TeamLease EdTech, India’s leading learning and employability solutions provider, has released its extensive Career Outlook Report HY2, 2023, revealing some interesting insights about the job market for freshers. There is an increase of 3% in HY2 of 2023 vs HY1 of 2023 (65% Vs 62%) in freshers hiring in India. In addition, the overall hiring intent for all categories of jobseekers has risen to 73% from 68% 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 & Technology Start-ups (59%), Telecommunications (53%), and Engineering & Infrastructure (50%). The IT industry sees an overall decrease in the intent to hire freshers compared to HY1 2023 (49% in HY2 2023 vs 67% in HY1 2023 – a reduction of 18%). Whereas some new and trending sectors like Travel and Hospitality have emerged with an increase of 5% (HY2 2023 Vs HY1 2023).
Roles such as DevOps Engineer, Chartered Accountant, SEO Analyst, and UX Designer are in high demand across industries for freshers. Among cities, Bangalore leads the way with a hiring intent of 65% through a decrease of 10% as compared to HY1 2023, followed by Mumbai at 61% and Chennai at 47%, an increase of 5% for both cities in comparison to HY1. Delhi is at 43%, a decline of 4% from HY1 2023. Though the demand for new talent has only marginally increased, the Indian freshers’ job market has witnessed an increase of 6% in the current HY(Jul-Dec, 2023) compared to the same period of the last HY (Jul-Dec, 2022).
Speaking on the release of the report, Founder and CEO of TeamLease EdTech, Shantanu Rooj, said:
Amidst a challenging hiring scenario, the Indian job market indicates a marginal uptick with a 3% increase in the intent of hiring freshers. Moreover, the overall rise in hiring plans to 73% for all jobseeker categories reinforces the optimistic outlook for the coming months. It’s particularly encouraging to witness the emergence of new and trending sectors like Travel and Hospitality, with a 5% 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.
Reflecting the clear market sentiments, freshers can take in-demand courses to increase their employability, including Certification Courses in Digital Marketing, Business Communication, Data Science, Blockchain and PG programs in AI and ML. The report also includes 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%), Engineering & Infrastructure (10%), and Power & Energy (7%). Among the cities, Chennai and Pune stand out with 10% each, while Bangalore and Mumbai follow closely with 9% each, and Ahmedabad at 7%. 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, & tier-2], reflecting the hiring sentiment.
Neeti Sharma, Co-founder & President of TeamLease EdTech, added:
In the dynamic world of technology, the future belongs to those who embrace change and continuously enhance their skills. We are witnessing a noticeable shift in the kind of skills employers seek from freshers. Employers are keen to hire digitally savvy freshers who can learn in the constantly changing world of work. Technology like AI/ML, Blockchain, Data Science and Business Communication are reversing our position. Individuals investing in these fields and skills will always be advantageous when looking for job opportunities.
Complementing the findings of COR, Digivarsity (by TeamLease EdTech), India’s First 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 L students in the next five years. Equipping students with workplace skills alongside academic knowledge essential for long-term career success, Digivarsity bridges the gap between education and employment.
Jaideep Kewalramani, Head of Employability Business & COO, commented:
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. Recognizing the value of work-integrated degree programs that raise the employability quotient is essential. These programs integrate top-class learning with work opportunities through internship/apprenticeship for developing pathways for a successful career.
As India’s leading online learning and employability solutions provider, TeamLease EdTech helps universities launch, run, and manage their online programs, improves students’ employability through apprenticeship programs, and helps corporations build talent supply chains while enhancing employee productivity. With its cloud-hosted, mobile-first, managed services platform, the company offers a wide range of services to Higher Education Institutes, including enrollment, learning, upskilling, apprenticeships, student support, and assessment.