Have you wondered what are the factors that influences a nation’s economic growth, or what determines the outcome of elections, and what ensures financial stability for every individual? The answer to all these questions is – jobs, or employment.

2022: A roller coaster for the job market

A retrospective look on 2022 tells us that it started on a positive note, with the first half of 2022 witnessing relatively strong hiring. However, Q2 FY22 onwards posted an altogether different story. Global recessionary fears and geopolitical conflicts dampened business sentiments across the world.

Recent months have seen a flurry of layoffs across the globe, especially in IT, sparking fear, uncertainty, and disruption for those affected. There is a palpable concern among employers and employees to know how the job market will shape up in 2023 amid these unprecedented times.

What can we expect in 2023?

As we enter 2023, even though the hiring sentiment seems a bit worn down, there is not a complete pause. The position of the Indian job market remains to be powerful, the population is young and growing, and is going to become the world’s largest labour force by 2027- indicating a large pool of potential employees to fill new roles and positions.

In the coming year, we expect a state of equilibrium – with growth continuing in pockets. We See That Many Segments Of Employers Will Be Optimistic About Their Hiring Activity In 2023 – With 45% Of Employers Surveyed Foreseeing Up To A 20% Increase In Hiring, As Per Decoding Jobs India 2023 Report By Taggd In Association With CII. While the global demand for Indian talent will start becoming visible around mid-2023, India’s job and employment landscape will be driven by domestic demand for talent. Domestic demand also spurred by rise in entrepreneurship, will be an important corner stone for employment. Let me share some positive hiring outlook and sectors in focus:

Pharmaceutical

With the new variant of covid and given India’s G20 Presidency, digital health innovation, achieving universal health coverage, delivery will take Center stage. This should give the employment generation a push in the next 6 to 8 months. Opportunities in medical research, healthcare administration, public health, nursing, and heavy focus on data science, API, AI/ML, R&D can be expected.

Manufacturing

Due to geopolitical reasons, Industry 4.0 and the “Make in India” initiative from the government, we are expecting manufacturing to grow in the next year and build domestic demand in the country. Organisations like Apple and Volvo are moving their innovation centres in India. As many as 50,000 direct jobs have been created in India since August last year, and this momentum is expected to continue.

Automotive

Amid increasing push towards environmental sustainability and Make In India, the auto sector’s job landscape will remain buoyant in 2023. Companies in Auto will look to hire people for product launches and green fuel technology. The top demands are for jobs like program managers, electronic and mechatronic engineers, expertise in fuel cells, system engineers, and AUTOSAR architecture.

Internet Business

Local e-commerce expects to grow on basis of domestic demand. Demand for delivery professionals, expertise in analytics, and performance marketing will drive employment in the sector in the coming year.

IT

Tech companies will be shifting their hiring focus on quality instead of quantity as we exit the market normalization phase. Given the over hiring done in the sector, hiring will not be as buoyant as it was in past, however, demand for niche talent like: DevOps, Cybersecurity, Blockchain, Robotic Process Automation, AR/VR in Online Gaming skills, will continue to persist.

Future of jobs

Confucious said “Choose a job you love, and you will never have to work a day in your life”, I would suggest- “Find love in the job you choose”. It’s essential for both individuals and organizations to stay flexible and adapt to changes in the job market.

As per India Skills Report 2023 by Wheebox, Taggd and CII, for the first time India reported a 50.3% employability score which means 50.03% of the test participants who were young were determined to be highly employable in total. Among the employable young population, 53.28% of women and 47.28% of men were deemed to be highly employable.

Successful job searching often involves a balance of both ‘science and art’, So, ask yourself:

1. Do you have the skills best suited to the roles for which you are applying?
2. If you have the right skills and knowledge, do you know it inside-out? If asked, can you speak on the subject for 2-3 minutes instantaneously and deeply?
3. How can you help your organization grow in the first 90 days of your job?

It’s important to approach the job search from the perspective of the hiring manager than only HR. If your answers to these questions are in the affirmative, rest assured, there are good jobs awaiting you. If not, start building up your skill stack, and gear up to be a part of India’s growth story!

