Naukri’s Hiring Outlook Survey: Positive Hiring Signals, Salary Growth Tread Carefully
Naukri.com’s comprehensive bi-annual Hiring Outlook Survey, which involved insights from 1200 recruiters and recruitment consultants, has unveiled a wave of optimism regarding the hiring landscape for the latter half of 2023. The survey’s findings shed light on encouraging trends that are likely to shape the hiring market in the coming months.
The survey revealed a striking 92% of participating recruiters expressing a sense of optimism about the hiring climate for the next six months. This strong sentiment suggests that a variety of hiring activities, including new job openings and replacements, are expected to be active during this period. Among respondents, 47% predicted a combination of new hires and replacements, 26% anticipated solely new positions, and 20% indicated intentions to maintain their current workforce size. Remarkably, only 4% foresaw the possibility of layoffs or downsizing between July and December 2023. Key Roles in Demand:
The survey emphasized the significant roles that will be in demand over the next six months. Business Development, Marketing, and Operations positions are poised to be at the forefront of recruitment activities. Additionally, mid-experience professionals are expected to continue to be highly sought after, followed closely by entry-level candidates.
Recruiters expressed confidence in the stabilization of attrition rates in the near future. Nearly 70% of respondents predicted attrition to remain below the 15% threshold over the next six months. A small fraction of those surveyed foresaw attrition rates exceeding 40%. These projections suggest that employees are inclined to maintain their current positions amidst ongoing job market uncertainties. The roles most prone to attrition include Business Development, Marketing, Operations, HR, and mid-level experience positions.
Moderate Increment Trends:
The survey highlighted a cautious approach to salary increments among recruiters. Around 42% reported increments of less than 10% during the latest appraisal cycle, while 31% indicated increments ranging from 10% to 15%. Only 6% noted increments exceeding 30%.
Campus Hiring Insights:
In terms of campus hiring, 36% of recruiters expect plans to proceed as initially intended, while 11% anticipate a surge in campus hiring over the next six months. However, a significant portion (39%) expects campus hiring to be put on hold.
Positive Outlook for H2 2023:
Pawan Goyal, Chief Business Officer at Naukri.com, commented on the survey’s results, stating, “With 92% of recruiters anticipating heightened hiring activity and more than half expecting a return to normal hiring practices, the Hiring Outlook Survey paints a positive picture for white-collar hiring in the latter half of 2023.” The survey’s positive findings provide hope for both job seekers and employers as they navigate the second half of the year.