The second reason is the large chunk of executives who signed up for long term job contracts when rupee was at a high. When the rupee started its decline, they had to bear the blunt and incur substantial cuts to their salaries. The trend of hiring well-versed global executives that was a fashion among Indian entrepreneurs when the country’s economy was at its peak and the lack of entrepreneurs’ intuition to put in place appropriate systems and processes to check several underlying issues related to their employment are cited as the third reason behind this slump.
And lastly, perhaps the most important reason is that, the country is no longer perceived to be an attractive market to build careers. The developed economies outpaced the country and emerged as a better destination for jobs post recession. And to make matters worse, the facts that the developed nations offer a better standard of living and an evolved corporate society compared to India, is adding to the misery of the country.
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