AI, oil and gas sectors see 20%-plus growth in hiring in February
AI and oil and gas sectors witnessed significant hiring growth. Non-metro cities played a pivotal role in job creation. Senior professionals and niche AI roles were highly in demand. The pharma sector also experienced positive hiring. IT, BPO, and retail sectors saw a decline in hiring activity. Key Points
Economic TimesIT campus hiring tumbles to two-decade low
Indian software services companies will end FY24 having hired between 70,000 and 80,000 fresh engineers —the lowest intake in over two decades. The decline in fresher hiring marks a significant climbdown for a sector that was once regarded as the uber force on college campuses. Key Points
Economic TimesHow hiring and firing changed in the corner office in 2023 and what to expect in 2024
2024 will see a boom in senior hiring, if there are no other black swan moments. Funding will increase, start ups will see renewed energy , and focus and also learn from past mistakes. The Indian economy especially post the election results will see a big boost and this will result in Indian companies hiring bigger global leadership for new business to lead their ambitious growth plans. Key Points
Economic Timeshiring at top companies remains on track in 2024
Hiring for this bunch will largely be focused on women to improve gender diversity; sustainability; and entry level talent from the campuses apart from lateral hiring. Overall, the hiring momentum for 2024 will likely be the same as 2023 and in some cases, even more. Key Points
Economic TimesFresher hiring by IT cos likely to decline in FY24: Report
As major IT companies freeze fresher intake, alternate sectors are opening up demand. Other segments, including Global Capability Centers (GCCs) and non-tech sectors like banking, financial services and insurance (BFSI), communication, media and technology, retail and consumer business, life sciences and healthcare, have expanded entry-level hiring. This reflects a noteworthy shift in the hiring landscape, as per the report. Key Points
Economic Times
Student interest in engineering on decline; trend to rise with slump in IT sector hiring
In the past five years, BTech and BE courses have seen a steady decline as job opportunities in core streams have diminished. The overall fresher hiring by IT companies has declined from 26 per cent of overall passouts in FY22 to 15 per cent and 10 per cent in FY23 and FY24, respectively, Sharma told PTI. Key Points
Economic TimesIndia Inc's hiring sentiment likely to be highest among 41 nations in New Year
About 49% of 3,150 Indian employers across four regions and eight sectors covered in the latest ManpowerGroup Employment Outlook Survey said they would hire more people in the Jan-March 2024 quarter, while 12% expected a decrease in hiring intent or had no plans to backfill. This puts the net employment outlook - used as a bellwether of labour market trends - at 37%, the difference between companies looking to hire and those expecting a fall in headcount or hiring numbers. Key Points
Economic TimesWhite-collar hiring falls 12% in Oct-Nov: Naukri JobSpeak Index
Oil & gas, pharma and insurance were among sectors that exhibited job growth from a year earlier during the two-month period. In the IT sector, one of the largest employers in India, hiring fell year-on-year, but month-on-month data suggest a stabilisation in activity. Key Points
Economic TimesTelecom industry hiring seen growing 20% in H2
Festive season hiring by handset makers will also contribute to the employment growth, they said. Both Airtel and Jio have set themselves deadlines to achieve significant 5G coverage in the country, and we are seeing increased hiring activity on the back of it, RP Yadav, founder and chairman of Genius Consultants, said. The launch of their respective FWA (fixed wireless access) services is also expected to result in elevated hiring in the sector. Key Points
Economic TimesCollege campuses turn battleground for EV industry's talent war in India
India's electric vehicle (EV) industry is aggressively recruiting talent from engineering colleges for various roles in research and development, design, production, and management. Companies like Tata Motors, Hero MotoCorp, and Ola Electric are among those recruiting from top campuses such as NIT Calicut and IIT-BHU. The demand for EV talent has surged, signaling a positive trend in a year when overall tech hiring has been impacted. The industry's focus on hiring reflects the growing shift towards EVs in the country, especially in the two-wheeler segment. Key Points
Economic Times
Hospitality sector on hiring spree as festive season nears
The hospitality sector in India is experiencing a shortage of staff and is now hiring additional talent for various roles in hotels and restaurants. The Tourism and Hospitality Skill Council is conducting a study to analyze the skill gap in the industry nationwide. Key Points
Economic TimesElon Musk's X launches ‘job hiring feature’ to challenge LinkedIn in professional networking
X launches Hiring, a job search feature for verified organizations, aiming to challenge LinkedIn. $1,000 monthly fee. Key Points
