Hiring to Recover in 2024: 8.3% Growth Expected - Report

By By Rediff Money Desk, MUMBAI
Jan 04, 2024 19:06
Hiring is expected to rebound in 2024 with an 8.3% growth, according to a new report. Bengaluru leads with an 11% surge, while manufacturing, BFSI, and others are key sectors.
Illustration: Dominic Xavier/Rediff.com
Mumbai, Jan 4 (PTI) The overall hiring this year is expected to grow 8.3 per cent this year with the job market showing signs of recovery in December, a report said on Thursday.

December witnessed a 2 per cent growth in hiring, the foundit Annual Trends Report said.

It projected an overall hiring expansion of 8.3 per cent for 2024, with Bengaluru expected to see an 11 per cent surge. Key sectors that will experience increased hiring include manufacturing, BFSI, automotive, retail, and travel and tourism, it said.

According to the data from the foundit Insights Tracker (fit), hiring activity in 2023 was 5 per cent lower than in 2022, indicating a slowdown in the job market.

However, the index also showed a 2 per cent increase in the last month of 2023, suggesting a possible turnaround in the hiring scenario.

"The economy experienced a shift towards the end of 2023, breaking the previous trend that had been consistent since mid-2022. The job market entered a phase of variability, where both quit and hiring rates stabilised.

"Despite the lower number of job openings, the imbalance between job openings and hires pointed to the ongoing difficulties for businesses to find the right talent," the report noted.

In 2023, certain sectors showcased remarkable resilience and growth, becoming beacons of success amid a challenging environment, said the report.

The maritime and shipping industry saw a 28 per cent increase in hirings, capitalising on the increased global trade, and adeptly managing supply chain disruptions, it said.

Simultaneously, retail, and travel and tourism sectors, both witnessed a 25 per cent uptick, while advertising, market research, and public relations sector saw an 18 per cent increase, it said.

The foundit Insights Tracker (fit) analysed data on its platform from January 2023 to December 2023.

Meanwhile, the report further said increased demand for talent with expertise in emerging technologies is anticipated in 2024.

While initial delays in IT hiring are possible, demand for AI/ML, data science, and cybersecurity experts is expected to go up as these skills are essential for enabling digital transformation, innovation, and security across sectors, as per the report.

"Stepping into 2024 marks a shift from resilience to an era of remarkable growth in certain sectors. Despite increasing role of automation, it's crucial to acknowledge that the human touch remains unparalleled in a tech-driven world, underscoring the importance of upskilling initiatives," foundit CEO Sekhar Garisa said.
Read More On:
hiringjob market2024growthreportfounditbengalurumanufacturingbfsiautomotiveretailtravel & tourismaimldata sciencecybersecurity
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.

You May Like To Read

MORE NEWS

CCI Clears Coal India in E-Auction Scheme Case

India's competition watchdog CCI dismissed a complaint against Coal India's e-auction...

HDFC Bank Loan Growth Rises 3% in Q3

HDFC Bank reports a 3% increase in loan growth in the December quarter, reaching Rs...

IDBI Bank Reports 18% Loan Growth in Q3

IDBI Bank saw an 18% increase in loan growth during the December quarter, reaching Rs...

Adani Wilmar Q3 Sales Up 6% & Revenue 33%:...

Adani Wilmar reported a 6% rise in sales volumes and a 33% increase in revenue in Q3,...

Sebi Drops Case Against Karvy Capital in AIF...

Sebi has dropped a show cause notice against Karvy Capital and its officials for...

Nipha Group Invests Rs 180 Crore in Expansion

Nipha Group, an Indian engineering firm, announces a Rs 180 crore expansion plan over...

Bullion Rates Today: Gold, Silver Prices in...

Check the latest bullion rates in Bengaluru for gold and silver. Get the current prices...

Air India Transformation: Tata Sons Committed...

Tata Sons Chairman N Chandrasekaran outlines plans to transform Air India into a...

Plywood, MDF Industry Embraces Quality Control...

India's plywood and MDF board industry has embraced mandatory quality control norms...

RBI Holds Financial Literacy Program for...

RBI's Bhubaneswar branch organized a financial literacy program for visually challenged...

Read More »

Sectoral Indices Market Indicators Listed Companies Gainers Losers Mutual Funds Portfolio Watchlist
© 2025 Rediff.com