92% Recruiters Expect New Hiring In H12024: Study

The survey observed that lower attrition rates may indicate individuals opting to retain their current positions amidst global challenges

The Indian white-collar job market is poised for optimistic hiring sentiments in the first half of 2024, according to Naukri's Hiring Outlook survey released on Friday. The report further states that 92 per cent of recruiters anticipate either new or replacement hiring during this period. 

Commenting on survey findings, Naukri.com Chief Business Officer Pawan Goyal said, "Reflecting on our recent Hiring Outlook findings, it's encouraging to see that 92 per cent of recruiters remain optimistic about new and replacement hiring in the first half of 2024. Coupled with anticipation around hiring trends returning to normalcy, the overall hiring outlook, while calibrated, seems to be stable and balanced.”

Despite facing challenges in the IT sector, the survey indicated that a majority of recruiters expect IT roles to continue dominating hiring activities. This trend is primarily attributed to substantial IT recruitment occurring in non-IT sectors. The survey also highlighted significant hiring in sectors beyond IT, particularly for roles in business development and supply chain management.

On the other hand, marketing roles emerged as one of the top three roles in demand over the past six months, according to the survey findings. Additionally, 75 per cent of recruiters foresee attrition rates remaining below 15 per cent from January to June 2024, indicating a slight improvement compared to the previous two quarters. Conversely, only a small minority, comprising 5 per cent, anticipate higher attrition rates of 40 per cent or more in the first half of this year, states the report.

The survey observed that lower attrition rates may indicate individuals opting to retain their current positions amidst global challenges. Given the global downturn impacting the IT/ITES sector, which has seen layoffs and hiring freezes, employees are inclined to prioritise job stability and remain with their current employers. 

Additionally, approximately 67 per cent of surveyed recruiters anticipate offering increments ranging from 5 to 15 per cent across various levels during the upcoming appraisal cycle, reflecting trends similar to those observed in the mid-year cycle.

The survey also noted that over 24 per cent of recruiters anticipate providing increments higher than the typical range. Furthermore, despite a cautious global outlook, sectors like infrastructure and manufacturing persist in foreseeing strong growth within the current economic landscape of the nation. This outlook contributes to the expectation of elevated increments.