Compared to the global average of 32%, 22% of Indian companies cut jobs in 2023: report
The most recent findings from Mercer | Mettl state that in order to boost financial performance in 2023, many businesses were forced to implement layoffs. Despite this tendency, most mid-size businesses maintained their position and only slightly reduced hiring; 81% of businesses reported no layoffs.
The majority of organizations that imposed layoffs belonged to the financial services, computer software, and IT services sectors, and they will likely continue to exercise caution going forward.
The Mercer | Mettl research forecasted trends that would redefine recruiting tactics, giving organizations the foresight to proactively adjust to impending changes, based on survey data of 1500+ HR executives in more than 20 sectors across India.
principal conclusions of the report;
According to the research, 22% of Indian enterprises had laid off employees in the previous year, compared to a 32% worldwide average.
Rehiring top people, however, is seen by 77% of HR directors as a successful strategy for regaining institutional expertise.
Gig economies and the development of flexible and remote work models are major trends for Indian recruiters; 74% of HR professionals said they still employ freelancers, and 58% said they hired remote workers in the previous year.
Impact of AI
According to HR executives, mastery of generative AI will rank as the most in-demand competency in 2024. Automation and AI will keep changing the nature of jobs in many sectors.
The job profiles most at danger of obsolescence are those of content writers and customer service representatives, with 51% and 46% of HR professionals, respectively, thinking that AI will replace these positions.
It is anticipated that demand for AI-focused jobs such as machine learning engineer and AI product engineer would soar.
“As we navigate through an era where skills are becoming redundant at an unprecedented pace, empowering the workforce is key,” said Siddhartha Gupta, CEO of Mercer | Mettl. More than ever, businesses must adopt an inclusive approach in order to better understand their staff and make future plans.
2024 Prospects
Organizations are expected to place an even greater emphasis on skills in 2024. As talent acquisition plans for the next years are being planned, 68% of organizations prioritize equitable opportunity for both genders, making inclusive recruiting the top DEI priority.
The paper emphasized that work is changing rapidly in the future. Innovative companies are setting the standard by developing a work design that outlines how humans engage with AI and take use of it.
Employers will address the demands of their workers by promoting and offering chances for frequent upskilling, permitting financial incentives, and maintaining a work-life balance. In terms of developing superior abilities and an open attitude to welcome AI, this year will establish the precedent for Workforce 2.0, making 2024 the pivotal year that permanently determines the nature of work in the future.