mintNon-technology firms say aye aye to AI talent in bid to get ahead of the competition
Non-tech companies like Tata Steel and Mondelez are hiring AI talent to stay ahead of the competition. According to recruitment services firms, demand for AI talent from non-tech sectors has increased by 50% compared to last year. This includes both external AI specialists and upskilling their existing employees on AI. The AI roles in demand include machine learning engineers, AI infrastructure managers, and AI project managers. Key Points
Economic TimesBengaluru fresher hiring sentiment down by 10%, hit by slump in IT sector
The city is suffering a decline in terms of year-on-year comparison as well, with hiring intent up to 68% last year. However, Bengaluru companies still have the highest hiring intent for freshers in the country, followed by Mumbai at 61% and Chennai at 47%. Key Points
Economic TimesWhite-collar hiring rise in July amid positive domestic economic indicators
The number of open positions closed with 272,000 in July, up from 230,000 in June, according to data put together by specialist staffing firm Xpheno. Companies both in the technology and non-tech space put out more vacancies in July, with the non-tech cohort continuing its domination in the white-collar job market for the 10th month in a row, contributing 62% to the total openings with a volume growth of 10% month-on-month. Key Points
Economic Times
Bengaluru tops tier-1 cities in hiring
Bengaluru remains the top tier-1 city for hiring across various industries, but Jaipur, Vadodara, Thane, Coimbatore, and Chandigarh are among the top five talent hotspots in tier-2 cities, according to a report by Randstad Talent Insights. The report analyzed trends across eight tier-1 and 20 tier-2 cities. In terms of fresher and junior-level hiring, it is high in both tier-1 and tier-2 locations. The rise of digital connectivity, remote work capabilities, skilled talent availability, strong educational facilities, and focus on infrastructural development have leveled the playing field for talent from these cities to compete globally. Key Points
Economic TimesChatGPT: How generative AI could change hiring as we know it
Candidates are already using tools such as ChatGPT to write cover letters and CVs. But it’s just a small piece of how AI is transforming hiring processes. Key Points
BBCIT hiring muted; keep upskilling, networking & keeping abreast of AI: Quess CEO
While the IT services segment is going through a muted hiring phase, there is a huge amount of captives that are expanding in India which are your GCC frameworks which continue to hire. They have not stopped. They are going maybe a little slow on the basis of budgets but they are still growing and they are expanding with newer captives coming in. Third, Indian enterprises are also joining the bandwagon and ramping up their digital capacity. The fourth segment is startups which again are a little muted. Key Points
Economic TimesExcept for tech, hiring picking up in all sectors over last quarter: Ramani Dathi, Teamlease
And now companies have come under pressure to bring down their headcounts, to bring down their costs. In fact, the offer letters that they have issued some of the companies are not honouring them. Key Points
Economic TimesCXO hiring unfazed by downturn in job market
Even hiring in technology sector - which has seen a sharp comedown overall - continues at senior levels, especially for niche skills in areas such as cloud, artificial intelligence and automation, as companies across sectors focus on digitising businesses. IT services firms with strong global ambitions are still hiring as well. Key Points
Economic Times
Electric vehicle makers on a hiring overdrive to meet rising demand
Companies like Hero Electric, MG Motor, Simple Energy and Yulu Bikes are looking to hire employees for specialised profiles, such as EV technicians, battery recycling experts, software developers, as well as for manufacturing and engineering. On the agenda is not just hiring laterally, but also building up fresh talent through partnerships with educational institutions. Key Points
Economic TimesIndia’s workforce to see consistent hiring in 2023 despite economic uncertainties: Survey
2022 saw the markets rebound across the region, showing a positive sentiment for future growth. However, establishing the right talent attraction and retention strategies will be critical. The workforce outlook for 2023 showcases a high employee turnover rate despite unprecedented uncertainty brought about by the pandemic. Key Points
Economic TimesPilots are in demand again, as airlines struggle to find experienced crew
The latest the hiring was triggered by Air Indias massive expansion plans for which last month the carrier placed an order for record 540 aircraft in modern aviations largest ever jet order. As the airline plans to induct more than 90 aircraft in next 18 months, it is facing acute shortage of pilots to the extent that it is offering a monthly salary of $21,000 to hire expat commanders for its Boeing 777 aircraft. Key Points
