Hiring expansion in India expected to be 8.3% this year: Report
Hiring expansion in India is expected to be 8.3 per cent in 2024, with a growing demand for talent in AI/ML, data science, and cybersecurity, a new report said on Thursday.
Hiring activity in 2023 was 5 per cent lower than in 2022, indicating a slowdown in the job market. However, in December last year, there was a 2 per cent increase in the hiring activity, suggesting a possible turnaround in the hiring scenario, according to the talent management platform foundit (formerly Monster jobs).
“Stepping into 2024 marks a shift from resilience to an era of remarkable growth in certain sectors. It is not merely about scaling up teams but fundamentally reimagining how we approach recruitment. In this dynamic landscape, the key to success lies in prioritising investments in cutting-edge technologies like AI, fostering sustainability practices, and seeking strategic guidance,” said Sekhar Garisa, CEO of foundit.
In 2023, certain sectors showcased remarkable resilience and growth. The maritime and shipping industry surged by 28 per cent, capitalising on increased global trade, and adeptly managing supply chain disruptions.
The Retail and Travel & Tourism sectors, both witnessed a 25 per cent uptick, reaping the benefits of the resurgence in consumer spending.
The Advertising, Market Research, and Public Relations (PR) sector saw an 18 per cent increase, attributed to the rise of digital marketing and e-commerce, according to the report.
Conversely, certain sectors faced significant challenges, registering negative growth. IT-Hardware and Software experienced an 18 per cent decline, reflecting challenges from saturated markets, skill gaps, and global competition.
The Healthcare, Pharmaceuticals, Biotechnology & Life Sciences sectors (-12 per cent) and the Banking/Financial Services and Insurance sector (-9 per cent) also experienced a decline in hiring.
Manufacturing faced disruptions with an 8 per cent decline, attributed to supply chain issues and rising input costs, the report noted.
Moreover, a notable shift in geographical hiring patterns emerged in 2023. Ahmedabad, experiencing a 6 per cent growth, emerged as the top hiring hub, enticing companies with its talent pool and cost competitiveness.
On the other end of the spectrum, traditional employment giants like Bangalore and Pune witnessed declines of 16 per cent and 13 per cent, respectively.