Job market trends in India: 2023
Looking through the pink glass, the pandemic has revolutionized the job market. From remote working to flexible working hours, the pandemic brought fresh air to the working class. Although many employees were left stranded in the pandemic, many more experienced the renowned work freedom. The freedom to work from home, anywhere in the world, as per convenience, was the most liberating feeling for every employee. But what they say about freedom is true.
The layoffs in the past three years have changed the market dynamics. Most of us would be familiar with someone who has faced the wrath of job cuts, either due to the pandemic or now due to the upcoming global recession. So far, just in January, more than 55000 people have been shunted-off globally. Big-tech giants have laid-off employees like a seahorse would lay eggs.
So, what are the new market trends now? What kind of job and job criteria is in demand in 2023? Let us have a look.
Dynamic shift: work-from-office to work-from-home:
In US, FlexJobs' Career Pulse Survey (conducted between July and August 2022) revealed that more than 65 percent of the employees preferred to work remotely over working from the office. But delving into the statistics from India, more than 87 percent of surveyors voted in favour of remote working. That indicates the gradual shift in market dynamics.
However, with the shifting focus on remote working, duping scams are also rising. Recently, over 30k people have been scammed in the light of remote working in India. This 200 Crore scam was Chinese and Dubai-based, which lured people into allegedly working for major e-commerce sites in India.
Writing is the most desired career:
Financial services company Remitly published data based on the nation wise Google search on “How to be a….” between October 2021 to October 2022. The data aimed at “finding the dream job” for a particular country, and the results were shocking.
In India, which holds the highest number of engineers and engineering institutes worldwide, becoming a writer was the first preference in more than 800,000 search results. The same results were drawn out in South Africa and New Zealand too.
Double-digit hikes might come back in 2023:
As per Korn ferry’s latest compensation survey, India will lead the salary hike trend in the entire Asia-Pacific region, with a salary hike of 9.8% in 2023. India is followed by Vietnam, which can expect a hike of around 7% in 2023.
In sectors such as medical science and data technology, a salary hike of 12 per cent and 10 per cent is expected, with top talent might get as high as 15 per cent hike this year, the report articulated.
Jobs in government sector:
Nitish Kumar-led Bihar Government is planning to hire young talent in the government. Phagu Chauhan, state governor, on republic day, announced that Bihar is working to create around ten lakh jobs in the government sector and another ten lakh job opportunities in other sectors.
To firm the claim, Chauhan also mentioned that more than 25k recruits had been taken under the wings in the past five months in Bihar.
Similarly, Assam CM Himanta Biswa Sarma handed over 1200 appointment letters. However, the jobs were given on compensatory grounds for police personnel killed since 1988.
Job openings in Private firms:
While many companies are busy shunting-off employees, “Zomato” has announced over 800 job vacancies. Similarly, an educational technology company founded in 2014, “PhysicsWallah”, on 30th January, plans to hire over 2,500 people to expand its course delivery services.
With the gradual shift towards flexible working, people must opt for remote jobs with utmost care. Also, the job market is expected to flourish, so sit tight; the better is yet to come. In the meantime, work on polishing your skills.