In 2024, India anticipates a 19% overall increase in hiring, led by a strong 25% in manufacturing. The report suggests a 3% rise in IT hiring and a shift to a 60% hybrid work model. Workforce demographics may see a positive change with a 36% female representation. Notably, direct walk-ins for hiring are diminishing, with employers favoring online platforms and professional networks.Read the original article hereIndia's hiring landscape is poised for growth in 2024, with overall intent increasing 19 percent compared to the previous year, according to a report by recruitment platform Taggd.The manufacturing sector leads the way with a robust hiring intent of 25 percent, underscoring a positive outlook for industrial expansion.Manufacturing companies plan to hire 15-30 percent more graduates from the 2024 batch than they did from the 2023 batch, indicating a positive trend in the manufacturing sector, the report, titled ‘India Decoding Jobs 2024’ noted. It was launched at a Confederation of Indian Industry (CII) event.The Banking, Financial Services, and Insurance (BFSI) sector also stands out with a substantial 25 percent hiring intent, indicating a strong focus on talent acquisition in the financial domain.Similarly, the automotive industry is set to witness a 20 percent surge in hiring intent, reflective of the sector's anticipation of increased demand. The Internet business and Global In-house Centre sectors share a promising outlook, with a significant hiring intent of 20 percent, highlighting the continued importance of technology and global operations.Meanwhile, the pharmaceutical industry displays a 16 percent rise in hiring intent, emphasising sustained growth in the healthcare sector.“In the last 8-10 months, we have absorbed the impact of the global slowdown. Much of it came with the normalisation of hiring in sectors like IT. We do believe that the numbers being predicted in the report are inclusive of all global parameters that we know can impact hiring, at least at this point. The offshoots of the global slowdown do not seem to be significantly affecting hiring in 2024,” Devashish Sharma, CEO at Taggd, told Moneycontrol.Hiring in IT to remain subduedThe information technology (IT) sector showed a more conservative hiring intent increase of 3 percent, potentially reflecting a nuanced approach amid evolving industry dynamics.While volume growth in most IT companies has been impacted, salaries for IT employees have increased by approximately 15 percent, offering some support. On the other hand, non-IT hiring is experiencing growth, particularly in smaller towns.Top IT services firms are projected to hire between 50,000 and 100,000 employees during fiscal year 2024, representing a significant decline from the net hiring of over 250,000 in the previous year.“If we look at the hiring numbers, they will reach a normalised rate within the next six to nine months. Though the demand may not touch the post-pandemic ramp numbers this year, the demand for tech talent will continue from non-IT sectors, where digital initiatives are bringing up new opportunities,” Sharma said.Remote work to decline, diverse hiring anticipatedIn 2023, the employment landscape witnessed a predominant trend towards hybrid work models, constituting 56 percent of hiring intent, while 37 percent opted for traditional office-based setups, and 7 percent embraced remote work.A nuanced shift is anticipated in 2024, as the hybrid model strengthens its position at 60 percent, indicating a further embrace of flexible work arrangements.Work from office-only scenarios is expected to register a decline to 33 percent, reflecting a strategic balance, while the remote work component remains steady at 7 percent. The report said this points towards an evolving approach to work modes, emphasising the adaptability and resilience of organisations in shaping the future of work.In 2024, the projected diversity percentages for the workforce signify a positive evolution, with an expected increase in female representation to 36 percent, while the male percentage is anticipated to decrease to 64 percent. The current workforce distribution stands at 33 percent females and 67 percent males.No more direct walk-insIn 2024, companies won’t be going for ‘walk-in’ hiring. This method refers to a process where job seekers can directly visit a company or organisation without a prior appointment or scheduled interview. Instead of applying online or through a formal application process, individuals can physically walk into a company's office and express their interest in a job opportunity.Hiring sources preferred by employers include professional networking and social media (67 percent), internal referrals (50 percent), company websites (33 percent), consultants (22 percent), campus hiring (22 percent) and job portals (17 percent).

