77 pc companies predict 2023-24 to have both replacements, new position hirings; These regions likely to see max hiring ratio

According to a report on Monday, nearly 77 per cent of Indian companies interviewed expect hiring to include both replacements as well as new positions in 2023-24.

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On an average, four to seven years of experience is deemed to perfectly fit while employing candidates, agreed 36.06 per cent of the companies. (Image: FE)

77 per cent of companies interviewed across India, maybe listed under the ones who expect hiring to be inclusive of both replacements along with admission to new positions in the year 2023-24, said a report by PTI.

Southern and western regions of the country is most likely to see a maximum hiring ratio in this financial year as per 33.30 per cent of the interviewed personalities, said a report by HR solutions provider Genius Consultants, headquartered at Kolkata.

On an average, four to seven years of experience is deemed to perfectly fit while employing candidates, agreed 36.06 per cent of the companies.

While less than 10 per cent of individuals decided upon employees with experience of 13 years and above to be the ideal number.

The report provided is backed by an online survey of about 2100 company executives and HR professionals from sectors varying from banking and finance, construction and engineering, education/teaching/training, FMCG, hospitality, HR solutions, IT, ITES and BPO to logistics, manufacturing, media, oil and gas, pharma and medical, power and energy, real estate, retail, telecom, auto and ancillary. The survey was conducted from March 12 up to April 15.

Maximum of respondents agreed upon the idea that candidate sourcing through job portals will be of top-notch priority, along with AI (artificial intelligence) technology-based apps and websites, followed by campus hiring and consultants, the report revealed further.

Background verification checks are deemed extremely crucial by 63.6 per cent of individuals, before filling up important roles in their organisations, while remaining 36.4 per cent decided it be of moderate importance, said the report.

57.8 per cent of people have an outlook whereby, increment will be most beneficial to the employees at mid-level. On the other hand, barely 21.1 per cent of the interviewees argued stating that junior and senior level employees will be the ones most benefited by increments.

“Substantial changes in work cultures have played a major role in lowering attrition rates. This implies that factors such as flexible working hours, standard increments, appreciation of work and flat organisational structures have contributed majorly to employee retention. The overall market condition is favourable and as a result, the Indian job market will remarkably improve as organisations strive for the most qualified candidates,” Genius Consultants Chairman and Managing Director R P Yadav added.

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First published on: 16-05-2023 at 11:38 IST