A mixed bag of opportunities is likely to greet job aspirants in the New Year as telecom and services-oriented sectors are anticipated to accelerate hiring after recent gloomy months of pink slips in the technology segment amid global economic turmoil.
Short-term opportunities will be on the rise and companies will focus on building a work-life integrated culture, nurturing niche talent, enhancing skills, and providing flexible work arrangements, experts opined.
Experts also said one of the major recruitment trends of 2023 is expected to be companies looking to boost the internal mobility of talent.
After 2022, especially the second half, resonated with reports of mass layoffs and hiring freeze amid the pandemic-related business disruptions, experts said it is not going to be all gloom and doom in 2023.
According to staffing firms and job portals, it will be a mixed bag for the Indian job market next year. Amid subdued tech hiring, some of the non-tech hiring, especially in telecom and service-oriented sectors has gained pace and is set to drive the recruitment momentum in 2023, they said.
Recruitment services firm TeamLease Services’ report has said India’s hiring sentiment for the services sector stands strong in the March quarter.
This year, different trends emerged in the employment market, including the emphasis on reskilling and upskilling initiatives. And these trends are expected to continue in 2023, with companies willing to pay a premium for relevant skills compared to legacy skills.
“While the hiring in the tech industry was 18% lower (Naukri Research) compared to October last year, the New Year is not expected to bring any more revolting shocks as organisations seem to have made critical decisions already.
“The focus now will be on creating a slow but impactful pipeline, and here nothing will reward candidates as handsome as investing in core skill development,” Achal Khanna, CEO – SHRM (Society for Human Resource Management) India, APAC, and MENA, said.
The Indian job market is facing some heat, especially in IT services, after Meta, Twitter, Microsoft, Snapchat, and many other tech firms announced massive job cuts amid recession fears.
The IT sector hiring is expected to move in the slow lane, impacted by macro uncertainties, and experts believe that future additions will be limited as companies have adequate bench strength and will focus on re-skilling the existing workforce.
“The ongoing global turmoil with mass layoffs, hiring freeze, and impending recession have significantly affected the services sector globally, especially the IT industry. However, the sentiment in India continues to be on an upward trajectory, with 77% of employers indicating a higher hiring outlook,” Mayur Taday, Chief Business Officer at TeamLease Services, said.
Further, Taday said the central government’s push towards increasing monetisation ability, introducing FDI reforms, and liberalising conventional satellite communication and remote sensing businesses to increase private sector participation has contributed to employment growth.
“With the 5G rollout, employers are already upskilling their current workforce for the upcoming 5G services. The upside of this activity has positively impacted educational, financial, and knowledge outsourcing services. This is a huge step towards lowering the current attrition trend,” Ajoy Thomas, Vice President and Business Head (Retail, ECommerce, Logistics, and Transportation) at TeamLease Services, said.
Achal Khanna said the government’s efforts to boost public investment through a sharp increase in capital expenditure are expected to keep the growth momentum intact in 2023.
“The indirect impetus for India to attract investments from global organisations through China Plus One and Europe Plus One strategy can be massive in terms of opportunities. The scale and technology leadership in India can be leveraged to give a meaningful nudge to the brimming startup environment in India.
“Overall, it’s a bullish outlook for India that demands proactive agility to navigate the unprecedented challenges that may come our way,” Khanna said.
Sachin Alug, CEO of workforce solutions provider NLB Services, said this year has seen the biggest transition that happened in a long time.
Both employees and employers not only learned to cope with the new reality of things but they also did not shy away from including technology to understand the performance of the employee or introducing virtual skilling programmes to boost skills, he noted.
“The year 2022 transitioned the way we work and operate. One thing is sure: the evolution of technology will definitely evolve HR functions. While data will continue to be the key part of recruitment, the adoption of technology to simplify HR functions will only increase,” Alug said.