Hiring activity is anticipated to rebound in 2024 following a dip last year, driven by the demand for artificial intelligence, machine learning, data science, and cybersecurity professionals, shows a survey conducted by online jobs platform Foundit, formerly Monster.
The survey reveals an expected 8.3% increase in hiring this year, in contrast to the 5% decline in 2023, despite the platform boasting over 90 million job seekers and 7,000 recruiters. The key sectors that are expected to see increased hiring activity include manufacturing; banking, financial services and insurance (BFSI), automotive; retail and travel and tourism.
Sekhar Garisa, chief executive officer of Foundit, said that there is a shift from resilience to an era of job growth in certain sectors. “In this dynamic landscape, the key to success lies in prioritising investments in cutting-edge technologies like AI, fostering sustainability practices, and seeking strategic guidance,” Garisa said.
As per the survey findings, industries concentrating on sustainability would highlight roles related to green initiatives and eco-friendly practices. Financial analysis, risk management, and compliance experts are projected to remain in high demand.
Amid limited skilled talent in certain sectors, the focus is shifting towards fractional hiring, leveraging specialised expertise without full-time commitments, and enhancing agility, and operational efficiency.
While the latest Foundit Insights Tracker indicated a fall in hiring activity in 2023, the index gained 2% in the last month of the year, suggesting a possible turnaround in the hiring scenario.
Moreover, certain sectors bucked the trend and showed remarkable resilience and job growth in 2023. Hiring in the maritime and shipping industry surged 28%, while retail and travel and tourism witnessed a 25% uptick each, reaping the benefits of a resurgence in consumer spending.
The advertising, market research and public relations sector saw an 18% increase, owing to arise in digital marketing and ecommerce. NGOs and social services sectors hired 12% more last year.
However, office equipment/automation saw a 6% increase, indicative of the growing importance of automation in streamlining business processes. Hiring expanded by 4% in the oil, gas, petroleum and power sectors and 1% in garments, textiles, leather and gems and jewellery.
Senior management roles experienced a significant 12% reduction in hiring overall, but there has been a notable 9% increase observed within the last month, indicating a potential shift or resurgence in demand for these roles, especially in the Manufacturing & BFSI sectors. This trend may be indicative of a strategic reevaluation of leadership structures within organisations hinting at a sustained growth poised to persist.
Meanwhile, software, hardware, and telecom roles registered a decline of 13%, possibly influenced by technological saturation and evolving industry demands.