped in balancing the impact of a domestic slowdown on production and manufacturing, local sales promoters' profiles are now seeing indirect attrition as organisations aren't immediately replacing individuals who are leaving these roles, said the report.
Citing industry experts, ET added that while there are no job cuts yet, it could be a possibility, given the shipments do not pick up.
Kartik Narayan, CEO, TeamLease Services, told ET, "We are observing a gradual slowdown in hiring for sales roles among handset manufacturers, primarily due to the absence of replacements for employees who leave the company. This is ranging 5-6% in the first two months of Q1 (April-June quarter FY24) as compared to (fiscal 2023) Q4."
According to Counterpoint Research's report dated April 27, 2023, showed that India's smartphone shipments were down by 19 per cent and reached over 31 million units from a year-ago period in the January-March period of 2023. The shipments witnessed their third consecutive quarter of a decline.
The report also added that the decline witnessed in the January-March period of 2023 was the highest-ever Q1 decline witnessed by India's smartphone market. Sluggish demand, high inventory build-up carried over from 2022, growing consumer preference for refurbished phones, and pessimistic channel view of the market contributed to this decline, it added.
RP Yadav, managing director at staffing firm Genius Consultants told ET that while there has been an annual improvement in 5G shipments, its impact is not as transformational as compared to when 4G was launched.
