As 2023 comes to an end, the Indian job market is undergoing significant changes. The latest data from the foundit Insights Tracker (fit) for December 2023 provides valuable insights into the evolving hiring trends across various sectors. This analysis helps us understand the current employment landscape in India and predict the trends for 2024.
Hiring Overview
Despite a 5% decrease in overall hiring activities year-over-year, December 2023 experienced a 2% month-on-month increase. This marks a shift after a stable period in hiring since mid-2022. A noticeable imbalance in the job openings to hires ratio presents challenges in talent acquisition, but the forecast indicates an optimistic 8.3% growth in the coming year.
fit report 2023 Hiring Trends
Industry Insights
In Demand:
- Shipping/Marine industry: +28% YoY, indicating resilience and growth.
- The Retail sector saw +25% YoY and +3% MoM growth, reflecting a robust consumer market.
- Travel and Tourism saw a +25% YoY, +1% MoM growth, showing sector recovery post-pandemic.
- Advertising, MR, PR saw a +18% YoY rise in hiring, despite a MoM decrease of –2%.
Facing Challenges:
- IT sector saw a -18 decline in YoY hiring but a +3% growth, showing nascent signs of recovery
- Healthcare roles were down 12% YoY and a marginal +1% MoM growth
- BFSI saw a decline of -9% YoY and -2% dip in MoM hiring
Function-wise Insights
In Demand:
- HR & Admin roles saw a +9% YoY rise, +3% MoM, showing importance of workforce management.
- Hospitality & Travel saw a +9% YoY rise, indicating a stable demand in travel industry.
No Movement in Hiring:
- Sales & BD saw a -1% decline YoY and a +1% MoM growth, balancing out in demand.
Facing Challenges:
- Legal saw a -1% YoY decline and a -6% MoM dip, indicating a challenging period.
- Customer Service roles saw a -24% YoY decline and a -4% MoM dip, struggling in a transforming industry.
- Senior Management roles saw a -12% YoY dip, but +9% MoM growth, indicating market fluctuation.
- Software, Hardware, Telecom sees -13% YoY decline, but +1% MoM growth, adjusting to technological changes.
Other Notable Insights
Despite the IT-Hardware, Software sector’s -18% YoY, there’s a +3% MoM growth in demand for skills like Java, DevOps, AI/ML, React.js, and Python.
City-wise Insights
Tier-2 cities outperformed Metropolitans in 2023, indicating a geographical shift in job opportunities.
Looking Ahead to 2024
Sector-wise Projections
- Manufacturing, BFSI, Automotive, Retail, Travel & Tourism will lead in hiring.
- Bangalore will see an expected 11% increase in jobs among metros.
- IT Sector will see growth in AI/ML and Cybersecurity roles.
Trend Predictions
- Sustainability Focus will see increased hiring for eco-friendly roles.
- Consulting Firms will see diverse skill sets in demand.
- Financial Roles will see a continued need for risk management and compliance experts.
- Skills Assessment and Training will remain central to talent strategies.
Conclusion
The Indian job market in 2023 presented both challenges and opportunities. Looking into 2024, the focus on skill-based hiring, sustainability, and technological advancement will shape India’s employment future. Both businesses and job seekers must adapt to these trends to succeed in the dynamic job market.
About the foundit Insights Tracker
The foundit Insights Tracker (fit), previously known as the Monster Employment Index, is foundit’s authoritative monthly report on hiring trends in India. It analyses millions of jobs to provide a panoramic view of recruitment activity of job market in India and delves into the hiring trends in different sectors.
