- By Aditya Pratap Singh
- Thu, 04 Jan 2024 09:04 PM (IST)
- Source:PTI
Total hiring is expected to rise 8.3 percent this year, the foundit Annual Trends said following signs of a job market recovery in December last year.
As per the data, hiring rose by 2 percent in December, the The overall hiring expansion is expected to be 8.3 per cent in 2024, with Bengaluru expected to grow by 11 per cent.
The data said that recruitment will increase in key sectors including manufacturing, BFSI, automotive, retail, travel and tourism.
According to data from the Foundation Insights Tracker (FIT), hiring activity in 2023 is 5 percent lower than in 2022, which indicates a job market slowdown.
However, the index showed a 2 percent increase in the last month of 2023, indicating a possible change in the hiring scenario.
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"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, some sectors have shown remarkable resilience and growth, becoming beacons of success amid a challenging environment, the report says.
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It said the maritime and shipping sector saw a 28 percent increase in hiring, capitalizing on increased global trade and efficiently managing supply chain disruptions.
At the same time, the retail trade and travel and tourism sectors both saw 25 percent growth, while the advertising, market research and public relations sectors saw 18 percent growth.
As per reports It sector would likely see initial delays, demand for AI/ML, data science and cybersecurity professionals is expected to increase to enable digital transformation, innovation and security, according to the report.
"Stepping into 2024 marks a shift from resilience to an era of remarkable growth in certain sectors. Despite the 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.
(With PTI Inputs)