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Top talent trends and industries in India 2024

Future Of Work
Industry Resources & Trends
CXC Global9 min read
CXC GlobalApril 16, 2024
CXC Global

In 2024, India’s job market will undergo a significant transformation driven by new technologies, a growing young workforce, and changing attitudes towards work. As a result, the nature of jobs will evolve, with some roles becoming more prominent while others become less relevant. Additionally, young professionals seek more than just getting paid; they want flexibility, growth opportunities, and a healthy work-life balance.

These shifts make companies rethink how they hire, work, and keep their employees happy. This new direction is creating exciting job opportunities and challenges for everyone involved.

Whether you’re looking for a job in India or a boss trying to keep up with the times, stick around. This article will dive into the Indian talent trends in 2024 so you can stay ahead of the curve and succeed in finding a job or hiring the right people. We’ll break down the key changes, the skills in demand, and the growing industries so you can make smart moves in this fast-changing job market.

Exploring the top talent trends in India for 2024 is important for anyone looking to navigate the evolving job market, whether seeking new opportunities or aiming to recruit the best talent. Let’s unpack the top trends in this section.

The ascendance of skill-based hiring

One notable shift is the move toward skill-based hiring, reflecting a global trend where skills and experience are valued over traditional academic qualifications. This approach is gaining traction as companies recognise the limitations of relying solely on degrees, with 76% of employers seeing skills-based hiring as a gateway to accessing a richer talent pool.

In India, this trend is gaining momentum across various sectors, including IT, healthcare, and finance, due to its ability to match businesses’ dynamic needs with the right talent. 50% of recruiters in India are already using skills to search for candidates.

The shift is happening because companies realise that removing degree requirements from job listings can create opportunities for skilled people who may not have traditional qualifications. This also matches the changing needs of modern industries where adaptability and specific skills are more important than degrees.

By focusing on what people can do, rather than just their educational background, companies are seeing better results, keeping employees longer, and creating a more diverse and inclusive workplace. This puts India at the leading edge of a worldwide move towards hiring practices that are more flexible and focused on skills.

The gig economy at the forefront

The gig economy’s growth in India is reshaping the job market, especially as younger workers lean into freelance and contract gigs for flexibility. This diverse sector includes jobs ranging from delivery personnel and ride-hailing drivers to freelance professionals and digital marketers, offering flexibility, independence, and access to opportunities, particularly for women and entry-level workers.

This shift underscores a workforce that values freedom and variety over the traditional 9-to-5 grind. Currently, the gig economy employs around 3 million people, expected to skyrocket to 25 million by 2030, growing at a compound annual rate of 12%. 

For companies, adapting to the gig economy means rethinking recruitment and work arrangements to attract this new wave of talent seeking non-traditional roles. That’s especially true since embracing the gig economy gives businesses plenty of benefits, such as access to diverse skills and innovative perspectives, essential for agility and growth in today’s fast-paced market.

The metaverse integration into the workplace

70% of businesses in India already plan to integrate the metaverse into company activities. That’s because the Metaverse is seen as a transformative technology that can enable innovative ways for organisations to engage not just with customers but also with their employees. Instead of traditional interviews, companies can now conduct virtual meetups or immersive job trials that give the employer and candidate a deeper insight into the job fit. 

The Metaverse is revolutionising onboarding and remote collaboration. New hires can explore virtual offices, meet teammates engagingly, and learn through interactive simulations, fostering a stronger sense of connection and understanding. Teams can work together in virtual spaces that mimic real offices, making interactions more natural and less constrained. This shared environment enhances creativity and community, allowing for seamless brainstorming, prototyping, and more.

Accenture in India is an example of such a company that does all these, already using the Metaverse in recruiting, meetings, training sessions, and team collaborations.  The integration of the Metaverse into the Indian workplace is expected to accelerate, driven by the enthusiasm of business leaders and the potential of this emerging technology.

Prioritising employee well-being and mental Health

In India, companies are stepping up their game in supporting employee well-being and mental health, recognising its importance in attracting and keeping good people. For example, Tata Consultancy Services (TCS) has introduced flexible work policies and wellness apps to help employees manage stress and maintain a healthy work-life balance. Netcore Cloud, the MarTech and SaaS company, has collaborated with ICICI Lombard’s “IL Take Care App” to offer its employees round-the-clock access to therapists, demonstrating its commitment to year-round mental health support.

These initiatives reflect a growing recognition among Indian companies that taking care of employees’ mental health and ensuring a balanced work-life is not just good ethics but good business. By doing these, companies are not only enhancing their attractiveness as employers. Still, they are also setting a standard for the industry, showing that success and well-being can go hand in hand.

Leading industries poised for growth in India in 2024

As we navigate through India’s job market transformations, it’s essential to spotlight the industries poised for growth in 2024. These sectors are not just adapting to the changes; they’re leading the charge, offering new opportunities for professionals, and setting the pace for economic development. Let’s dive into the industries set to impact significantly in the coming year.

Technology sector: the digital transformation engine

Despite global economic challenges, India’s technology sector is poised to continue its growth in 2024. The industry’s revenue is expected to hit $253.9 billion, growing at 3.8%, a noticeable slowdown from the 8.4% growth in the prior year. This deceleration is linked to reduced technology spending, slower client decision-making, and overall global economic uncertainties.

