Hiring expected to recover in 2024; likely to witness 8.3% growth: Report
hiring this year is expected to grow 8.3 per cent this year with the job market showing signs of recovery in December, a report said on Thursday. December witnessed a 2 per cent growth in hiring, the foundit Annual Trends Report said.
It 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.
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Offering CollegeCourseWebsiteIndian School of BusinessISB Product ManagementVisitIIM LucknowIIML Executive Programme in FinTech, Banking & Applied Risk ManagementVisitIIT DelhiIITD Certificate Programme in Data Science & Machine LearningVisit According to the data from the foundit Insights Tracker (fit), hiring activity in 2023 was 5 per cent lower than in 2022, indicating a slowdown in the job market.
However, the index also showed a 2 per cent increase in the last month of 2023, suggesting a possible turnaround in the hiring scenario.
«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 stabilised.
»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.
In 2023, certain sectors showcased remarkable resilience and growth, becoming beacons of success amid a challenging environment, said the report.
The maritime and shipping industry saw a 28 per cent increase in hirings, capitalising on the increased global
