7 out of 10 job seekers now prefer large corporates, startups a secondary choice: Report

In the current business landscape, recruiters are giving more weightage to skills, creating a level playing field for job aspirants from Tier 2 and Tier 3 towns, and a more inclusive hiring process. (representative image)

In a tough funding environment where several startups across the world are facing financial crunch and other economic uncertainties, jobseekers are now choosing large corporates for job security, a recent study revealed.

According to a survey report by jobs and professional network platform Apna.co, 73 percent of job seekers prefer stable and established companies to work with and grow within the organization.

The survey, conducted with over 10,000 job seekers and 1,000 HR recruiters, further stated that only 27 percent employees would still consider switching to startups for career growth. "This indicates that professionals are focusing on upskilling and keeping themselves relevant to grow in their current organization," it added.

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Nirmit Parikh, Founder & CEO, apna.co, said, “India's job market is evolving rapidly with changing preferences of job seekers who are now more inclined towards stable and established companies for better career growth prospects."

Career growth vs Work-Life Balance

The survey highlights that while employers are preferring a skills-first approach, job seekers prioritise career growth opportunities, along with salary over location and commute, work-life balance and culture of the company, when searching for a job.

As per the report, 73 percent of Indians consider career growth as the primary factor in their job search, even surpassing the importance of work-life balance and flexible working hours.

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On the other hand, according to the survey, the employers have identified the needs of the job seekers and therefore, providing professional development opportunities remained the top priority for 72 percent of employers in India, followed by 22 percent of employers who think flexible work hours is what the job seekers look for.

Upskilling a priority

According to the study, 9 out of 10 employers have recognised the importance of skilled professionals as a major criterion for hiring, however, only 6 out of 10 employers have implemented upskilling programs in their organizations where majority of the large enterprises have upskilling programs in place empowering overall growth of their employees. In the current business landscape, recruiters are giving more weightage to skills, creating a level playing field for job aspirants from Tier 2 and Tier 3 towns, and a more inclusive hiring process, the report added.

Jobs and AI

Not letting go of the immersion of AI in jobs, the report further stated that employers are now looking for candidates with technical skills, especially for roles in the field of artificial intelligence, data science and digital marketing. "With the accelerated adoption of digital technology, job seekers who can demonstrate proficiency in using technology, especially for remote work will be highly considered," it noted, adding that skills such as coding, data analysis, and proficiency in using software and hardware tools are in high demand.

The report also highlighted that 65 percent of professionals consider requisite skills to be as crucial as a degree from a reputed institute to succeed in a job interview. Interestingly, women appear to place greater emphasis on relevant skills, with 77 percent of female respondents indicating its importance as compared to 51 percent of males.

With these stats, the survey indicates that India Inc. is shifting towards a skills-first approach to hiring and upskilling is becoming increasingly mandatory for individuals and organizations to thrive in the AI-powered world.

What’s driving the future of jobs?

The World Economic Forum earlier this month released the fourth edition of 'The Future of Jobs Report 2023', showing that almost a quarter of jobs (23 percent to be precise) are expected to change in the next five years. Employers anticipate 69 million new jobs to be created and 83 million eliminated - a net decrease of 14 million jobs, or 2 percent of current employment

The WEF's report said India will see a 22 percent churn as compared to global average of 23 percent. 61 percent of Indian companies think broader applications of ESG standards will drive job growth, followed by increased adoption of new technologies (59 percent) and broadening digital access (55 percent).