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Bengaluru: After a tepid year for hiring, when the country IT hub Bengaluru logged the biggest drop (16 per cent), the city is expected to see a resurgence with its hiring going up 11 per cent, according to a report by hiring platform foundit.
In fact, India’s Silicon Valley is expected to perform better than other metro cities owing to its expertise in emerging technologies, the report said. This apart tier II cities are expected to continue on an upward trajectory, it added.
Overall, hiring expansion in India is expected to be at 8.3 per cent in 2024 after dipping 5 per cent year-on-year in 2023. The hiring turnaround could already be witnessed in the last month of 2023, when activity reversed to register a 2 per cent uptrend as the economy experienced a positive shift and the job market saw quitting and hiring rates stabilise.
Key sectors that will experience increased hiring include manufacturing, banking, financial services and insurance (BFSI), automotive, retail and travel and tourism.
As for IT, which saw an 18 per cent downturn in new hiring last year due to skill gaps and global competition, an initial delay in hiring is expected as companies scramble to get back on their feet. However, the rising popularity of emerging technologies like artificial intelligence, machine learning, data science and cyber security will aid job seekers in the domain, especially due to their requirement across sectors.
If 2023 saw Bengaluru’s hiring drop by 16 per cent, Hyderabad took a hit of 11 per cent, Mumbai 7 per cent and Delhi 4 per cent. In comparison, Ahmedabad saw a 6 per cent uptick in hiring last year due to its cost competitiveness and untapped talent pool.
Despite the dip in hiring, there was an imbalance between job openings and hires, indicating that a talent gap in the industry continues to persist, which companies will look to traverse by employing strategies like fractional hiring to increase operational efficiency.
Specific job functions will also be in focus in 2024 as organisations look to increase profitability and reduce costs. These include roles in financial analysis, risk management and compliance to aid companies in managing finances, mitigate risks, and adhere to regulatory norms. Leadership roles also saw an upward trend reversal last month, which is expected to continue into the new year as firms reevaluate leadership structures to continue on a sustained growth path.