About the author

Pankaj Bansal, is the Co-founder and Group CEO of PeopleStrong, Taggd and Wheebox. He is also a non-executive director at Karmayogi Bharat.

By Dainik Bhaskar

The post The Future of Jobs: Here’s What You Need to Know appeared first on .

Global hiring trends, especially in the West, are witnessing strong pressures due to heightened recession concerns accompanied by a largely unstable geo-political environment over the past few quarters.

So far, Indian companies have navigated these turbulent times adeptly, having seen a 34% increase in hiring in FY 21-22 and showcasing strong hiring intent of a 31% growth at the onset of FY22-23. However, the global macroeconomic situation is showing its impact and the current situation on the ground indicates a relative hiring slowdown in India in the coming months.

Breaking Down the Situation

FY 21-22 saw a massive increase in hiring across several key industries in India, mainly driven by the IT companies that have long been considered a key indicator of the country’s hiring health.

However, flattened demand due to record hiring in the past financial year and the global threat of an impending recession has seen most export-driven IT services companies send early signs of slower hiring with relatively low headcount additions in Q1 FY21-23.

Here are some ground-level realities that we see every day at Taggd:

• The increase in candidate dropout rates post the pandemic, from 10-15% to 50-55% in sectors like IT, has sustained, thereby increasing the TAT to fill vacancies and slowing down hiring.
• A recent McKinsey report states that 40% of employers find it difficult to find entry-level talent due to a shortage of relevant skills, adding to the slower pace of hiring.
• Further strengthening this finding, the Talent Shortage Survey conducted in the third quarter of 2022 reported that the industry confronts a talent shortage despite a high level of hiring optimism, with 85% of employers reporting trouble finding the hard and soft skills needed.

While the recruitment dip in IT services companies will undoubtedly impact the overall hiring scenario, some key factors that will assist in absorbing this impact to a significant extent are:

• The continued growth of product market in India
• India is attracting significant interest in setting up new GCCs
• Digitalization across conventionally non-tech industries

India hiring for India: The Emerging Talent Magnets

For the first time in the recent past, we see India is hiring for India i.e., domestic Indian companies are registering in hiring activity.

• Heavy Engineering and Manufacturing:

The all-out support given to the manufacturing sector by the Government of India through ‘Make in India’, export-linked benefits, fast-tracking FDI investments, and PLI policy incentives has facilitated a massive revival in the sector, led by pharmaceuticals, chemicals, and a few heavy engineering companies.

The sector is growing at a fast pace and deploying smart manufacturing and business process solutions involving AI, ML, and cloud management, to ensure they remain competitive in the age of Industry 4.0.

This has not only spurted the demand for tech talent but also made technical skills a mandatory skill set requirement in most white-collar jobs. In fact, 68% of job vacancies fulfilled by Taggd require tech skills.

Besides manufacturing, some of the industries hiring talent are:

• Automotive: As the auto industry shifts to electric vehicles and digital services, a huge demand for talent across verticals resulted in more than 30% growth in hiring in the sector over the same period last year, according to trends observed at Taggd. Whether it is sales, digital marketing professionals, operations and program managers, electronic engineer graduates, and mechatronic professionals, auto companies are expected to continue driving the hiring momentum in the coming months.
• BFSI: The sector is in good stead, with the growing adoption of digitization and a boost in the fintech space contributing to steady growth in hiring by companies. Pune, India’s fintech hub, posted a 66% increase in BFSI job opportunities, while the overall average stands at 25%, as reported by the Monster hiring index.
• E-commerce: IBEF predicts India’s e-commerce market to grow by 21.5% to reach $74.8 billion in 2022. In internet businesses like these, tech prowess is the key differentiator in establishing market dominance, and companies are increasingly hiring skilled talent with proficiency in AI, data analytics, and software development.

Our Long-Term Stance

The slowdown in the pace of hiring is largely due to short-term factors that we believe will ebb by the end of FY21-23. India is headed in the right direction on key macroeconomic factors like fiscal policy prudence, national income, and international trade, and its recent rise to the 5th largest global economy further underlines that the Indian business growth and employment numbers are only set for growth here on.

