White collar hiring strong in Q2 but freshers have a problem

• Most employers (71%) consider the current white-collar job market tough for recent graduates, with limited opportunities as a major concern.
  
• Alongside technical expertise, employers are increasingly valuing soft skills like communication, critical thinking, and problem-solving.
  
• To succeed job seekers should focus on enhancing their technical skills, embrace remote work opportunities, and commit to ongoing self-improvement.
  

The period from April to June 2023 was marked by economic headwinds and mass layoffs but even then 61% employers engaged in hiring activity during that period, as revealed by Indeed, a hiring platform.

The survey, conducted by Valuvox, a research and analytics company, involved 1,109 employers and 2,517 job seekers and employees. Respondents were categorised by city, organisation size (large, medium, small), and sector for analysis.

IT sector stays in demand

The IT sector stands out as the most sought-after industry in terms of employment. It remains resilient and maintains its status as the top choice (18%) for employees in Q2 2023.

This robust demand can be attributed to the sector's continuous evolution, which opens up new opportunities for skilled professionals. Following closely are production/manufacturing (17%), sales (15%), and marketing (13%) as other preferred areas of work.

Employers looking for employees with soft skills

Both employees and employers are emphasising the need for specific skill sets. Both groups have observed a growing demand for these skills. Alongside technical expertise, employers are increasingly valuing soft skills like communication, critical thinking, and problem-solving. These skills are crucial for employees to thrive in the modern dynamic and ever-changing workplace.

Says Sashi Kumar, Head of Sales, Indeed India, “The IT sector remains strong, and 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.”

Layoffs lead to increased competition

The job market has been significantly affected by layoffs, with 62% of surveyed employees reporting personal job losses or witnessing them among their colleagues.

This has resulted in heightened competition for employment opportunities and increased financial uncertainty for job seekers.

Job market tough for recent graduates

Most employers (71%) consider the current white-collar job market tough for recent graduates, with limited opportunities as a major concern. Key challenges include a scarcity of job openings (41%) and changing skill requirements (11%). Nevertheless, there's a 5% rise in employers (28%) hiring recent graduates compared to the previous quarter, hinting at a potential positive trend ahead.

It's worth noting that the job market landscape isn't uniform across India. Opportunities vary by region, and the specific skills in demand also differ. Major metropolitan areas like Kolkata (50%), Chennai (46%), and Delhi/NCR (45%) are facing shortages in job openings for fresh graduates. In contrast, non-metro cities and emerging tech hubs like Hyderabad (37%) and Pune (39%) are witnessing a high demand for recent graduates.

Going ahead…

The white-collar job market in India presents a mixed outlook for the near future. Key trends include a growing demand for tech-related skills, increased discussions about the future of work (such as hybrid models and remote vs. office work), and a strong emphasis on continuous learning.

To succeed in this evolving landscape, job seekers should focus on enhancing their technical skills, embrace remote work opportunities, and commit to ongoing self-improvement.