In a promising sign for the job market, a recent report suggests that overall hiring is expected to grow by 8.3% in 2024. The foundit Annual Trends Report highlights a 2% growth in hiring during December 2023, indicating a positive trajectory for the employment landscape. The report projects a notable expansion, with Bengaluru anticipated to experience an 11% surge in hiring.

Sectoral Growth and Geographic Outlook
Key sectors poised for increased hiring include manufacturing, BFSI, automotive, retail, and travel and tourism. The report forecasts an overall hiring expansion of 8.3% for the year, emphasizing Bengaluru’s prominence with an anticipated 11% growth.

Insights from foundit Insights Tracker (fit)
Data from the foundit Insights Tracker (fit) reveals that hiring activity in 2023 was 5% lower compared to the previous year, signaling a slowdown in the job market. However, the last month of 2023 witnessed a 2% increase, hinting at a potential turnaround in hiring trends.

“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 stabilized. 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.

Sectoral Resilience in 2023
Certain sectors demonstrated resilience and growth in 2023 amid a challenging environment. The maritime and shipping industry experienced a remarkable 28% increase in hirings, capitalizing on increased global trade and adept supply chain management. Retail, travel and tourism, and the advertising, market research, and public relations sector witnessed upticks of 25% and 18%, respectively.

Anticipated Demand for Emerging Technologies
Looking ahead to 2024, the report anticipates increased demand for talent with expertise in emerging technologies. While initial delays in IT hiring are possible, there is an expected surge in demand for AI/ML, data science, and cybersecurity experts. These skills are deemed essential for enabling digital transformation, innovation, and security across various sectors.

CEO Perspective
Sekhar Garisa, CEO of foundit, highlighted the shift from resilience to remarkable growth in certain sectors in 2024. Acknowledging the increasing role of automation, Garisa emphasized the importance of the human touch in a tech-driven world, underscoring the significance of upskilling initiatives.

The report paints an optimistic picture for the job market in 2024, with anticipated growth in hiring across key sectors. The insights from the foundit Annual Trends Report provide valuable perspectives on the evolving employment landscape, pointing towards recovery and growth in the coming year.

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