Employment Trends in india for the next few years.
With thousands of national and multinational companies using India as a facilitator for expansion into the global economy, the country has acquired an image of a new global player on the world stage. These companies enjoy business presence spanning diverse clusters; from IT, Healthcare, Automobiles, Telecommunications, Hospitality, Construction to Education, Logistics, and Manufacturing etc, and are known to create a massive number of jobs.
Current and Emerging Job Trends.
Companies in India, both nationals and Global MNCs, are looking forward to hire more talent to meet their growing demands. They are offering a ton of great benefits and perks to ensure that the lives of their employees are as satisfying as their work.
According to the data showcased by Associated Chambers of Commerce and Industry of India, (ASSOCHAM), a serious shortage of talent is forecasted in Indian Marketplace. Service industries account for almost two-thirds of India’s gross domestic product (GDP), with verticals including Biotechnology, IT and academia witnessing strong levels of growth. The organization also predicts India to generate 10-15 million job positions , with skilled manpower required in the fields like IT, Engineering, Hospitality and Insurance industries, among others.
Hiring activity is expected to see 31% growth across seven key sectors – automotive, BFSI, global in-house centers, heavy engineering and manufacturing, internet businesses, information technology, and pharmaceuticals – this year, according to the third annual Decoding Jobs Industry Sectoral Reports 2022 by digital recruitment platform Taggd in association with Confederation of Indian Industry and Sunstone Eduversity.
According to the report, the top three sectors that are expected to ramp up hiring in 2022 are automobile, IT/ITes and internet businesses. Hiring activity across global in-house centers in India is expected to post 31% growth in 2022 as compared to 27% growth in 2021.
Devashish Sharma, President, Taggd, said in a statement: “The future looks bright for India Inc in 2022. Our data shows that hiring in 2021 increased by 34% over 2020, with sectors such as manufacturing and automotive showing recovery, and we expect it to increase further by 31% in 2022. While we did witness some obstacles in the form of the ongoing tech talent crunch, skills gaps, and the Great Resignation, we’ve bounced back stronger with most sectors exhibiting a greater appetite for hiring in 2022.”
The report also said that in 2022, professionals in the 1-5 year experience range are expected to experience a surge in demand across industries, followed by freshers. More than half (56%) new hires in 2022 are expected to be early career professionals (0-5 years of experience)
Interestingly, nearly half of the new hires (47%) are expected to be from non-tier 1 cities. Gig workers are expected to make up 9% of the workforce in 2022 up from 8% in 2021.