The article is authored by Devashish Sharma, President and Founding Member, Taggd. Taggd is India’s largest digital recruitment platform.

By Devashish Sharma

The post Expect A Slower Hiring Despite Strong Hiring Intent In H2 Of 2022 appeared first on .

Hiring witnessed a 34 per cent spike in 2021 over the previous year and the robust momentum is set to continue into 2022 with a 31 per cent rise in hiring levels across seven key industries, signalling an economic bounce back despite the pandemic’s continuing threat, according to a study by digital recruitment platform Taggd.

For 2022, Internet businesses lead the pack of industries with the highest intent to hire at 55 per cent, followed by automotive and IT/Tech industries at 40 per cent, according to Taggd’s annual Decoding Jobs Industry Sectoral Reports 2022 conducted in association with CII and Sunstone Eduversity. Core industries, BFSI, pharma & healthcare, manufacturing/engineering occupy the other slots. The report also pointed out that Global In-House Centers in India are expected to post 31 per cent growth in 2022 compared to 27 per cent growth in the previous year.

AI & Machine Learning, User Experience Design, Cloud Computing, Data Analytics and Data Sciences are the top technical skills in demand, while adaptability & flexibility, problem solving, stress management and emotional intelligence are the top soft skills.

The year is also set to bring cheer for early career professionals (0-5 years of experience) as more than half the hires (56 per cent ) are expected to be in this age bracket.

One of the biggest lessons most companies learnt in 2021 is that cutting down on hiring or letting go of staff is not the answer to dealing with the pandemic. Employers have realised flexibility in hours and environment is the key to retain talent and maintain productivity, the report said, pegging 23 per cent of the workforce to be working remotely in 2022 across sectors. Around 75 per cent will work in a hybrid set up in the coming year. IT and tech lead the pack with 60 per cent to be working remotely, while Internet businesses and e-commerce coming a close second at 50 per cent in remote or hybrid.

Indicating other shifts in the jobs landscape, the report said at least 20 per cent of the workforce will operate through contractual or gig work, with gig work alone accounting for 9 per cent. This number was 8 per cent last year. Besides, nearly half of the new hires (47 per cent) are expected to be from non-Tier 1 cities. “The future looks bright for India Inc in 2022. Our data shows that hiring in 2021 increased by 34 per cent over 2020, with sectors such as manufacturing and automotive showing recovery, and we expect it to increase further by 31 per cent in 2022. While we did witness some obstacles in the form of the ongoing tech talent crunch, skills gaps, and the Great Resignation, we’ve bounced back stronger with most sectors exhibiting a greater appetite for hiring in 2022.,” said Devashish Sharma, President, Taggd.

The survey includes primary insights from 200+ large enterprises across sectors employing more than 5 lakh people. Qualitative insights were drawn from industry-specific roundtables with talent leaders, said Taggd.

By Business Today

The post 2022 to see 31% hiring spike on boost from talent in smaller cities: Taggd study appeared first on .

Hiring activity is expected to see 31% growth across seven key sectors – automotive, BFSI, global in- house centers, heavy engineering and manufacturing, internet businesses, information technology, and pharmaceuticals – this year, according to the third annual Decoding Jobs Industry Sectoral Reports 2022 by digital recruitment platform Taggd in association with Confederation of Indian Industry and Sunstone Eduversity.

According to the report, the top three sectors that are expected to ramp up hiring in 2022 are automobile, IT/ITes and internet businesses. Hiring activity across global in-house centers in India is expected to post 31% growth in 2022 as compared to 27% growth in 2021.

Devashish Sharma, President, Taggd, said in a statement: “The future looks bright for India Inc in 2022. Our data shows that hiring in 2021 increased by 34% over 2020, with sectors such as manufacturing and automotive showing recovery, and we expect it to increase further by 31% in 2022. While we did witness some obstacles in the form of the ongoing tech talent crunch, skills gaps, and the Great Resignation, we’ve bounced back stronger with most sectors exhibiting a greater appetite for hiring in 2022.”

