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What Can You Expect this Hiring Season

In the last few years, the hiring market has hit a wall; a wall of recession and inflation. News of layoffs echoing all over the world. Companies trying hard to survive. Budget cuts all over the corporate world—the frenzy of the people of the corporation on the roof. 

Quiet Quitting, quiet firing, mass resignation, moonlighting - all the things that you never thought would happen, happened. We as corporate employees have seen a lot….But the good news is that we are on the right track, on the track of growth. The veil of bad luck has lifted off for good from the job market, and here’s what you can expect in the upcoming hiring season. 

The Rise in Hiring 

Indian Employment is likely to see an increment of more than 6% in the first half of this fiscal year. According to the team lease employment outlook report for H1 FY25 (April 2024 to September 2024) which covered 1,417 employees in 20 cities, 56 % said their workforce will likely grow in the coming months. 

This news comes in the wake of the near 7% GDP growth forecast for India in 2024, which makes it the fastest-growing G-20 nation. With strong investment demands, and easing inflation the job market remains resilient in the face of global headwinds. 

According to the survey, industries with the most employers indicating plans to increase their workforce are Pharma, automotive, manufacturing, engineering, and infrastructure. In terms of workforce size growth, the leading industries are construction and real estate, travel and hospitality, electric vehicles (EV), and EV infrastructure. 

Impact of Tech Advancement on Hiring Intent 

Generative AI is projected to impact 35 % of talent acquisition strategies. Nearly 2 out of 5 organizations are prioritizing skills developments in the wake of technological advancements that lie ahead. In a report, it was found that about 68% of employers plan to increase headcount due to the adoption of AI and machine learning over the next two years. The optimism was most witnessed in sectors such as Communication Services (75%), Financial and Real Estate (72%), Industrials & Materials, and Information Technology both at (70%) each.  

The hiring intent this fiscal year is graphing upwards as India is set to reach the record high of 7% GDP growth this year, also making it the fastest-growing G-20 nation. 

(Author: Karishma is a content writer at Techdoquest. She offers youthful and refreshing perspectives about whatever she writes about)

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