7 out of 10 job seekers now prefer large corporates, startups become the secondary choice: report by apna.co
New Delhi, 16th May 2023: With the current economic uncertainties and the recent challenges faced by the startups ecosystem, job seekers are now preferring large corporations over startups. 73% job seekers prefer stable and established companies to work with and grow within the organization revealed a survey report by apna.co, India’s leading jobs and professional networking platform. The survey conducted with over 10,000 job seekers and 1,000 HR recruiters further stated that only 27% 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.
Career growth trumps work-life balance in job seekers’ priorities
While employers are preferring a skills-first approach, job seekers prioritize career growth opportunities, along with salary over location and commute, work-life balance and culture of the company, when searching for a job. The study indicates that 73% 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.
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% of employers in India, followed by 22% of employers who think flexible work hours is what the job seekers look for. This highlights the increasing importance of offering career advancement opportunities and flexible working hours to attract and retain top talent.
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. As the job market is now prioritizing skill sets, it’s encouraging to see recruiters adopting a skills-first approach to attract top talent. At apna.co, we strive to bridge the gap between job seekers and employers by providing a platform that facilitates inclusive hiring decisions and upskilling opportunities for all. Our mission is to help individuals and organizations succeed in the dynamic 21st-century job market.”
Upskilling remains a Priority to stay relevant in the industry
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. While degrees offer a theoretical basis, skills showcase a candidate’s aptitude for applying that knowledge in practical scenarios.
Tech skills are in high demand, employers focus on AI, data science, and digital marketing:
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. Skills such as coding, data analysis, and proficiency in using software and hardware tools are in high demand.
The report highlights that 65% 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% of female respondents indicating its importance as compared to 51% of males.
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. Employers who prioritize offering professional development opportunities and flexible work arrangements are likely to be the top choice of job seekers.