Bhubaneswar: India's job market in 2024 experienced a dynamic shift, characterized by significant layoffs in certain sectors, coupled with robust hiring in others. This article delves into the layoff statistics, current market conditions, and sectors witnessing increased job opportunities.
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Layoffs in 2024: A Sectoral Overview
The year 2024 saw notable layoffs in specific industries. The IT sector, particularly in software services, faced challenges due to global economic pressures, leading to a 17% decline in hiring in the first quarter. However, the sector rebounded with a 12% growth by the third quarter, indicating resilience and adaptability .
Similarly, the manufacturing sector experienced a 6% year-on-year growth, with the auto and auto ancillary segments showing strong recovery, starting at 5% in the second quarter and peaking at 7% in the third quarter .
Current Market Conditions
Despite challenges in certain sectors, the overall job market displayed resilience. The Naukri JobSpeak Index, a key indicator of white-collar hiring activity, closed 2024 on a high note, reaching 2,651 points in December, reflecting a robust 9% year-on-year growth .
This growth was driven by high-skill and strategic roles, with sectors like AI/ML, Oil & Gas, FMCG, and Healthcare leading the charge. AI/ML roles experienced a 36% growth, Oil & Gas saw a 13% increase, FMCG grew by 12%, and Healthcare expanded by 12% .
Sectors with Increased Job Opportunities
Several sectors emerged as hotspots for job seekers in 2024:
AI/ML and Data Science: The demand for AI and machine learning professionals remained strong, with annual growth rates between 14% and 47%. By the third quarter, hiring for machine learning and data-related roles surged by 102% year-on-year .
FMCG: The FMCG sector maintained steady growth, peaking at 20% in the third quarter. Hiring intent for freshers in the FMCG sector rose sharply from 27% in the first half of 2024 to 32% in the second half, driven by deeper penetration into rural and semi-urban markets .
Pharma and Biotech: The pharma and biotech industries continued to thrive, benefiting from sustained healthcare demand. Roles like sales manager and marketing manager remained particularly sought after in these sectors .
Oil & Gas: The oil and gas sector experienced a 21% increase in hiring in February 2024 compared to the same period last year, with maximum hiring for MEP Engineers, Electrical Engineers, and Factory Heads across regions like Ahmedabad, Delhi/NCR, and Mumbai .
Banking and Financial Services: The banking and financial services sector experienced steady growth throughout the year, while the insurance sector recorded a 37% jump in the second quarter, attributed to rising demand for financial security .
