India, February 2023: Naukri.com Hiring Outlook survey is a bi-annual survey conducted amongst recruiters and recruitment consultants to gauge forward looking hiring trends across companies and industries. The survey covers recruiters’ predictions related to job opportunities, increments and other areas for the following six months.
The recent survey highlights an increasingly positive sentiment amongst the Indian recruiter fraternity amidst uncertainties in the global hiring market. While 46% of recruiters surveyed expect new and replacement hiring, 29% expect only new job creation and 17% are looking to maintain their headcount. This shows that Indian hiring activity will continue to prosper in the coming six months.
With the ever-increasing demand for tech skills, maximum hiring is expected for IT roles. Other functional areas where significant hiring is anticipated during the first half of 2023 are Business Development, Marketing, HR & Administration, and Finance.
Recruiters foresee maximum hiring for mid-experience level roles, with 48% predicting the same.
Layoffs and hiring freezes expected to ease out
Only 4% of recruiters surveyed predicted layoffs/downsizing as the dominant hiring activity in their organizations during first six months of 2023 with IT emerging as the functional area that is expected to witness the maximum impact of hiring corrections. Other functional areas expected to exhibit similar trends include Business Development, Marketing, HR, and Operations.
Recruiters foresee maximum layoffs for senior professionals, with 20% of recruiters predicting the same. Freshers are expected to be least impacted by hiring corrections.
Attrition expected to increase as the job market stabilizes
Around half of the recruiters surveyed foresee high attrition rates (>15%) to prevail in the first half of 2023. Further, only a fraction of recruiters surveyed predict moderate attrition rates (<10%). This indicates that Indian employees will continue to look out for new job opportunities during the first six months of 2023. Recruiters foresee IT roles to witness highest attrition, followed by Business Development, Marketing, and HR & Administration. Significant salary increments on the cards With optimistic sentiments being observed around hiring activity for the first half of 2023, Indian employees are expected to bag considerable increments, with more than a third of the total recruiters surveyed predicting an average increment of > 20%. This is certainly a telling sign of the resilience of the Indian job market in face of global volatilities.
Campus hiring to go as planned
Despite the current uncertainties around hiring trends at a global level, sentiments surrounding campus hiring in India are optimistic. Around half the recruiters sampled predict that hiring freshers from college campuses will be an integral part of their overall hiring strategies in the coming six months.
Methodology
Naukri Hiring Outlook is a bi-annual survey conducted amongst recruiters and recruitment consultants aimed at gauging hiring trends across companies and industries. The survey covers multiple aspects of job creation trends/forecasts as well as jobseeker behaviour covering areas like job opportunities and increments amongst other areas. 1400 recruiters and consultants representing over 10 major sectors participated in this edition of the Hiring Outlook. Responses from the participants were collected online using a detailed questionnaire. The data received from the process was analyzed to present meaningful trends and insights.