Hiring hits slow lane in India, only 53% of employers offer jobs in January-March quarter: Survey

According to the quarterly hiring tracker released by online job portal Indeed, the BFSI sector witnessed the most significant hiring (representative image)

There has been a considerable dip in hiring during the January-March period as only 53 percent of employers offered jobs, down from 64 percent in the previous quarter (October-December), a report revealed on April 17.

According to the quarterly hiring tracker released by online job portal Indeed, the banking, financial services and insurance (BFSI) sector witnessed the most significant hiring with 71 percent of the sector’s employers hiring during the quarter. Healthcare (64 percent) and construction and real estate (57 percent) were the other two sectors that hired substantially. In contrast, sectors such as media and entertainment (49 percent), IT/ITeS (29 percent), and manufacturing (39 percent) saw the least hiring during the quarter.

However, in a more positive development, close to half of the Indian workers are not looking to switch jobs in 2023. In what was considered to be the era of the great resignation, the report also noted that employees are "bucking the trend" by choosing to stay put in their current organisations, with over 37 percent of all jobseekers looking to prioritise their career growth in 2023.

Workplace trends in 2023:

Interestingly, the survey showed that working from office has emerged as the favoured work mode for current jobseekers, with 57 percent preferring to work from office. Similarly, most employees are undertaking upskilling programmes, professional developmental tools, and mentorship programmes.

Moreover, about 47 percent of all employers are providing upskilling programmes to their employees.

The workplace trends according to Indeed also noted that certifications and learning platforms to boost skill sets (67 percent of jobseekers) are the prime strategy for jobseekers to remain competitive in the year 2023. This is followed by sharpening existing skill sets and performing better in their role (41 percent of jobseekers).

The survey was conducted by Valuvox on behalf of Indeed among 1,157 employers and 1,583 jobseekers and employees during the months of January and February 2023.

Commenting on the survey highlights, Sashi Kumar, Head of Sales, Indeed India said, “Amidst the ongoing uncertainties, the overall sentiment of jobseekers and employers seems to be cautious. However, some sectors like BFSI and healthcare are witnessing significant hiring, showcasing a strong future for these areas. Additionally, in 2023, the acceptance of the gig economy at large is also expected to strengthen the job market. Employers now need to focus on devising ways in which they can retain and continue to attract this talent pool."