Despite economic headwinds and mass layoffs during the period between April and June 2023, 61% of employers engaged in hiring activity during that time period, according to Indeed.
During the survey, conducted by Valuvox, a research and analytics company, 1,109 employers and 2,517 job seekers and employees were surveyed. Responses were categorized by city, organization size (large, medium, small), and sector.
The IT sector remains in demand
It remains the top choice (18%) for employees in Q2 2023. IT remains the most sought-after industry in terms of employment.
The sector’s continuous evolution creates new opportunities for skilled professionals. Production/manufacturing (17%), sales (15%), and marketing (13%) follow closely.
Soft skills are in demand by employers
The need for specific skill sets is being stressed by both employers and employees. The demand for these skills has increased for both groups. Besides technical expertise, employers increasingly value soft skills like communication, critical thinking, and problem-solving. To thrive in today’s dynamic, ever-changing workplace, employees must have these skills.
In the IT sector, there is a clear demand for specific skill sets. Tech and soft skills will continue to play a significant role to navigate the digital boom, according to Sashi Kumar, Head of Sales, Indeed India.
Competition increases as a result of layoffs
Layoffs have significantly affected the job market, with 62% of surveyed employees reporting their own job losses or witnessing them among others.
As a result, job seekers face increased competition for employment opportunities and financial uncertainty.
Recent graduates face a tough job market-layoffs
A scarcity of job openings (41%) and changing skill requirements (11%) are major challenges faced by recent graduates in the white-collar job market, according to 71% of employers. There has been a 5% increase in recent graduate hiring (28%) compared to the previous quarter, suggesting a positive trend.
In India, the job market landscape isn’t uniform. Opportunities vary from region to region, as do the skills in demand. For new graduates, major metropolitan areas like Kolkata (50%), Chennai (46%), and Delhi/NCR (45%) are experiencing a shortage of job opportunities. The demand for recent graduates is high in non-metropolitan cities and emerging tech hubs like Hyderabad (37%) and Pune (39%).
Let’s proceed
Currently, Indian white-collar jobs have a mixed outlook. In addition to the growing demand for tech-related skills, discussions about the future of work (including hybrid models and remote vs. office work) and a strong emphasis on continuous learning are among the key trends.
Job seekers should focus on improving their technical skills, take advantage of remote work opportunities, and continue to improve themselves.
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