Economic Timeshiring expected to recover in 2024; likely to witness 8.3% growth: Report
The report projected an overall hiring expansion of 8.3 per cent for 2024, with Bengaluru expected to see an 11 per cent surge. Key sectors that will experience increased hiring include manufacturing, BFSI, automotive, retail, and travel and tourism, it said. Key Points
Economic TimesTech winter diet: TCS, Infosys and HCLTech shed weight, reduce employee intake
India's top software exporters, including TCS, Infosys, and HCLTech, are expected to see a decline of nearly 50,000 employees this financial year due to a challenging global environment for technology services. The companies had added 70,000 people last year and hired 150,000 in FY22 due to increased demand for digitization during the pandemic. Key Points
Economic Times
The hopes & fears of India Inc.’s workforce
A report by Mint+Shine.com found that generative AI models, such as OpenAI's ChatGPT, are being used by job seekers to reduce workload. Meanwhile, 51% of Indian employers are automating recruitment and hiring processes, and the talent market is growing for salespeople, cloud computing, coding, data science and marketing skills. Start-ups are attracting talent, too, with 61% of respondents saying they prefer to work for a fast-growing and innovative company. The report also found that 58% of organisations prefer employees to work in the office, while 38% allow for a hybrid model of remote and office-based work. Key Points
mintCareer Wrap: The evolution of hiring and firing in 2023 and beyond
2023 job market was extremely dynamic - the domestic tailwinds slowed marginally by global headwinds created an interesting environment for both HR heads and job seekers. The year witnessed a paradigm shift with strong ‘back to office signals from tech giants and polarized debates around work hours per week. Key Points
Economic TimesMost Indian companies using tech for recruitment: Foundit
In terms of recruitment methods, the survey indicated that third-party recruitment is the dominant method in India, constituting 49% of all hiring. In comparison, direct recruitment stands at 39%, and indirect methods like advertising make up 6%. Key Points
Economic TimesDomestic factors keep India's white-collar job market resilient despite overall slowdown in job creation
Companies in sectors including manufacturing, BFSI (banking, financial services and insurance), oil & gas, real estate & construction, auto & auto ancillary, FMCG (fast-moving consumer goods), retail, electric vehicles (EV), telecom, and travel & hospitality are looking to hire this quarter, experts said. Interestingly, while IT/ITeS and startups have seen a sharp comedown from last year's hiring frenzy, tech talent continues to be the most in demand as non-tech industries are undergoing a digital transformation. Key Points
Economic TimesHCLTech records 60% fall in headcount addition in FY23
Attrition for the quarter stood at 19.5% compared to 21.7% reported last quarter. The 26,734 freshers during the full year missing targets of hiring 30,000 freshers during the fiscal year. Key Points
Economic Times
Fat tech pay cheques shedup to 40% as slowdown bites
Salary offers for IT professionals have dropped 30-40% due to global macroeconomic headwinds and IT sector slowdown. Big tech companies rationalized their workforce, leading to lower pay packets. Early-stage startups are hiring CXOs and senior tech talent at realistic salaries, including variables in the compensation. Michael Page India is helping startups, including an edtech firm, with tech hiring. Key Points
Economic TimesPolar opposites: TCS says on track to hire 40,000 freshers in FY24, Infosys says not hiring this year
TCS' COO also noted that despite widespread layoffs in the tech sector since the end of 2022, TCS would not be conducting any large-scale layoffs. Subramaniam said, “There are no large-scale layoffs.” Key Points
Business TodayInfosys plans walk-in recruitment event in Bengaluru on March 9
Infosys' hiring comes after a renewal of four big-ticket contracts, spurring the need for more professionals. The company has sent a broadcast mail to employees, urging them to refer potential candidates in a sign of easing curbs on hiring and revival in business sentiment. Key Points
Economic TimesAxis, ICICI go slow on hiring, HDFC Bank pushing ahead
Private-sector banks like Axis Bank and ICICI Bank are slowing their hiring pace as they near optimal manpower levels. Attrition rates have decreased and the demand for young workers with digital skills has subsided. Key Points
mintRBI’s TReDs on growth path; green shoots in IT hiring
RBI's invoice discounting platform (TReDS), meant for easy access to credit for small businesses, has seen increased usage in the past year. This and more in today's ETtech Morning Dispatch. Key Points
Economic Times
US employers added a solid 187,000 jobs in August in sign of a still-resilient labor market
Despite high interest rates imposed by the Federal Reserve, US employers added 187,000 jobs in August, indicating a resilient labor market. While this is an increase from July's gain, it still suggests a slower pace of hiring compared to earlier this year. The unemployment rate rose to 3.8%, the highest since Feb. 2022 but still low historically. Key Points
