After a slowdown in 2023, the job market showed signs of recovery in December and the overall hiring in different sectors in 2024 is expected to grow 8.3 per cent.
According to foundit Annual Trends Report, December saw a 2 per cent increase in hiring.
The foundit Insights Tracker (fit) revealed that IT city Bengaluru is set to take the lead in hiring, with an 11 per cent surge in hiring expected in the city.
Key sectors that will see increased hiring include manufacturing, BFSI, automotive, retail, and travel and tourism, it said.
Hiring activity in 2023 was 5 per cent lower than in 2022, indicating a slowdown in the job market.
"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 observed.
There was growth in certain sectors in 2023, the report said. The maritime and shipping industry saw a 28 per cent increase in hiring, while retail, and travel and tourism sectors saw 25 per cent growth. Advertising, market research, and public relations sector saw an 18 per cent increase, it said.
The foundit Insights Tracker, which analysed data on its platform from January 2023 to December 2023, said increased demand for talent with expertise in emerging technologies is expected in 2024.
"Stepping into 2024 marks a shift from resilience to an era of remarkable growth in certain sectors. Despite increasing role of automation, it's crucial to acknowledge that the human touch remains unparalleled in a tech-driven world, underscoring the importance of upskilling initiatives," foundit CEO Sekhar Garisa said.