In a calendar year, the August-November period is generally the most important phase for the job markets as people change jobs and companies seek new hires. But this time this is not happening.

"Against the current economic backdrop, employees will be more careful about job changes resulting in decreased attrition, with companies working to steady human capital costs and moderate salary increases," Bakshi said.

The slowdown in the hiring space is likely to be across the board, and India Inc on the whole may suffer as input costs invariably raise due to the fall in rupee and as a result decreased hiring activity may be witnessed across all sectors.

According to Prashant Lohia, CEO, Ginesys, the fall in rupee is likely to further dim, the hiring prospects of those companies where input costs are linked to forex fluctuations while for the rest, the effect would not be so immediate.

Commenting on the current economic situation, ISF President K Pandia Rajan said employment in India is standing at very crucial juncture where, while jobs are being created they have been mostly in the informal sector which currently engages 94 percent of our workforce.

"It is important to create an environment which offers choice of fair employment, decent wage, social security cover and a means to regularly enhance skills- all of it within the organized workforce," it added.

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