Economic TimesAuto companies to step up B-school, Engineering campus hiring this year
Auto companies are increasing campus hiring numbers in order to find young talent with knowledge of data analytics, electrification, industry 5.0 skills and operations management. Mercedes-Benz is looking to hire around 15-20% more candidates than last year and has already begun the process of hiring campus talent, while Maruti Suzuki is seeking to hire around 1,000 graduates across various functions. Key Points
Economic TimesTrends shaping the future of jobs amid layoffs
Despite confusion surrounding market conditions, layoffs, and AI impact, some Indian companies are hiring judiciously. Ernst and Young's Future of Pay report identified positive hiring sectors including cement, steel, auto components, renewable energy, and healthcare. A TeamLease Digital report for Q2 2023 found increased hiring intent in telecom, financial services, e-commerce, healthcare, pharma, FMCG, and infrastructure. Key Points
Economic TimesJob market shrinks, but at slower pace
About 45% of Indian employers covered in the latest ManpowerGroup Employment Outlook Survey said they would hire more people in the coming quarter. While 15% of the employers expect a decrease in hiring intent or have no plans to backfill, 37% plan to keep workforce levels steady and 3% were unsure about hiring intentions, according to the findings that were shared exclusively with ET. Key Points
Economic TimesGoogle, Amazon, other tech companies may soon pause hiring in India, job openings down by 90 per cent
The Indian tech space is feeling the impact of the global economic slowdown with major tech giants like Google, Amazon, Meta, and Apple reportedly slowing their recruitment processes. The active job postings by these companies have plunged by 90 per cent compared to 2022. Key Points
India Today
hiring outlook for Indian IT industry weakens on global macro woes, slow discretionary spends
The Indian IT industry is expected to reduce campus intake this year due to weak global cues and a cut in discretionary spending by clients. Infosys and HCL Tech's subdued hiring signals a tough road ahead for freshers. IT giants like TCS, Infosys, and HCL Technologies reported a decline in employee tally in Q2. Global growth concerns, inflation, interest rates, reduced investment, and geopolitical shocks have exacerbated worries. Key Points
Economic Times77 per cent companies predict 2023-24 to have both replacements, new position hirings: Report
Around 77% of Indian companies expect to hire for both new positions and replacements in 2023-24, according to a report by HR solutions provider Genius Consultants. The southern and western regions are expected to have the highest hiring rates this financial year, according to 33.30% of participants. The average focus for experience levels during hiring was agreed to be four to seven years by 36.06% of individuals. Key Points
Economic TimesI got a job offer on my birthday after searching for almost a year, but it turned out to be a hiring scam. Here are the red flags I missed.
When I got a job offer on my birthday, I was thrilled — but it seemed too good to be true, and it was. It was a hiring scam. Key Points
InsiderByju’s rights issue offer to estranged investors; TCS kicks off fresh hiring
Byjus held an extraordinary general meeting (EGM) this morning to increase its authorised share capital. None of the participating investors objected to the proposal. Key Points
Economic TimesHospitality sector gets its mojo back after Covid lull as jobs zoom 271%
The tourism sector's surge after the Covid-19 pandemic has led to a significant increase in hospitality hiring, with entry-level jobs experiencing the sharpest surge in the last two years. Apprentice and trainee hires have seen a 54% CAGR rise in the last two years, while hiring in the hospitality sector rose by around 271%. Key Points
Economic Times
Telcos may increase their headcount by a fourth this fiscal
India's top three telcos are expected to add up to 25% more to their existing headcount in FY24, on the back of a 35% addition in FY23, as they double down on 5G coverage expansion and monetisation and deepen 4G coverage. Industry executives and experts said hiring activity by the three telcos picked up in FY23 after a slowdown in FY22 as the pressures of the pandemic wore off. Key Points
Economic TimesJob demand declines 5 per cent in April on IT hiring corrections: Report
The demand for white-collar jobs in India declined by 5% in April compared to last year, with 2,715 jobs advertised, according to the Naukri JobSpeak Index. The IT sector led the decrease with a 27% decrease in hiring activity. Non-tech sectors, such as real estate and banking, financial services, and insurance (BFSI) significantly mitigated the dip in recruitment. Real estate recorded a 21% growth in hiring, primarily driven by an increase in new launches of residential and commercial properties in metropolitan areas. Key Points
Economic Times