Mumbai, 18th February 2024: TeamLease EdTech, India’s leading learning and employability solutions provider, has released its extensive Career Outlook Report HY1 (January – June 2024), revealing some interesting insights about the job market for freshers. There is an increase of 6% in HY1 of 2024 vs HY1 of 2023 (68% vs 62%) in freshers hiring in India. Additionally, the overall hiring intent for all categories of job seekers has risen marginally to 79.3%. Such sustained growth implies a positive job market in the coming months for freshers.
As per the report, the top three industries with the highest hiring intent for freshers are E-commerce & Technology Start-ups (55%), Engineering & Infrastructure (53%), and Telecommunications (50%). The IT industry sees an overall decrease in the intent to hire freshers compared to COR HY2 2023 (42% in HY1 2024 vs 49% in HY2 2023). Also, sectors like Media & Entertainment have seen a decrease of 3%, while travel & hospitality with a 4% increase (HY1 2024 vs HY2 2023).
Roles such as Graphic Designer, Legal Associate, Chemical Engineer and Digital Marketing Executive are in high demand across industries for freshers. Among cities, Bangalore leads the way with a hiring intent of 69%, followed by Mumbai at 58% and Chennai at 51%. Delhi is at 45%, an increase of 2% from HY2 2023. However, the demand for newer talent currently stands at 68%, a marginal increase of 3% for the current HY1 (Jan-Jun 2024) over HY2 (Jul-Dec 2023).
This time, the report also deep-dives into the impact of GenAI on freshers’ job landscape. It highlights that rather than being replaced outright; jobs are evolving through human-AI collaboration. Crucially, continuous learning and adaptability will be vital as freshers enter an era of continuous technological advancement powered by Generative AI. Roles such as Software Developers, Technical Writers, Legal Assistants, Market Research Analysts, and Graphic Designers are expected to be transformed. Freshers need to proactively upgrade their skills and be open to working alongside Generative AI to remain relevant and harness its potential. The survey covers 526 small, medium, and large companies across 18 industries across India. The coverage is spread across 14 geographical areas [metros, tier-1, & tier-2], reflecting the hiring sentiment.
On the report’s release, Shantanu Rooj, Founder and CEO, TeamLease EdTech, said, “Employers played the conservative card for sometime now; hiring had slowed down amidst global turmoil. However, our recent survey reveals employer confidence in India’s growth story. Organisation are more confident about their future paths, which reflects in their high confidence to recruit fresh talent and strengthen their talent pool.”
Neeti Sharma, Co-Founder and President of TeamLease EdTech, further added, “It’s interesting to see industries like Manufacturing, Engineering & Infrastructure, and Construction & Real Estate prioritizing Apprenticeship to locate the most suitable talents. By proactively hiring degree apprentices, companies can systematically address persistent skill gaps, nurture specialized talent, and strengthen their talent pipelines tailored to precise industry requirements. This bodes well for apprentices as they can ‘learn and earn’ simultaneously, gaining academic knowledge and practical work experience, making them highly employable.”
Focusing on GenAI, Jaideep Kewalramani, Head of Employability Business & COO of TeamLease EdTech, said “As generative AI progressively transforms and reshapes industries, its impact is also reflected in the evolution of job roles and skills demands on freshers entering the workforce. With generative AI automation set to transform workflows, freshers need to be prepared to collaborate effectively with AI systems. Specialized courses equipping students to leverage generative AI tools and technologies can provide new professionals with the requisite knowledge to thrive in this rapidly evolving landscape.”
About TeamLease Edtech
TeamLease EdTech is India’s leading Learning and Employability solution company. It helps universities launch, run and manage their own Online/ODL Programs, improve the employability of their students through its apprenticeship programs and helps employers build talent supply chains along with improving employee productivity. Through its cloud-hosted, mobile-first, managed services platform, TL Edtech provides a wide range of services – enrollment, learning, upskilling, apprenticeships, student support and assessment – helping customers improve access and learning outcomes. TeamLease EdTech has exclusive partnerships with 50 of India’s largest Universities across 16 Indian states, and it trains 6 Lakh students on its platform through 9 Indian languages, works with 900 corporates in their upskilling/skilling initiatives and manages over 200 degree, diploma, certificate programs. With its recent launch of ‘Digivarsity’- India’s first-ever AI-powered student degree and career discovery platform, it aims to impact and empower 10 Lakh students with employability skills over the next five years.
