After experiencing a dip in hiring activity in 2023, the job market is expected to rebound in 2024, with an estimated 8.3 per cent increase, reveals a survey by online jobs platform Foundit (formerly Monster).
The demand is particularly driven by the need for professionals in artificial intelligence, machine learning, data science, and cybersecurity as reported by the Economic Times.
The annual trends survey, drawing insights from over 90 million job seekers and 7,000 recruiters on the platform, indicates a shift from resilience to a phase of job growth in select sectors.
Key sectors projected to witness increased hiring include manufacturing, banking, financial services, and insurance (BFSI), automotive, retail, and travel and tourism. Industries focusing on sustainability are expected to prioritise roles related to green initiatives and eco-friendly practices.
The demand for experts in financial analysis, risk management, and compliance is also anticipated to persist.
The survey suggests that amidst a scarcity of skilled talent in certain sectors, the focus will shift to fractional hiring, utilising specialised expertise without full-time commitments, thereby enhancing agility and operational efficiency.
Despite a slowdown in 2023, as indicated by the Foundit Insights Tracker, which reported a 5 per cent fall in hiring, the index showed a 2 per cent gain in the last month of the year, hinting at a potential turnaround.
Notably, certain sectors demonstrated resilience and job growth in 2023. For instance, hiring in the maritime and shipping industry surged by 28 per cent, while retail and travel and tourism witnessed a 25 per cent uptick each.
The advertising, market research, and public relations sector saw an 18 per cent increase, attributed to the rise in digital marketing and e-commerce.
However, challenges persisted in certain sectors, such as IT-hardware and software, healthcare, pharmaceuticals, biotechnology, and life sciences, BFSI, and manufacturing.
These sectors faced declines ranging from 3 per cent to 18 per cent due to factors like saturated markets, skill gaps, global competition, supply chain issues, and rising input costs.
Despite the challenges, the survey suggests a potential turnaround in hiring dynamics, with a positive outlook for 2024.
Bhuvan Krishna is Staff Writer at Swarajya.
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