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The employment outlook in India for 2023 is generally positive, with growth expected in several sectors. The IT and ITES sectors are expected to continue to be the major drivers of job growth, with other sectors such as manufacturing, healthcare, and retail also seeing strong demand for talent. Amid the lingering shadows of the pandemic, organisations are increasingly focused on succession planning, especially for C-suite roles. This is essential to ensure a strong talent pipeline for leadership positions as the industry evolves. Another top priority for banking and financial services organisations in India is sustainability, as revealed in our 2023 Page Insights Salary Guide.
ESG teams are being established to help organisations assess and manage environmental, social, and governance risks and opportunities. This is becoming increasingly important as investors and regulators demand more transparency and accountability from financial institutions.
Amid the lingering shadows of the pandemic, the concept of work-life balance changed from being a largely intangible and hypothetical conversation before the pandemic to a very real and undeniable aspect of everyday life.
According to Page Insights’ India Talent Trends 2023 The Invisible Revolution report, 98% of employees are open to new job opportunities. There is a high employee turnover rate despite unprecedented uncertainty brought about by the COVID-19 pandemic.
Furthermore, when deciding factors in job choices, work-life balance has emerged as the top contender, with 52% of the respondents listed work-life balance being more important than career progression and financial remuneration.
“Talent development has emerged as an essential part of an organisation’s retention strategy. Employers should prioritise employee engagement, training and development to retain talent, boost productivity, and create a more engaged and motivated workforce,” says Nicolas Dumoulin Senior Managing Director, India and Thailand, PageGroup.
Leaders need to adjust their leadership styles and people strategies in light of significant work culture changes in the post-pandemic world.
As India’s job market continues to evolve, significant hiring trends are shaping the strategies that companies employ to attract and retain top talent.
Related: The future of work in Asia
In banking and financial services, organisations in India prioritise sustainability by establishing ESG teams. Succession planning, especially for C-suite roles, has gained prominence following the Great Resignation. Remote work has become the new norm, embraced by both traditional banks and innovative financial institutions.
Related: Navigating hybrid work: Redefining traditional work patterns for success in the changing talent landscape
India is experiencing a demand for expatriates and Indians residing overseas to contribute to the country’s green energy businesses. Multinational companies in the engineering and manufacturing services (EMS) sector are expanding their research and development centres, creating opportunities for design and development roles. OEMs and tier-1 players seek professionals in EV engineering and battery energy storage systems.
Related: What you need to know about ESG now
Both multinational corporations and startups are witnessing an unprecedented demand for senior internal audit positions. With numerous organisations planning initial public offerings (IPOs), the need for investor relations professionals is on the rise at all levels. FMCG companies are restructuring their finance teams to create a more balanced hierarchy.
Increased funding has led to a surge in executive-level hiring within diagnostic and preventative care companies. Hiring for commercial functions related to chronic healthcare conditions is also experiencing growth. Continued investment in digital transformation and strategy is a key focus area in the HLS sector.
There is a high demand for HR professionals with strategic mindsets and strong business acumen in India. Roles in compensation and benefits, technology HR business partnering, and talent acquisition (both in tech and non-tech domains) are in great demand. Cross-industry movements of Chief Human Resources Officers (CHROs) have increased demand for HR heads across various industries.
Midsize firms are establishing in-house legal teams, leading to a search for lawyers with six to 12 years of experience. Law firms face higher attrition rates due to burnout and the growing demand for in-house legal teams. Proficiency in data privacy, ethics and compliance, compliance counsels and IPO specialists are highly sought after.
Employers are prioritising risk mitigation and strategic sourcing, aiming to reduce reliance on global suppliers. Companies seek talent with a track record of driving sustainability throughout the value chain. Investments in automation, robotics, and AI are being made to generate data insights for planning purposes.
Indian companies are actively hiring project management, construction, and design professionals with international experience. Real estate developers are looking to recruit talent from the hospitality industry. Emphasis is being placed on creating safer, healthier, and more positive work environments.
Related: How to attract talent in a candidate-short market
High-growth industries in India, such as D2C, health tech, and fintech, create abundant opportunities. Digital brands are also expanding their presence offline. Talent retention and succession planning have become focal points. There is an increased emphasis on hiring female leaders across various roles and functions. Employers are open to considering talent from unrelated industries.
Virtual hiring is becoming the new normal in India, offering cost and time benefits, flexibility, and a better work-life balance. Companies focus on soft motivators like company culture, career progression, and employee experience to attract top talent without geographical constraints.
The ability of payrolling partners to provide comprehensive support, including leave and attendance management, query handling, and professional rewards, will shape the future of the temporary workforce landscape in India.
The rise of Industry 4.0 and Web3 has fueled the demand for professionals with expertise in blockchain, IoT, cloud computing, emerging technologies, and SCADA.
Companies are leveraging technology for customer acquisition, resulting in increased job opportunities in fintech, retail, product/SaaS, agritech, and Logitech sectors. Data scientists, cybersecurity experts, digital transformation specialists, engineers, and product managers are in high demand.
Our 2023 Salary Report provides a comprehensive look at the most up-to-date salary numbers, and hiring trends and insights, and skills in demand in different industries and for all experience levels. Download a copy of our latest salary report here.
To find out how your salary compares to other roles and industries in India, go to our Salary Comparison Tool. Are you seeking a new role? Click here for these available job openings now.
Disclaimer: Salaries can differ from one company to another, depending on your skills, knowledge, and experience.
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Read more:How HR needs to evolve to support the future of workHow to hire to improve gender diversity in the workplaceEmployee retention strategies amid the Great Resignation
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