TeamLease Edtech, a learning and employability solutions provider, has released its ‘Career Outlook Report HY2, 2023’, revealing some interesting insights about the job market for freshers. There is an increase of 3 per cent in HY2 of 2023 vs HY1 of 2023 (65 per cent Vs 62 per cent) in freshers hiring in India.
Additionally, the overall hiring intent for all categories of jobseekers has risen to 73 per cent from 68 per cent over the same duration. Such sustained growth implies an optimistic job market in the coming months, especially for freshers.
As per the report, the top three industries with the highest hiring intent for freshers are e-commerce and technology start-ups (59 per cent), telecommunications (53 per cent), and engineering and infrastructure (50 per cent). The IT industry sees an overall decrease in the intent to hire freshers as compared to HY1 2023 (49 per cent in HY2 2023 vs 67 per cent in HY1 2023 - decrease of 18 per cent). Whereas some new and trending sectors like travel and hospitality have emerged with an increase of 5 per cent (HY2 2023 Vs HY1 2023).
Among cities, Bangalore leads the way with a hiring intent of 65 per cent, though a decrease of 10 per cent as compared to HY1 2023, followed by Mumbai at 61 per cent and Chennai at 47 per cent, an increase of 5 per cent for both cities in comparison to HY1.
Delhi is at 43 per cent, a decline of 4 per cent from HY1 2023. Though the demand for new talent has only marginally increased, the Indian freshers’ job market has witnessed an increase of 6 per cent in the current HY(Jul-Dec, 2023) when compared to the same period of the last HY (Jul-Dec, 2022).
Reflecting the clear market sentiments, freshers can take some in-demand courses to increase their employability, include Certification Courses in Digital Marketing, Business Communication, Data Science, Blockchain and PG programs in AI and ML. The report also has included a new segment on Degree Apprenticeship and its growing popularity amongst students and employers.
The top three industries planning to hire degree apprentices during the same period are manufacturing (12 per cent), engineering and infrastructure (10 per cent), and power and energy (7 per cent). Among the cities, Chennai and Pune stand out with 10 per cent each, while Bangalore and Mumbai follow closely with 9 per cent each, and Ahmedabad at 7 per cent.
The survey covers 737 small, medium, and large companies across 18 sectors across India. The coverage is spread across 14 geographical areas [metros, tier-1, and tier-2], reflecting the hiring sentiment.
On the release of the report, Shantanu Rooj, Founder and CEO of TeamLease Edtech, said, “Amidst a challenging hiring scenario, the Indian job market indicates a marginal uptick with a 3 per cent increase in the intent of hiring freshers. Moreover, the overall rise in hiring intent to 73 per cent for all jobseeker categories reinforces the optimistic outlook for the coming months.”
He added that it is particularly encouraging to witness the emergence of new and trending sectors like travel and hospitality, with a 5 per cent increase in hiring intent for freshers in HY2 2023. Additionally, the demand for roles such as DevOps Engineer, Chartered Accountant, SEO Analyst, Cybersecurity Analyst, Digital Marketing Specialist, Artificial Intelligence Engineer and UX Designer across industries signals a promising landscape for the young talent entering the job market
Neeti Sharma, co-founder and president of TeamLease EdTech, further added that in the dynamic world of technology, the future belongs to those who embrace change and continuously enhance their skills. “We are currently witnessing a noticeable shift in the skills employers seek from freshers. Employers are keen to hire digitally savvy freshers and capable of learning in the constantly changing world of work. Technology such as AI/ML, blockchain, data science and business communication are changing our work. Individuals investing in these fields and skills will always have an advantage when looking for job opportunities.”
Jaideep Kewalramani, head of employability business and COO at Teamlease Edtech, “The report reiterates the relevance of staying ahead in the dynamic job market by identifying the leading roles, skills and sectors when looking out for opportunities. Recognising the value of work-integrated degree programs that raise the employability quotient is important. These programs integrate top-class learning with work opportunities through internship/apprenticeship for developing pathways for a successful career.”
Complementing the findings of COR, Digivarsity by TeamLease EdTech, an AI-powered work-integrated degree and career discovery platform, seamlessly integrates academic learning with real-world experience, empowering higher education learners. It aims to transform India's higher education and employability landscape by impacting 10 lakh students in the next five years.
