19, May 2023
77% of India Inc. predicts hiring trends to comprise of both replacement hiring and new position hiring in FY 2023-24
India,19th May 2023In view of the current constantly evolving market scenario, India’s leading integrated human resource solutions organization, Genius Consultants Ltd. conducted a survey to evaluate trends predicted in Hiring, Compensation and Attrition for the fiscal year 2023-24.
77% of India Inc. predicts hiring trends to comprise of both replacement hiring and new position hiring in FY 2023-24. The South and West of India will predictively have maximum hiring ratios in this financial year, as specified by 33.30% of participants. The prime focus for experience levels during hiring is agreed by 36.06% to be 4 to 7 years on an average. Merely 9% of individuals deem that employees with 13 years and above experience are top candidates while hiring.
According to this research survey, a majority of 70% participants believe that equal hiring of male and female candidates will be preferred by their organization. 27% maintain that male candidates will be chosen over female and 3% vice versa. The projected increase in manpower strength has been noted to be 15% and above by 36.20% participants. On the contrary, 27.30% partakers are of the opinion that there will be no increase in the same.
Maximum of survey contributors hold that job portals will be the most prioritized candidate sourcing avenue while hiring this year. This is backed by AI technology-based apps and websites, campus hiring and consultants. Correspondingly, candidates who hold an MBA degree will be prioritized by the companies of 41.50% survey participants. IT, Electrical and automation engineering candidates follow next in order.
The survey findings reveal lower attrition rates. 50% of participants indicated that the anticipated level of attrition for their organization for this year would be less than 5%, whilst 40% consider it to be between 5-10%. However, it is noted that 84% of participants agreed on junior employees being the most susceptible to attrition and a mere 11% of senior employees encounter the same.
The widespread survey also observed that 63.60% individuals regard background verification checks for filling up key positions in their organization as extremely crucial, and the remaining 36.40% suggested that it is of moderate importance. The maximum attrition ratio is foreseeable in South India by 44.40% individuals, while 22.20% project North and West zones, respectively to have these highest ratios. Similarly, barely 11.20% participants suppose the East of the country will have ultimate ratios.
Another key aspect reflected in the survey is based on the levels of employees who will experience higher increment ranges for their organization. 57.80% of people are of the view that mid-level employees will benefit the most with increments. On the other hand, only 21.10% are convinced that senior and junior level employees will receive significant increments.
For FY 23-34, the projected range of increment for one’s company is believed by 54.50% of participants to be between 5-7%. The West of India will witness the highest increment ratio, as expected by 36.40% people. This will be followed by the South, North and East zones.
Commenting on the survey, Mr. R P Yadav, Chairman and Managing Director, Genius Consultants Ltd said, “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 organizational structures have contributed majorly to employee retention. The overall market condition is favorable and as a result, the Indian job market will remarkably improve as organizations strive for the most qualified candidates.”
The survey was floated from 12th March to 15th April 2023. Its Statistics are based on the feedback received from all sectors through Direct Mails to all Clients & Senior Dignitaries, Google Free Sites (Survey Monkey, Type form, Google forms, etc.) and LinkedIn Direct Messaging to Senior Dignitaries & CXO Levels of Organizations.