According to a survey conducted by The Economic Times, Seven out of 10 employees in India believe they are always, often, or sometimes underpaid. Most employees believe term salary is the most important aspect of a job. Organizations plan to improve payroll accuracy, timeliness, data security, and privacy. Employee well-being, including financial health and wealth creation, is a top priority.To respond to this, organizations are planning improvements to payroll over the next 12 months to address accuracy (91%), timeliness of employee pay (88%), data security (89%) and privacy (89%), according to 'The Future of Pay in India 2024' study by ADP, a human capital management solutions company. The survey, produced in collaboration with The Economic Times HRWorld, interviewed more than 200 senior leaders from Indian organizations with 500-2,500 full-time employees.According to the survey, employee well-being has emerged as a key focus for Indian firms in 2024. Up to 62% of the organizations surveyed believe employee well-being, including financial well-being and wealth development, is the most important factor in their HR strategy for the year.Financial well-being refers to an individual’s overall financial health and stability. It encompasses areas such as income, budgeting, saving, and wealth creation such as financial planning and investment."Companies now recognise they must prioritize their employees' financial well-being to create a motivated workforce and boost productivity, employee retention and satisfaction," said Rahul Goyal, managing director of India and Southeast Asia at ADP."For most employees, pay is the foundation of their financial wellness and wealth creation. Knowing how much and when they will be paid provides them with greater peace of mind, allowing them to better manage life's challenges and plan for the future," he said.In the quest for accurate and efficient payroll, employers are also looking to embrace new technology, with nearly three-quarters (74%) of the organizations surveyed considering using Artificial Intelligence (AI) as a tool to enhance payroll management. More than half (57%) are also willing to invest in AI-power payroll systems to significantly improve accuracy and efficiency, despite concerns about bias and data privacy with a third already using or planning to implement Al-driven tools within six months.The study also revealed a notable shift towards alternative compensation methods such as digital currencies and stock options, marking a departure from traditional practices and embracing a more personalized approach to rewards."In the war for talent, companies can no longer adopt a one-size-fits-all approach to pay. They need to get creative and come up with remuneration packages that suit diverse employee needs," said Goyal.Read more at https://economictimes.indiatimes.com/jobs/hr-policies-trends/seven-in-10-indian-employees-believe-they-are-underpaid-report/articleshow/107914826.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

A recent survey conducted by Debleena Majumdar, posted on The Economics Times talks about how employers in India are preparing for an Al-driven future, valuing Al skills. AWS survey reveals expectations and benefits across departments. Upskilling interest spans generations, emphasizing the need for effective Al training programs and career path awareness.Almost all employers in India who participated in a survey said their organizations would be driven by artificial intelligence (AI) by 2028. They were also willing to pay more for employees with the relevant skills.According to Amazon Web Services (AWS) research on Al usage trends in workplaces, 99% of the employers surveyed expected their organizations to use Al-powered solutions and tools by 2028. The finance departments would be the biggest beneficiary of Al, said most (97%) employers. Others said IT (96%), research and development (96%), sales and marketing (96%), business operations (95%), HR (94%) and legal (92% would get major benefits. Apart from that, 71% expected task automation to be the top benefit of AI.The AWS survey - "Accelerating Al Skills: Preparing the Asia-Pacific Workforce for Jobs of the Future" - released recently was conducted by Access Partnership and covered 1,600 workers and 500 employers in India.What does this mean in terms of skill requirements?The survey showed that technology would over time be used by workers of all levels of technical knowledge.The report highlighted that employers in India valued employees with strong Al skills. They were willing to pay at least 54% more to hire such talent.Employees also showed an interest in developing AI skills: 95% have shown keen interest, according to the survey. All skill-based salary hikes were expected across domains.The survey's findings suggested increments of over 65% for people in IT and 62% for employees in research and development. These areas with the highest expected pay increases corresponded with the areas where significant innovations and development