Over 92 per cent recruiters are expecting upcoming hiring actions, which could include bringing in new positions, making replacements, or a mix of both. The latest survey by Naukri.com on hiring trends highlighted a positive outlook among recruiters for the second half of 2023.
The in-depth report provides a breakdown of expectations: 47 per cent of recruiters predict a mix of new hires and replacements, 26 per cent expect solely new job opportunities, and 20 per cent intend to keep their current workforce unchanged in the upcoming six months.
Only a small 4 per cent of participants anticipate the possibility of job cuts or downsizing during the period from July to December 2023.
The survey highlighted the leading sectors influencing hiring plans. Roles in Business Development, Marketing, and Operations stand out as the top choices for recruitment in the upcoming six months. Professionals with moderate experience are expected to be in strong demand, with entry-level candidates following closely behind.
The report also emphasises attrition forecasts. About 70 per cent of recruiters anticipate attrition rates to stay under the 15 per cent mark in the upcoming six months. Only a small portion envisions attrition rates of 40 per cent or higher.
This suggests that employees are inclined to hold onto their current roles despite the ongoing uncertainties in the job market.
High attrition rates are foreseen primarily in fields like Business Development, Marketing, Operations, and HR roles.
Regarding salary increases, the report says:
- 42 per cent of recruiters mention that their companies provide raises of less than 10 per cent,
- Other 31 per cent note increments ranging between 10 and 15 per cent.
- Only 6 per cent recruiters highlight increments surpassing 30 per cent in the current appraisal cycle.
The survey also explores campus hiring strategies. Roughly 36 per cent of recruiters intend to stick with their current campus hiring approaches, while 11 per cent expect to increase campus hiring efforts in the coming six months. 39 per cent of respondents anticipate a temporary pause in campus recruitment.
Reflecting on the survey's implications, Pawan Goyal, Chief Business Officer at Naukri.com, said, “With 92 per cent of recruiters projecting increased hiring activities and a majority foreseeing a return to standard hiring practices, the survey underlines an optimistic outlook for white-collar hiring in the latter half of 2023."