Job market to witness promising growth in July-December 2024, say experts

Sectors like BFSI, manufacturing, consulting, hospitality, retail & consumer services show promise for fresher intake.
Job market to witness promising growth in July-December 2024, say experts

BENGALURU: For the quarter beginning July 2024, the job market across sectors such as BFSI, manufacturing, construction and retail will see an uptick in employability, according to experts.

With increased digital transformation, there is a steady demand for roles in digital banking, fintech and insurance and there is an expected employability increase of about 8-10%, said Aditya Narayan Mishra, MD and CEO of CIEL HR Services. He added that the manufacturing sector is witnessing a revival, supported by enhanced domestic production capabilities, leading to anticipated growth of around 6-8%.

“The July -December period of last year saw major growth in talent demand in non-tech sectors. The projection for the current year is for demand to spike a little later from September. Sectors like retail, travel, hospitality, consumer services, media & advertising, logistics & supply chain are among the non-tech sectors to look out for in the latter half of the year,” said Anil Ethanur, co-founder of staffing firm Xpheno.

As per him, freshers’ intake remains muted, and projections are for a low-to-moderate growth in intake compared to the last fiscal. “The tech sector continues to put out its hiring forecasts and some positive signs for freshers hiring are visible.

Other sectors like BFSI, manufacturing, consulting, hospitality, retail & consumer services show promise for fresher intake. However, the relative volume of intake of these sectors will remain dwarfed compared to the tech sector’s typical fresher intake during stable and buoyant years,” Ethanur added.

In recent times, large-scale solar power plants have been installed, and Sudeep Kumar Sen, VP at Gi Group Holding India said that large enterprises are looking for technical staff, on-field technicians, ground engineering staff, operators etc, to meet the remote location staff service requirements. "It has a huge potential and we can easily see more than 2.5 lakh jobs in this sector in the next 1.5 to 2 years," he said.

Owing to the rise in automation and smart manufacturing technologies, roles that need advanced technical expertise are witnessing a positive trend and higher appraisals, a survey by Ishwa Consulting said.  With time, this trend is expected to grow as companies are investing more in industry 4.0 technologies.

Another sector that looks promising is the retail sector, which is one of the fastest-growing due to continued positives in consumer sentiments. Mishra said it is projected to see a growth rate of about 9-11%.  Experts added that there is a promising outlook for job seekers due to the evolving opportunities in the non-IT domain.

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