of new use cases through generative Al were expected.Motivations apart, employees wanted to be trained in Al as they saw it as a route to higher salaries, better job efficiency and career advancements. There was no gender gap in the expectations, with 96% of women responders looking at such upskilling.While 95% of Gen Z were interested in upskilling, 90% of the baby boomers also showed an interest in upskilling. This indicates an interest in Al across career stages.The other interesting insight was the possible impact of Al on non-technical roles. The full extent of Al productivity gains would be felt in 2028, by when the use of Al could see an increase across all levels of technical knowledge workers.Rupa Chanda, Director of Trade, Investment and Innovation Division, United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP), said, "This report shows that the future of work demands a workforce equipped with Al proficiency to navigate emerging challenges and harness opportunities for sustainable and equitable economic growth and development as well as inclusive innovation."Despite interest, the Al skills gap needs more work to addressWhile hiring Al talent has become a priority for 96% of the employers in India, 79% said they cannot find the Al talent they need. The research also showed a training awareness gap: 91% of employers said they did not know how to implement an Al workforce training programme. Not just that, 86% of workers were not sure about the relevant career paths where Al skills would be useful.The research highlighted the need for collaboration across stakeholders — governments, industries and educators — to implement the right skilling programmes and to help employees close the skilling gap.Read more at https://economictimes.indiatimes//jobs/hr-policies-trends/employees-see-ai-driving-organisations-in-4-years-talent-shortage-stands-out-despite-learning-interest-says-survey/articleshow/108810055.cms?utm_campaign=cppst

A recent article By Riya Tandon, posted at The Economics Times talks about the modern job market, the belief that higher education guarantees higher earnings is being challenged. While degrees can open doors initially, they don't guarantee long-term salary growth. Continuous learning and adaptability are crucial in rapidly evolving industries. Industries like technology and digital marketing prioritize skills and practical experience over formal education.Since childhood, one common belief many have is that the more degrees you acquire, the more will be your earning capacity. While the power of higher learning is indisputable, there is no guarantee that it has a correlation with high salary packages.So does having a higher education degree still hold relevance in the current employment landscape that continues to evolve and where the skill requirement changes every other day? Maybe we should be speaking about skills instead of degrees alone in today's circumstances. This is why it is important to debunk some myths around this topic and get some clarity.Is a higher education degree necessary to experience salary growth?While a higher education degree can open doors to initial opportunities and potentially higher starting salaries, it is not the sole determinant of long-term salary growth, says Krishna Kumar, CEO, Learnbay, an upskilling platform.The rapid pace at which industries are evolving clearly indicates that the skills requirements of today might change tomorrow. Therefore, he says continuous learning and adaptability are equally, if not more, meaningful.The key here is to focus on acquiring degrees and investing in lifelong learning to remain relevant and achieve sustained salary growth.Industries and roles in which an individual's skills hold a greater valueIn Kumar's opinion, skills and practical experience often precede formal education in technology, digital marketing and creative fields. Talking about roles, he lists software development, digital marketing specialists and graphic designers as some of the professions that value the ability to perform tasks effectively, innovative thinking and staying abreast of the latest trends and technologies. These sectors are more inclined to evaluate an individual's portfolio, work experience and skill set during the hiring process rather than just their educational background, according to him.Can certifications or upskilling programmes be dependable alternatives for higher education degrees for salary growth?Certifications and upskilling programmes are undoubtedly getting recognised as valuable alternatives to traditional higher education degrees, says Kumar. This is even more so in fast-evolving fields like information technology, digital marketing and project management.Courses that are strategically curated to provide practical, up-to-date skills that are directly applicable to current job markets are highly favored, sometimes even over higher education degrees. Such courses can be especially useful for professionals looking to pivot their careers or gain expertise