TeamLease, an ed-tech platform has released its Career Outlook Report HY2, 2023, revealing insights about the job market for freshers. There is an increase of three percent in HY2 of 2023 vs HY1 of 2023 (65% Vs 62%) in freshers hiring in India. Additionally, 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, according to the report.
The top three industries with the highest hiring intent for freshers are E-commerce and Technology Start-ups (59%), Telecommunications (53%) and Engineering and Infrastructure (50%). The IT industry sees an overall decrease in the intent to hire freshers as compared to HY1 2023 (49% in HY2 2023 vs 67% in HY1 2023 – decrease of 18%). Whereas some new and trending sectors like Travel and Hospitality have emerged with an increase of five percent (HY2 2023 Vs HY1 2023), as per the report.
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% though a decrease of 10% as compared to HY1 2023, followed by Mumbai at 61% and Chennai at 47%, an increase of five percent for both cities in comparison to HY1. Delhi is at 43%, a decline of four percent from HY1 2023. Though the demand for new talent has only marginally increased, the Indian freshers’ job market has witnessed an increase of six percent in the current HY(Jul-Dec, 2023) when compared to the same period of the last HY (Jul-Dec, 2022), the report revealed.
Amid strong market sentiments, sought-after courses for freshers include Digital Marketing, Data Science, AI/ML PG programmes and more. The report highlights Degree Apprenticeships’ rise, especially in Manufacturing (12%), Engineering (10%), and Power sectors (seven percent). Chennai and Pune lead city-wise interest at 10%, followed by Bangalore and Mumbai at 9%, and Ahmedabad at seven percent. Survey encompasses 737 companies across 18 sectors in 14 regions, mirroring hiring trends, the report mentioned.
“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 intent 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 five percent increase in hiring intent for freshers in HY2 2023,“ Shantanu Rooj, founder, CEO, TeamLease ed-tech, said.