The Career Outlook Report HY1 (January – June 2024) by TeamLease EdTech, a prominent provider of learning and employability solutions in India, has been published, highlighting intriguing insights into the job market for fresh graduates/ Freshers.
The Freshers need to proactively upgrade their skills and be open to working alongside Generative AI to remain relevant and harness its potential.
Focusing on GenAI, Jaideep Kewalramani, Head of Employability Business & COO of TeamLease EdTech, said “As generative AI progressively transforms and reshapes industries, its impact is also reflected in the evolution of job roles and skills demands on freshers entering the workforce.”
“Specialized courses equipping students to leverage generative AI tools and technologies can provide new professionals with the requisite knowledge to thrive in this rapidly evolving landscape”, Jaideep Kewalramani added.
The hiring of fresh graduates in India has witnessed a 6% increase in HY1 of 2024 compared to HY1 of 2023, with a percentage rise from 62% to 68%. Moreover, the overall hiring intent for all categories of job seekers has seen a slight upward trend, reaching 79.3%. These sustained growth figures indicate a promising job market ahead for freshers in the coming months.
On the report’s release, Shantanu Rooj, Founder and CEO, TeamLease EdTech, said, “Employers played the conservative card for sometime now; hiring had slowed down amidst global turmoil.”
“However, our recent survey reveals employer confidence in India’s growth story. Organisation are more confident about their future paths, which reflects in their high confidence to recruit fresh talent and strengthen their talent pool”, Shantanu Rooj added.
The reports have suggested the following findings:
- Hiring Trend in term of Industry: Top three industries with the highest hiring intent for freshers are E-commerce & Technology Start-ups (55%), Engineering & Infrastructure (53%), and Telecommunications (50%). The IT industry sees an overall decrease in the intent to hire freshers compared to COR HY2 2023 (42% in HY1 2024 vs 49% in HY2 2023). Also, sectors like Media & Entertainment have seen a decrease of 3%, while travel & hospitality with a 4% increase (HY1 2024 vs HY2 2023).
- Roles Based Hiring: The roles such as Graphic Designer, Legal Associate, Chemical Engineer and Digital Marketing Executive are in high demand across industries for freshers.
- Hiring based on Locations: Among cities, Bangalore leads the way with a hiring intent of 69%, followed by Mumbai at 58% and Chennai at 51%. Delhi is at 45%, an increase of 2% from HY2 2023. However, the demand for newer talent currently stands at 68%, a marginal increase of 3% for the current HY1 (Jan-Jun 2024) over HY2 (Jul-Dec 2023).
Neeti Sharma, Co-Founder and President of TeamLease EdTech, further added, “It’s interesting to see industries like Manufacturing, Engineering & Infrastructure, and Construction & Real Estate prioritizing Apprenticeship to locate the most suitable talents.”
This time, the report also deep-dives into the impact of GenAI on freshers’ job landscape. It highlights that rather than being replaced outright; jobs are evolving through human-AI collaboration.
Crucially, continuous learning and adaptability will be vital as freshers enter an era of continuous technological advancement powered by Generative AI. Roles such as Software Developers, Technical Writers, Legal Assistants, Market Research Analysts, and Graphic Designers are expected to be transformed.
The survey covers 526 small, medium, and large companies across 18 industries across India. The coverage is spread across 14 geographical areas [metros, tier-1, & tier-2], reflecting the hiring sentiment.
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