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2023 Job Market Trends and 2024 Outlook: Insights from Foundit

Explore the 2023 job market trends and the optimistic outlook for 2024 hiring, with insights from Foundit. Discover which sectors thrived, which faced challenges, and the emerging trends sha

Dheeraj Kumar
22/01/2024

The latest insights from the Foundit Insights Tracker (FIT) reveal a nuanced picture of the job market in 2023, with a slight decrease in hiring activity by 5% compared to 2022, hinting at a market slowdown. However, a hopeful 2% uptick in the last month of 2023 suggests a potential rebound. The report delves into industry-specific performances, highlighting sectors that flourished despite challenges and those that struggled, setting the stage for an optimistic 8.3% growth projection in hiring for 2024.

Despite a general slowdown, 2023 saw remarkable growth in certain sectors like maritime and shipping, retail, and travel & tourism, driven by a resurgence in consumer spending and digital innovation. On the flip side, industries such as IT, healthcare, and manufacturing faced downturns due to various challenges including skill gaps and supply chain disruptions.

Functional roles within companies also saw shifts, with HR & Admin roles gaining prominence as businesses focused on workforce management and engagement. Meanwhile, customer service roles declined, reflecting a move towards automation and technology.

The geographical landscape of hiring also shifted, with tier-2 cities like Ahmedabad showing growth, while traditional IT hubs like Bangalore and Pune saw declines. This shift underscores the importance of cost competitiveness and quality of life in smaller cities.

Looking ahead to 2024, Foundit anticipates a positive hiring trend with significant growth in sectors like manufacturing and BFSI. Emerging technologies, sustainability initiatives, and strategic consulting are expected to drive demand for skilled professionals. Amidst these trends, the concept of fractional hiring is set to gain traction, offering a flexible approach to leveraging specialized expertise.

Sekhar Garisa, CEO of Foundit, emphasizes the transition to a growth era, highlighting the importance of investing in technologies, sustainability, and strategic guidance. He also underscores the irreplaceable value of the human touch in a tech-driven world, advocating for upskilling and inclusivity.

In conclusion, as the job market evolves, platforms like Probz.ai, an AI-powered insights collection platform, play a crucial role in gathering qualitative and quantitative data to inform talent strategies. By leveraging such technologies, companies can stay ahead in the competitive landscape, ensuring they attract and retain top talent.

Tags:
Marketing
Development
HR & Recruiting
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Dheeraj Kumar

data specialist

Archit has been working in the field of data science since 2018. He has worked with various clients in the field of healthcare, education, and finance. He has worked with various clients in the field of healthcare, education, and finance. He has worked with various clients in the field of healthcare, education, and finance.

Member since Mar 15, 2021

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