Top Job Market Trends In January 2024 : AI Booms, Healthcare Hires and Experience Wins
In January 2024, a cautious market saw growth in (job) jobs year over year (YoY) in three important industries: fast-moving consumer goods (FMCG), hotels, and healthcare.
The Naukri JobSpeak Index, which measures white-collar hiring in India, is shown at, 2455 in January 2024. It was up 1% from the previous month but down nearly 11% from the year before.
In January 2024, a cautious market saw growth in jobs year over year (YoY) in three important industries: fast-moving consumer goods (FMCG), hotels, and healthcare.
The most sought-after job seekers were affluent individuals. There was 12% more AI employment in January 2024 than in the previous year.
There is a great need for full-stack AI scientists. Astonishingly, hiring for specialized AI roles—such as machine learning engineer and full-stack AI scientist—rose by 23% and 46% annually.
Data scientists and other traditional AI positions were in high demand. In contrast, there was a slight increase of 1% in total IT positions in January 2024 as compared to the previous month. The total hiring in the IT industry is 19% less than it was in January 2023, on a year-over-year basis.
The FMCG, hotel, and healthcare industries are booming. January 2024 saw a 7% YoY growth in hiring in the healthcare industry, with the demand for administrative positions seeing the biggest increase.
The travel and hospitality industries saw a 5% YoY increase in hiring. There was a continued need for restaurant managers and service managers due to the growth in both domestic and foreign travel. Bangalore and Mumbai had unusually high hiring rates in this industry.
In January of the current year, there were 5% more new job offers in FMCG than there were in the same month in 2023. Positive momentum in the hiring trends in the industry was caused by an increase in demand in rural areas, which was bolstered by marketing campaigns by FMCG companies.
In the FMCG industry, there was a notable surge in demand for certain employment types, such as assembly line operator, factory head, production engineer, and production manager. In January 2024, the cities that offered the most new jobs in this field were Kolkata and Pune.
The two main industries with the lowest hiring growth were BPO and insurance, with 16% and 8% decreases in hiring, respectively. Moreover, YoY declines of 7% were observed in the retail and education sectors.
For senior professionals, higher salaries make a splash
Senior professionals with more than 16 years of experience saw the biggest increase in favorable employment offers. Compared to the same month last year, hiring for this experience category increased by a startling 19% in the most recent month. Professionals with 13–16 years of experience saw a nearly 2% increase in new job offers.
However, compared to January 2023, the number of new jobs produced was lower for professionals with 8–12 years of experience, 4–7 years of experience, and freshmen (18%, 7%, and 10%, respectively).
Concurrently, employment offers with annual salaries exceeding Rs 20 lakh increased by 18%. There was a marginal contraction of 1% in new job openings in the pay range of 13–20 lakhs per annum, while there was degrowth in new job openings in the salary range of less than 12 lakhs.
“The notable rise in AI-related jobs is indicative of the changing skill requirements in the IT sector, while the positive hiring sentiment in healthcare, hospitality, and FMCG reflects a strong domestic economy,” stated Pawan Goyal, CBO of Naukri.com.
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