India Inc. plans to hire more people in 2024, but there won't be as many IT positions available: Report

 India Inc. plans to hire more people in 2024, but there won't be as many IT positions available: Report

In light of the evolving industrial dynamics, the information technology sector is expected to exhibit a more cautious hiring intention of 3 per cent, according to TAGID's 'India Decoding Jobs 2024' study. This might indicate a nuanced approach.

A significant shift towards hybrid work patterns was seen in the employment environment in 2023, with 56% of employers planning to recruit new staff, 37% opting for a typical office-based structure, and 7% choosing remote work.

A survey published by the employment site Tagged claims that 2024 would see an increase in hiring in India, with overall intentions rising by 19% over the previous year.

Strengthening the prognosis for industrial growth, the manufacturing sector is expected to hire 25% of its workforce in the near future.

According to the 'India Decoding Jobs 2024' study, there is a good trend in the manufacturing sector as manufacturing businesses expect to recruit 15-30% more graduates from the 2024 batch than from the 2023 cohort. It was introduced today at a Confederation of Indian Industry (CII) function.

With significant hiring intentions of 25%, the banking, financial services, and insurance (BFSI) sector stands out as well. This suggests that the financial industry places a high priority on talent acquisition.

In a similar vein, employment intentions in the automotive industry have increased by 20% in anticipation of the industry's rising demand. With notable employment aspirations of twenty percent, the Internet business and global in-house center sectors have a positive outlook, underscoring the ongoing significance of technology and worldwide operations.

In the meanwhile, the recruiting intentions of the pharmaceutical business have increased by 16 percent, underscoring the ongoing expansion of the healthcare sector.

We have felt the effects of the worldwide recession for the last eight to ten months. This was mostly brought about by the normalization of recruiting in IT-related fields. At least as of right now, we think the anticipated figures in the report take into account every worldwide factor that may have an influence on placing. According to Taggad CEO Devashish Sharma, "We don't see any significant impact on hiring in 2024 due to the global recession," Moneycontrol was informed.

IT hiring will be restricted.

A three percent rise in more cautious hiring intentions has been seen in the information technology (IT) sector; this might be the result of a more nuanced approach given the changing dynamics of the business.

While most IT organizations have seen a decline in volume growth, there has been some assistance given by the 15% rise in compensation of IT staff. However, recruiting for non-IT positions is increasing, particularly in smaller cities.

Leading IT services companies are expected to recruit between 50,000 to 100,000 workers in fiscal year 2024, which is a substantial decrease from the net hiring of over 250,000 workers the year before.

"If we examine the hiring figures, it will take the next six to nine months for them to return to a normalized pace. Digital efforts are creating new possibilities in non-IT areas, so there will still be a need for tech expertise even if demand this year won't reach post-pandemic levels, according to Sharma.

Reduced remote work and anticipated diversified hiring

A significant shift towards hybrid work patterns was seen in the employment environment in 2023, with 56% of employers planning to recruit new staff, 37% opting for a typical office-based structure, and 7% choosing remote work.

In 2024, a little shift is anticipated as the hybrid model steadily increases to 60%, a sign of the continued popularity of flexible work schedules.

It is anticipated that in office-only settings, work would decrease by 33%, indicating a strategic balance, while the percentage of remote work will stay constant at 7%. According to the research, this suggests that working practices are changing and that businesses will need to be more flexible and adaptive in order to shape the nature of work in the future.

The workforce's anticipated diversity percentage in 2024 is predicted to show positive growth, with a rise in female representation to 36% and a fall in male representation to 64%. Currently, there are 67% males and 33% women in the workforce.

No more walk-ins directly

'Walk-in' hiring will not be practiced by organizations in 2024. This approach describes a procedure where job searchers may approach a business or organization straight without making an appointment or having an interview set beforehand. One option for expressing interest in a job opportunity is for candidates to physically visit a company's office rather than applying online or via a formal application procedure.

Employers' top sources of recommendations for hiring include job portals (17%), internal referrals (50%) consultants (22%) campus hiring (22%) and professional networking and social media (67%) websites of the companies. percentage).