News: India's job market poised for growth in 2024, manufacturing and BFSI to hire more

Business

India's job market poised for growth in 2024, manufacturing and BFSI to hire more

India's employment landscape is set for a significant upswing in 2024, with an impressive 19% overall increase in hiring intent compared to the previous year.
India's job market poised for growth in 2024, manufacturing and BFSI to hire more

India's hiring landscape is poised for growth in 2024, with an overall hiring intent showing a notable increase of 19% compared to the previous year. In the ever-dynamic Indian job market, the year 2024 is poised to mark a significant turning point where investments in artificial intelligence and data combine to fuel the skilling ecosystem as well as the future of work.

The report titled "Redefining Employment & Employability: Navigating Talent and Jobs Landscape, launched by Taggd also projects a 3% increase in the hiring of women from 33% in 2023 to 36% in 2024 along with hiring for hybrid roles. About 2 out of 3 hires in 2024 will be for hybrid roles.

Hiring intent by sector 

The manufacturing and BFSI sectors lead the charge with a robust 25% hiring intent, indicating a strong focus on industrial expansion and talent acquisition in the financial domain. 

With an expected 20% surge, the automotive industry, Internet business and Global In-house Centers (GIC) sectors also remain optimistic. Their positive sentiments for the automotive industry reflect expectations of heightened demand. Noteworthy is the optimistic hiring intent in the Internet business and Global In-house Centers (GIC) sectors, both standing at a significant 20%, underlining the continued importance of technology and global operations. 

The pharmaceutical industry also demonstrates solid intent at 16%, emphasising sustained growth in the healthcare sector. Conversely, the information technology (IT) sector takes a more measured approach with a 3% hiring intent, indicative of nuanced strategies amid evolving industry dynamics. 

Noteworthy is the projection of Maharashtra, Karnataka, Delhi, Bangalore, Hyderabad, and Tamil Nadu as the top 5 states with the most talent pool availability. Emerging industries such as battery energy storage, green hydrogen, and biotechnology are poised for investment-led growth, creating opportunities for job seekers and foreign companies alike.

Speaking on the launch of the India Decoding Jobs 2024, Devashish Sharma, founding member and CEO at Taggd said, “Despite past uncertainties, India’s resilience shines through with over 6% annual GDP growth, making it the fastest-growing major economy. Positive trends in hiring, especially in sectors like Automotive, Manufacturing, and BFSI, indicate a dynamic recovery. The focus on diversity, upskilling, and the emergence of new roles powered by AI and generative technology further underscores India's ability to reimagine and recover.”

Adding to the occasion, Devashish added, “The preference for Hybrid roles will continue both by candidates as well as employers. Additionally, the survey underscores the pivotal role of the digital economy, with sectors like healthcare, fintech, and IT driving remarkable growth. These positive trends affirm our collective resilience and readiness to navigate the evolving landscape, fostering a workplace that thrives on innovation, diversity, and adaptability."

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Topics: Business, #Jobs, #Career, #Hiring

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