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India Decoding Jobs 2024 report foresees 19% increase in hiring

Taggd recently launched its annual report India Decoding Jobs 2024. This year’s report foresees a surge of demand across industry segments at an overall increase of 19% in hiring compared to the previous year. The report also projects an increase in the hiring of women (36% in 2024 compared to 33% in 2023) along with hiring for hybrid roles. About 2 out of 3 hires in 2024 will be for hybrid roles.

 

Speaking about the India Decoding Jobs 2024, Devashish Sharma, founding member and CEO at Taggd said, “In the face of global challenges, India happens to be a beacon of hope for the globe. Despite past uncertainties, the nation’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. As we navigate the evolving job landscape, the report provides valuable insights for decision-makers and job seekers alike, fostering a future where talent thrives and industries flourish.”

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.
* In tandem, the automotive industry anticipates a 20% surge, reflecting 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.
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.”

Hiring intent by composition

Noteworthy is the projection of Maharashtra, Karnataka, Delhi, Telangana 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.
The Decoding Jobs Hiring Intent Survey 2024 paints a dynamic picture of India’s job market, urging stakeholders to adapt to evolving trends for mutual growth and success in the global economic landscape.

 

India Decoding Jobs 2024 is Taggd’s Annual Report which maps the job and talent landscape of India. The report includes qualitative and quantitative insights from 200+ leaders from major industry segments of the country and serves as a comprehensive guide for industry, and academia, alike.

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