Freshers Hiring Intent Improves by 6% in January – June 2024: Study
Moreover, the overall hiring intent for all categories of job seekers has seen a slight upward trend, reaching 79.3%. These sustained growth figures indicate a promising job market ahead for freshers in the coming months.
Freshers hiring intent improves by 6% in January–June 2024 as compared to last HY1, 2023, according to a Team Lease report.
The hiring of freshers in India increased by 6% in HY1 of 2024 compared to HY1 of 2023 (68% vs. 62%). Furthermore, the total hiring intent across all job seeker groups has slightly increased to 79.3%. According to the most recent Career Outlook Report HY1 (January – June 2024) by TeamLease EdTech, such consistent increase suggests a favorable job market in the upcoming months for freshers.
The top three sectors with the most intention to hire recent graduates are telecommunications (50%), engineering and infrastructure (53%) and e-commerce and technology start-ups (55%). Compared to COR HY2 2023, the IT industry’s intention to hire freshmen has generally decreased (42% in HY1 2024 vs. 49% in HY2 2023). Additionally, there has been a 3% decline in the media and entertainment industry and a 4% growth in the travel and hotel sectors (HY1 2024 vs HY2 2023).
Across industries, there is a considerable need for fresh graduates in positions like graphic designer, legal associate, chemical engineer, and digital marketing executive. Bangalore has the highest recruiting intent among cities at 69%, followed by Mumbai at 58% and Chennai at 51%. Delhi has reached 45%, a 2% rise from HY2 2023. But as of right now, 68% of employers are looking for younger people, a slight rise of 3% from HY2 (Jul-Dec 2023) to HY1 (Jan–Jun 2024).
“For a while now, employers have been playing the cautious game; hiring has decreased amid world unrest. Employers are, nonetheless, confident in India’s economic story, according to our most recent study. According to Shantanu Rooj, founder and CEO of TeamLease EdTech, “organizations are more confident about their future paths, which reflects in their high confidence to recruit fresh talent and strengthen their talent pool.”
The study delves deeply into how GenAI is affecting the employment landscape for recent graduates. It illustrates how employment is developing through human-AI collaboration rather than being completely displaced. Crucially, as newcomers embark on an era of constant technical innovation driven by generative AI, they will need to be flexible and always learning new things.
It is anticipated that positions like graphic designers, market research analysts, legal assistants, software developers, and technical writers will change. To stay relevant and take advantage of generative AI, freshmen must actively improve their abilities and be willing to collaborate with it. 526 small, medium, and big businesses in 18 different Indian industries are included in the survey. The coverage, which reflects the hiring sentiment, is dispersed among 14 geographic areas (metros, tier-1, and tier-2).
It’s noteworthy that sectors like manufacturing, engineering and infrastructure, and construction and real estate are giving apprenticeships top priority in order to identify the best talent. Companies may enhance their talent pipelines, cultivate specialized talent, and methodically address recurring skill gaps by employing degree apprentices in advance and tailoring them to the specific requirements of the industry. Apprentices will benefit from this since they can “learn and earn” at the same time, acquiring both academic knowledge and real-world work experience that will increase their employability. Co-founder and president of TeamLease EdTech, Neeti Sharma, stated.
The reports have suggested the following findings:
- Hiring Trend in terms of Industry: The top three sectors with the most intention to hire recent graduates are Telecommunications (50%), Engineering & Infrastructure (53%), and E-commerce & Technology Start-ups (55%). Compared to COR HY2 2023, the IT industry’s intention to hire freshmen has generally decreased (42% in HY1 2024 vs. 49% in HY2 2023). Additionally, there has been a 3% decline in the media and entertainment industry and a 4% growth in the travel and hotel sectors (HY1 2024 vs. HY2 2023).
- Roles Based Hiring: Fresh graduates are highly sought after for positions in fields such as graphic design, legal assisting, chemical engineering, and digital marketing executive.
- Hiring based on Locations: Bangalore has the highest recruiting intent among cities at 69%, followed by Mumbai at 58% and Chennai at 51%. Delhi has reached 45%, a 2% rise from HY2 2023. But as of right now, 68% of employers are looking for younger people, a slight rise of 3% from HY2 (July–December 2023) to HY1 (Jan-Jun 2024).
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