According to the Decoding Jobs 2023 India Report by Taggd, prepared in collaboration with the Confederation of Indian Industry (CII), Indian companies are signaling a cautiously optimistic hiring intent at 20 percent for 2023 as compared to 28 percent growth seen last year. The positive hiring momentum can be mainly attributed to the robust economic performance of India’s economy amid larger global headwinds, especially led by a strong impetus in manufacturing and engineering sectors under India’s flagship ‘Make in India’ campaign.
In terms of broad hiring trends, Automotive (30%), Manufacturing (25%), and BFSI (24%) will continue to lead India’s demand for talent, followed by Internet Businesses (19%), and Pharmaceuticals and Healthcare (16%). The hiring in IT sector is expected to grow at a muted rate of 10 percent. However, demand for tech talent will rise in conventionally non-tech industries like manufacturing, agriculture, and pharmaceuticals. As the global in-house centers or global captive centers continue to expand in India, GICs are expected to post a 29 percent hiring growth in 2023, a drop from 36 percent posted last year. and will also see hiring in large numbers. The report also states, the momentum to tap non-tier-I cities for talent recruitment continues to stay strong, with 54 per cent of companies expanding their hiring searches away from tier-1 cities to emerging talent hubs. The report also highlights a drop in women participation in 36 percent in 2021 to 33 percent recorded in 2022.
The report was officially launched at the Decoding Jobs Annual Conclave, in presence of Shri Atul Kumar Tiwari, Secretary, Ministry of Skill Development and Entrepreneurship, Government of India. Other dignitaries at the launch included Dr Raajiv Singhal, Member, CII National Committee on Skill Development and Livelihood and Founding Member, Managing Director & CEO, Marengo Asia Healthcare. A copy of the report was also presented to the Hon’ble Union Minister for Labour and Employment, Shri Bhupender Yadav, for his review.
Elaborating on hiring projections for 2023, Mr. Devashish Sharma, President, Taggd, said, “Companies may start the calendar year 2023 on a cautiously optimistic note, however, we expect hiring to pick up in the following months, driven by existing as well as new demand for talent. India has successfully attracted and maintained huge levels of FDI, both from individual investors as well as large multinationals that have helped propel the economy forward. The local consumer markets have also had a pivotal role to play as India brings in equilibrium in the current state of global market headwinds.”
The conclave witnessed participation from over 600+ delegates including Government officials, CEOs, CHROs, HR Heads, Talent Acquisition Leaders, and Senior Talent Acquisition practitioners. During the conclave, business leaders and CHROs discussed the conclave theme – ‘India: Safe shores amid global woes’ – and deliberated on shifts in the jobs landscape in the backdrop of India as the most promising destination for businesses seeking consistent and long-term growth.