Employment market should rebound in 2024, with 8.3% growth in hiring anticipated
According to a survey released on Thursday, the employment market began to show signs of recovery in December, and overall hiring is predicted to increase by 8.3% this year. December hiring increased by 2%, according to the foundit Annual Trends Report. According to a survey released on Thursday, the employment market began to show signs of recovery in December, and overall hiring is predicted to increase by 8.3% this year. December hiring increased by 2%, according to the foundit Annual Trends Report.
For 2024, it predicted an increase in hiring of 8.3% overall, with an 11% spike anticipated in Bengaluru. It stated that manufacturing, BFSI, retail, automotive, and travel & tourism are among the key industries that will see a rise in hiring.
For 2024, it predicted an increase in hiring of 8.3% overall, with an 11% spike anticipated in Bengaluru. It stated that manufacturing, BFSI, retail, automotive, and travel & tourism are among the key industries that will see a rise in hiring.
Towards the end of 2023, the economy saw a change that deviated from the pattern that had prevailed since mid-2022. The employment market went through a period of volatility before hiring and resignation rates began to level down.
“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 research stated.
According to the report, some industries shown exceptional development and resilience in 2023, emerging as success stories in the face of a difficult environment.
The maritime and shipping sector experienced a 28% rise in employment, taking advantage of the expansion of international trade and deftly handling supply chain interruptions, the report stated.
The report stated that the travel and tourist and retail industries both experienced a 25% growth at the same time that the public relations, market research, and advertising sectors saw an 18% increase.
“Entering 2024 represents a transition from resilience to a period of spectacular growth in certain areas. Despite the growing role of automation, it’s critical to recognise that the human touch is still unsurpassed in a tech-driven world, emphasising the necessity of upskilling efforts’, foundit CEO Sekhar Garisa stated.