in specific areas, thereby enhancing their growth opportunities and potential for salary increases, he explains.Strategies that can help individuals maximize their earning capacityIndividuals should focus on continuously upskilling to stay relevant in their industry. Kumar suggests professionals network extensively to uncover opportunities; seek mentorship for guidance and insights; aim for roles in high-growth sectors; and, most importantly, negotiate effectively for salary increases. Additionally, developing soft skills such as leadership, communication and problem-solving can significantly enhance one's value to employers, further boosting the earning potential.It wouldn't be wrong to say that a higher education degree can widen your spectrum of knowledge and increase your chances for a better pay structure. But in the end, it's your ability to stay relevant through constant learning and upskilling that can ensure professional growth.Read more at https://economictimes.indiatimes.com//jobs/fresher/myth-debunking-101-a-higher-education-degree-a-hefty-paycheck/articleshow/108451210.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

A recent article posted in The Business Standard talks about how IIM-B concluded summer internships for its largest-ever batch, placing 602 students, including 22 with disabilities. Notable trends: consulting firms led in offers, the finance sector saw increased interest, and diverse opportunities arose across manufacturing, e-commerce, IT, and healthcare sectors.The Indian Institute of Management-Bangalore (IIM-B) has successfully concluded summer internship placements for its largest-ever batch of Post Graduate Programme in Management (PGP) and Post Graduate Programme in Business Analytics (PGP-BA). A total of 602 students were placed for the summer, including 22 students with disabilities.Placements, held from November 6 to 11, saw 484 students (437 PGP and 47 PGP-BA) securing positions, with an additional 115 students (89 PGP and 26 PGP-BA) placed in a subsequent rolling placement process. Additionally, three PGP students secured summer internships through individual efforts.During this rolling placement process, of the 22 students with disabilities, 10 were placed in the placement week and 12 were placed in leading corporates through a targeted drive by Atypical Advantage.Prof Ganesh N Prabhu, the chairperson of career development services at IIM Bangalore, highlighted the diversity of opportunities during the rolling placements. He said, "The rolling summer placements saw many first-time recruiters offering roles in strategy, marketing, products, finance, analytics and investments – some of the projects offered were more interesting and challenging than those offered during the summer placement week."Industry-wise summer placementsConsulting: Consulting firms led with the highest number of offers (158), including a record 45 offers from Accenture Strategy.Finance/banking/investments: Finance, banking, and investment firms made 130 offers, with prominent firms like PwC, Goldman Sachs, and JP Morgan Chase participating.FMCG/retail: Fast-moving consumer goods (FMCG) and retail sectors collectively made 69 offers, with companies like Hindustan Unilever and Procter & Gamble leading.Manufacturing/construction/energy: Manufacturing firms contributed 55 offers, with Tata Steel and Asian Paints being notable recruiters.Ecommerce/payments/telecom: The ecommerce, payments, and telecom sectors offered 45 positions, including 11 from Amazon.IT Software/services/security: IT-related firms extended 43 offers, with Google, Microsoft, and Pinelabs among the prominent recruiters.Conglomerates: Business conglomerates made 41 offers, including participation from Aditya Birla Group and Vedanta.Foundations/governance/education: Foundations, governance, and education sectors collectively made 29 offers.Healthcare: Healthcare firms offered 19 positions, with Sun Pharmaceuticals and Sparsh Hospital leading the way.Key trends in IIM Bangalore's 2024 summer placementsThe IIM Bangalore placement report noted that while consulting firms made the maximum number of offers, the ratio of students interning in consulting firms fell marginally. Many candidates sought out opportunities in finance, banking and investment, which also made more offers this year.The 55 offers by manufacturing firms were in areas like supply chain and new product entry, while the 45 offers made from the e-commerce, payments and telecom sectors mainly consisted of digital marketing and card business roles.IT firms have offered jobs in areas like IT consulting and product management, and business conglomerates offer general management roles. Analytics and artificial intelligence firms offer involved projects in new business applications, while the healthcare sector is recruited for marketing and new business initiatives.Read more at https://www.business-standard.com/management/news/iim-b-placements-602-students-including-12-with-disabilities-get-offers-124013100183_1.html