Strong Hiring Trends in India in 2023: A Survey

According to the Economic Times, hiring activity surprised many in 2022 despite the imminent threat of an economic slowdown. It created a positive environment for corporate hiring in 2023. The biggest beneficiaries were white-collar jobs which were growing substantially.

According to a survey by global recruitment company Michael Page India, the overall increase in the number of jobs in 2022 was 23% compared to the previous year.   

Sectors Registering Highest Growth 

The financial services sector recorded a rise of 49%, followed by 16% and 42% by technology and FMCG, respectively. The tourism, property & construction sectors also registered an uptrend of 68% and 28% respectively.  

The survey also revealed that career progression, employee satisfaction, and organization culture were the biggest factors attracting the workforce.    

The mid and senior levels attracted maximum hiring. At the same time, the market was crawling despite its strength. The fall of the year 2022 saw a slowdown in hiring, but that could just be a correction after a consistently strong trend for a few months.  

Startups experienced most of the slowdown, according to the survey.  

Indian Economy Gets a Boost with Robust GDP Growth 

Agencies have predicted that the Indian economy will register sharp GDP growth in 2023, so hiring will also grow throughout the year. It may also pick up in the middle of the year. This trend will be visible in the key sectors such as IT, retail, finance, FMCG, pharma, and ed-tech.  

The market came to life again in 2021 after being severely hit by the pandemic, and the positive sentiments prepared the ground for optimism in the future. 

However, businesses should attract the right talent with proper strategies for retention to benefit from these trends.  

The hiring outlook for 2023 is quite positive, and a high overall employee turnover is expected this year, despite a slow recovery after the COVID-19 pandemic.   

Some Major Reasons for People Switching Jobs 

If you look at the data, 38% of survey participants in India have less than two years of experience in their existing roles, while 86% of people who responded to the survey plan to explore new career options. 

If you want to delve deeper into the job market, most planned resignations and job switches happen because people want to change their career trajectory or industry.  

Dissatisfaction with salary, top management policies, and company culture and desire for promotion and career progression are among the major triggers for resignations and job switches.    

Salary being the top trigger for most job switches, companies should focus on providing competitive remunerations and salary raise based on value addition and loyalty of an individual. Non-monetary strategies will also work fine to retain your best employees.  

Companies should also review their salaries based on year-on-year inflation of 7%, according to the respondents. Other factors that influence workers’ decisions to choose their employers are their sense of purpose, roles, leadership opportunities, and the brand they work for.  

Choose a Career in Engineering, Finance, Manufacturing & Healthcare Sectors                                                                                                                         The survey also highlighted the industries that might experience a boom in hiring, and these services include banking & financial services, engineering and manufacturing. The green energy businesses, healthcare, and life sciences will also experience increased hiring.  

So, according to the survey, despite the recent slowdown, the Indian market will bring good news in 2023 for people working in engineering, finance, and the healthcare industry.   

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Engineering: 

India has a large pool of engineering talent, and the demand for skilled engineers has been steady over the years. According to a report by Naukri.com, in 2021, hiring activity for engineering jobs grew by 13% compared to the previous year. In 2023, it is expected to continue to rise as companies in India continue to focus on innovation and technology-driven solutions. 

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Healthcare: 

The healthcare industry in India has seen significant growth in recent years, and the COVID-19 pandemic has further accelerated this trend. In 2021, the healthcare sector witnessed a 12% growth in hiring activity, according to a report by TimesJobs.

With the increasing demand for healthcare services and facilities, it is expected that the hiring trend will continue to be positive in 2023. 

With the booming healthcare sector in India, students are opting for courses such as ANM, GNM, BAMS, B Sc Nursing, B Pharma, D Pharma, and paramedical services such as X-Ray Technicians and OT technicians, etc.  

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You can also join our B Pharma, BAMS, and B Sc nursing courses to make a career in the healthcare sector.   

Financial Services: 

The financial services sector has always contributed to India's GDP. The banking and finance sector witnessed a 10% growth in hiring activity in 2021, according to a report by Naukri.com. With the expanding Indian economy, the demand for financial services will also rise.  

The best way to enter this sector is to do an MFC (Master of Financial Control) or MBA course.  

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