Highlighting the macro-economic factors supporting this positive hiring sentiment, R Mukundan, Chairman, CII National Committee on Industrial Relations and Managing Director & CEO, Tata Chemicals said: “As we pave the way towards India@2047, the path towards self-reliant India has to be supported by a large availability of a skilled workforce to meet the demands of Industry 4.0.”

The report also said that in 2022, professionals in the 1-5 year experience range are expected to experience a surge in demand across industries, followed by freshers. More than half (56%) new hires in 2022 are expected to be early career professionals (0-5 years of experience)

Interestingly, nearly half of the new hires (47%) are expected to be from non-tier 1 cities. Gig workers are expected to make up 9% of the workforce in 2022 up from 8% in 2021.

This article was published on Economic Times.

The post India Inc expects hiring to witness 31% growth in 2022, says Decoding Jobs Industry Sectoral Reports 2022 appeared first on .

With the government unlocking India, various companies have upped their hiring to accommodate the demand boom for their products and services. This has opened up plethora of opportunities for job seekers looking for a stable income.

” There will be a silver lining in sectors like edtech, ecommerce/internet, transport and logistics, as well as pharma that continue to hire. All of these sectors will need to hire talent for various roles, said experts, and skills in machine learning, data, AI will command a premium. “

Current Trend

The IT industry should see about half of the top ten IT services companies requiring fresh, top-rated tech talent, almost a third of the remaining services pool, and almost 15 to 18% of the high-tech product / internet or GICs going for it. As the Covid-19 lockdown lifts gradually and people begin their return to workplaces, there are some pockets of hope for jobseekers.

Future Scenario and Hiring Domains

Recruitment experts at Manpower, KellyOCG, PeopleStrong, and Xpheno predict that even as many sectors see widespread layoffs, there will be a silver lining in sectors like edtech, ecommerce/internet, transport and logistics, as well as pharma that continue to hire. All of these sectors will need to hire talent for various roles, said experts, and skills in machine learning, data, AI will command a premium. Supply is predominantly lower than demand in the transport and logistics sector, said Alok Kumar, senior director – Manpower. “Logistics platforms are already revamping their concepts to match the new market circumstances by enabling retailers to scale home delivery fast. E-commerce companies will need to hire for last-mile delivery executives and warehouse profiles,” Kumar told ET. Edtech platforms and office automation companies are expected to ramp up hiring plans, said Kamal Karanth, co-founder at Xpheno, a specialist staffing company. “Other sectors that will need to hire talent include pharma, medical devices and healthcare companies, which have seen a boom during the lockdown and will require talent in sales and marketing, engineering, research, as well as testing and customer support.” Given that the lockdown is rolled back some time by the end of May or June in a phased manner (in the metro locations particularly), the annual absorption of top tech talent is likely to be around 75,000 (best case scenario), says Karanth. The IT industry should see about half of the top ten IT services companies requiring fresh, top-rated tech talent, almost a third of the remaining services pool, and almost 15 to 18% of the high tech product / internet or GICs going for it. The pharma sector will have jobs up for grabs in testing, research and sales, said Devashish Sharma, founding member at human resources solutions firm Taggd by PeopleStrong. The new role of crisis manager will be in demand across sectors, said Francis Padamadan, senior director – RPO, KellyOCG. “Companies will want professionals who can help mitigate risks and losses from such similar global crises in future, and help coordinate smooth business continuity planning.” Companies that ET spoke to are ramping up their headcount. Edtech startup Testbook, which helps students prepare for government jobs, said it is scaling up content and increasing the current team size by 25% over the next six months, said CEO Ashutosh Kumar. Telemedicine startup ekincare – which services employees of 600-plus companies and their dependents – has witnessed a 221% rise in online doctor consultations since the emergence of the first Covid-19 cases in India, said Kiran Kalakuntala, its founder. “Since we have doctors on our own payroll, we may need to ramp up our team of doctors over the coming months,” Kalakuntala said. Logistics company Ecom Express will be hiring ground and frontline staff, and in other roles in data sciences, IT development, planning and engineering and strategy, said co-founder K Satyanarayana. Other companies like Razorpay, CSS Corp and Dream11 will be hiring as well.

This article was published on ET RISE

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