Demand within the sector is also shifting. While software exports might grow by 3.3%, the domestic market is expected to surge ahead with a 5.9% growth rate. Growth areas are emerging in IT services, business process management, and engineering R&D, fueled by expanding global capability centres and widespread digital transformation efforts. 

Additionally, despite a slowdown in job creation, with an expected addition of 60,000 net new jobs compared to the previous year’s 290,000, there’s a strong emphasis on upskilling and reskilling the workforce in critical areas like AI, cloud computing, data analytics, and cybersecurity.

New tech like AI, machine learning, and generative AI are driving growth in the tech sector. More companies are using these tools to boost productivity and efficiency in finance, healthcare, manufacturing, and more. The government’s push for digital initiatives, chip-making, and data centers is also helping create a strong foundation for the tech industry to grow. 

In short, the long-term outlook for India’s technology sector remains positive; with a high demand for tech skills across industries, the embrace of digital transformation continues.

Fintech: revolutionising financial services

India’s fintech scene is transforming financial services, and a significant digital shift marks this. Expected to grow at a rate of 30% during 2022 and 2030, this boom is fueled by the rise of mobile payments, digital loans, insurance tech, and online investment platforms. This rapid adoption creates a huge demand for professionals with data science, AI, and cybersecurity expertise as fintech firms seek to innovate and secure their services.

Yet, with this fast growth comes regulatory hurdles. Thankfully, fintech firms and policymakers are working collaboratively to address data privacy and cybersecurity issues and to integrate fintech with the traditional financial system. That means the fintech revolution in India is set to keep rolling, boosting the demand for skilled tech professionals in the financial sector.

Healthcare and wellness: a focus on holistic health

India’s healthcare and wellness sector is on an upward trajectory, fueled by a shift in how people view health and well-being. The aftermath of the COVID-19 pandemic has left a lasting impact, making individuals more mindful of their lifestyle choices, from the food they eat to the wellness services they seek. This heightened health consciousness drives demand for products and services promoting better health and immunity.

The sector is also moving from a traditional illness-focused model to one that values preventive care and holistic health. This change is seeing a rise in holistic wellness practices, such as sound bathing and wellness retreats, reflecting a broader understanding of mental and physical health. Supporting this shift, government initiatives like Ayushman Bharat and the Fit India movement, along with partnerships between the public sector and industry players, are making health and wellness more accessible, especially in underserved areas.

Moreover, the push for innovation and digital solutions in healthcare opens doors for new entrepreneurial ventures, leading to more job opportunities. Technology is at the heart of transforming healthcare delivery from telemedicine to digital health platforms and low-cost medical devices. This evolution presents a promising landscape for professionals and entrepreneurs, offering numerous paths to contribute to India’s holistic health and wellness journey.

Artificial Intelligence: shaping the future

The Indian government sees the potential of artificial intelligence (AI) and is encouraging its use nationwide. This has led to a boom in AI startups, especially in tech hubs like Bengaluru and Hyderabad, where new AI solutions are being created quickly.

At the same time, established companies in sectors like IT, healthcare, e-commerce, finance, and automotive are increasingly using AI to improve their operations and customer experiences. From personalised online shopping recommendations to catching banking fraud, AI is driving efficiency and innovation everywhere.

To support this growth, schools are investing heavily in AI research and training programs to ensure there are enough skilled professionals to meet the growing demand for AI specialists. 94% of companies in India plan to train their employees this year to keep up with AI’s huge impact.

As AI continues to change every part of business and society, the need for talented AI professionals is skyrocketing. With the right mix of government support, industry adoption, and educational efforts, India is set to become a world leader in the AI revolution.

Leadership in the digital age

Digital transformation has become a must for companies in India that want to stay ahead of the game. This means a growing need for digital transformation leaders who can guide their organisations through these digital changes and drive innovation.

These leaders should be forward-thinking, able to see how digital innovations can change their business in the future, and empower their employees to try new things and be creative. They must also be comfortable taking smart risks, creating a culture of experimentation, and learning from mistakes. Effective communication is key – they need to clearly explain the vision and benefits of digital transformation to their employees, address worries, involve staff, and provide the necessary training and support.

Digital transformation often means breaking down walls between departments in Indian companies. Strong leaders build partnerships with people from different teams to ensure everyone is on the same page about digital goals and to fill any skill gaps. With these important leadership qualities, executives in India can successfully steer their companies through the challenges of the digital age and set their organisations up for long-term success.

Preparing for India’s employment landscape in 2024

As India’s job market evolves, it’s essential to stay on top of emerging trends and growing industries. Skills are becoming more valuable than degrees, with tech, fintech, and healthcare sectors experiencing significant growth. To succeed, job seekers must prioritise continuous learning and adaptability, focusing on acquiring new skills, particularly in AI and digital services, and embracing flexible work arrangements.

Adaptability isn’t only for individuals looking for work, though. Companies should prioritise employee satisfaction and support their teams in learning and development, which will help attract top talent. Leveraging new technologies to enhance work processes and efficiency will also provide a significant advantage.

The message for everyone in India’s job market in 2024 is to remain curious, embrace change, and plan ahead. Being proactive about learning and flexible in work or management approaches will help individuals and companies thrive in this rapidly evolving job landscape.

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