February 19, 2024
Adecco's study reveals a 19.8% hiring intent for 2024, up from 16% in 2023, driven by economic optimism and increased demand for skilled professionals
The study covers 500 companies, including 50 listed firms and startups, with a majority having a headcount exceeding 2,500
Companies cite shifting jobs to India, a surge in demand, and a cooling Western labour market as factors contributing to the hiring boom
Engineering and EV sectors set to outperform, with a hiring intent of 25-30%; AI and digital technology companies offer 8-12% pay hikes
Manufacturing, electric vehicle, and engineering sectors, along with the offshore units of multinational corporations, are witnessing their most rapid hiring spree in five years. This upswing significantly contributes to overall recruitment activities, filling a void left by the slowdown in demand for talent within the information technology sector. The projected hiring intent for 2024 stands at 19.8%, a notable increase from the 16% recorded in 2023, marking the highest level since 2020. These insights are derived from a comprehensive study of Adecco, a prominent staffing and HR solutions company encompassing 500 companies. Among these, 50 were publicly listed, while the rest comprised startups and small to medium enterprises, the majority boasting headcounts exceeding 2,500.
Karthikeyan Kesavan, Director and Head of Permanent Recruitment at Adecco India, attributes this surge in hiring to economic optimism, demand for skilled professionals across various domains, the cooling labour markets in the West, and a notable shift of jobs towards India.
According to Adecco’s internal data from various hiring platforms, over 10 million professionals, including new hires and replacements, changed jobs or secured positions in 2023 within the sectors identified. The engineering sector, covering automobile, aerospace & defence, chemical, agricultural & processed food products, electrical & electronics, and industrial engineering, is anticipated to outperform others in hiring this year, with a projected intent of 25-30%, as indicated by Kesavan. Furthermore, engineering and electric vehicle employees may see salary hikes ranging from 15% to 40%, with some companies offering double-digit increases even without job switching.
In the dynamic job market of 2024, the study suggests that job seekers should adopt a mindset of lifelong learning. Sectors specialising in artificial intelligence and digital technology are expected to offer salary hikes ranging from 8% to 12%. Roles in AI and digital technology, finance and accounting, human resources, legal, compliance, and sales and marketing will likely witness substantial salary increases. There is a growing demand for consultants with expertise in digital transformation, ESG, business intelligence, and automation. There is a high demand for engineers specialising in battery technology, electric powertrains, and vehicle design in the electric vehicle sector. The report indicates that 46% of Indian organisations are poised to provide double-digit salary increments to their employees in 2024. Salary increases associated with job switches could surpass the average salary increase projected for the year.
Source: Economic Times