Wednesday, 09 Oct, 2024
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In July, white-collar hiring in India rose by 12% compared to the previous year, with most sectors experiencing strong double-digit growth. Within this trend, hiring in the power and energy sector increased by 9.01% in the first half of the current financial year (H1FY25) compared to the same period last year.
India's job market in 2024 presents a complex and evolving landscape, shaped by a diverse array of sectors ranging from the expansive government apparatus to the rapidly expanding IT industry. Key stakeholders, including the Indian government, leading IT service firms, and major conglomerates, together account for the employment of approximately 70 lakh individuals.
White-collar hiring activity in India saw a 12 per cent increase in July compared to the same period last year, with most sectors reporting strong double-digit growth. The Naukri JobSpeak Index, published on August 1, recorded 2,877 job postings in July 2024, up from 2,573 in the same month the previous year, reflecting this year-on-year growth.
According to a recent report, hiring activity in India's power and energy sector rose by 9.01 per cent in the first half of the current financial year (H1FY25) compared to the same period last year. This increase highlights the sector's vital role in supporting India's ambitious target of achieving net-zero emissions by 2070. The TeamLease Services' Employment Outlook Report for H1FY25 identifies this net employment growth as a significant indicator of India's shift towards a low-carbon future, spurred by substantial government initiatives.
The report, covering employment trends from April to September 2024-25, is based on a survey of 1,417 employers across 23 industries. Within the power and energy sector, Delhi ranks highest for existing job locations at 56 per cent, followed by Bengaluru at 53 per cent and Mumbai at 52 per cent. For new job locations, Jaipur leads with 14 per cent, while Bengaluru, Chennai, and Vadodara each account for 13 per cent.
Top conglomerates such as Adani, Vedanta, Aditya Birla Group, and Larsen & Toubro (L&T) have experienced notable employee turnover rates, with many reporting double-digit figures for FY24. In response to the rising attrition, these companies are implementing strategies like increased salary increments, electric vehicle (EV) car schemes, and employee stock ownership plans (ESOPs) to retain talent. For instance, Adani Enterprises, which spans diverse sectors including coal and airports, reported a turnover rate of 15.9 per cent for FY24, up from 13.57 per cent in FY23 and 13.26 per cent in FY22, according to a report published in the Business Standard.
Vedanta Ltd experienced a nearly 14 per cent increase in employee turnover for FY24, rising from 12 per cent the previous year. However, a company spokesperson pointed out that this figure remains below the 16 percent recorded in FY22, thanks to recent measures taken by the company.
Kartik Narayan, CEO (staffing) at TeamLease, a staffing solutions firm, told the business daily that the core sector faces a substantial gap between the demand and supply of skilled labour. Many large conglomerates are undergoing significant expansions and achieving record-high order books or production figures, which is driving the heightened need for skilled workers.
More importantly, companies are progressively offering new-age benefits to attract and retain talent, recognising that a high salary alone is not sufficient. Benefits now include support for self-development, flexible work arrangements, and health insurance for siblings, among other offerings.
L&T's—India's largest engineering and construction conglomerate—employee turnover rate for FY24 stood at 11.7 per cent, marking a decline from the previous two fiscal years but remaining in double digits. As of June, the company boasts its highest-ever outstanding order book, valued at Rs 4.90 lakh crore. To address turnover and enhance employee satisfaction, the Mumbai-based conglomerate has adopted a new strategy that includes implementing an EV car scheme, offering flexible leave options, advancing education programmes, and launching targeted initiatives for specific employee groups.
Large organisations such as L&T, Vedanta Group, P&G, and Castrol have significantly increased their investments in employee skill development, with annual learning and development budgets rising by up to 100 per cent in some cases.
Aditya Birla Group-owned Grasim Industries reported a 12 per cent employment growth rate for FY24, a decrease from the 14 per cent recorded in the previous year.
Billionaire Mukesh Ambani-controlled Reliance Industries Ltd (RIL) has experienced a doubledigit employee turnover rate, reporting a 13 per cent turnover for the FY24. This figure marks an increase from the previous two financial years. The company's workforce includes employees from its operations in the retail and telecom sectors.
