77% firms predict to have both replacements, new position hirings: Report

Around 77 per cent of Indian companies interviewed expect hiring to include both replacements as well as new positions in 2023-24, a report said on Monday.

According to a report by Kolkata-headquartered HR solutions provider Genius Consultants, southern and western regions will predictively have maximum hiring ratios in this financial year, as specified by 33.30 per cent of participants, said the report.

The prime focus for experience levels during hiring is agreed by 36.06 per cent to be four to seven years on average, it said.

Merely 9 per cent of individuals deem that employees with 13 years and above experience are top candidates while hiring, it added.

The report is based on an online survey of 2,100 company executives and HR professionals from March 12 till April 15, across sectors including banking and finance, construction and engineering, education/teaching/training, FMCG, hospitality, HR solutions, IT, ITES and BPO, logistics, manufacturing, media, oil and gas, pharma and medical, power and energy, real estate, retail, telecom, auto and ancillary.

Further, the report revealed that a maximum of respondents said job portals will be the most prioritised candidate sourcing avenue for hiring this year followed by AI (artificial intelligence) technology-based apps and websites, campus hiring and consultants.

Meanwhile, 63.6 per cent of individuals regarded background verification checks for filling up key positions in their organisation as extremely crucial, and the remaining 36.4 per cent suggested that it is of moderate importance, it said.

On increment, the report noted that 57.8 per cent of people are of the view that mid-level employees will benefit the most with increments.

On the other hand, only 21.1 per cent of respondents were convinced that senior and junior level employees will receive significant increments, it said.

"Substantial changes in work cultures have played a major role in lowering attrition rates. This implies that factors such as flexible working hours, standard increments, appreciation of work and flat organisational structures have contributed majorly to employee retention. The overall market condition is favourable and as a result, the Indian job market will remarkably improve as organisations strive for the most qualified candidates, Genius Consultants Chairman and Managing Director R P Yadav added.