Posted on 05/16/23
| News Source: i24
Along with layoffs, one-third of companies do not plan salary raises in 2023
A quarter of Israeli high-tech companies halted recruitment while another quarter plans to continue layoffs this year, a report said on Tuesday.
According to a joint report by the Israel Innovation Authority and Start-Up Nation Policy Institute (SNPI), many firms are planning to cut their workforce by five percent.
"When money pours in, more people are getting hired in a nutshell, and since the middle of last year, we saw a decline in investment," Dror Bin, CEO of the Israel Innovation Authority, told Reuters.
While the country's tech sector accounts for 15 percent of the economic output and 10 percent of jobs, it has only raised $1.7 billion in the first quarter of 2023, which is 70 percent less than in the same period of 2022. The fundraising level is the lowest in four years.
Along with layoffs, one-third of companies do not plan salary raises in 2023
A quarter of Israeli high-tech companies halted recruitment while another quarter plans to continue layoffs this year, a report said on Tuesday.
According to a joint report by the Israel Innovation Authority and Start-Up Nation Policy Institute (SNPI), many firms are planning to cut their workforce by five percent.
"When money pours in, more people are getting hired in a nutshell, and since the middle of last year, we saw a decline in investment," Dror Bin, CEO of the Israel Innovation Authority, told Reuters.
While the country's tech sector accounts for 15 percent of the economic output and 10 percent of jobs, it has only raised $1.7 billion in the first quarter of 2023, which is 70 percent less than in the same period of 2022. The fundraising level is the lowest in four years.