According to the latest insights published by Mercer | Mettl, many companies had to resort to layoffs in 2023 to improve financial performance. Despite this trend, the majority of the mid-size companies held their ground and implemented minimal reductions in hiring with 81% of companies reporting zero layoffs.
Most companies that implemented layoffs were from the IT services, computer software and financial services sector, and they will continue to remain cautious in the future.
Also Read: AI Impact On Jobs: Nearly 40% Of Global Employment Could Be Disrupted By AI, Says IMF
Based on survey data of 1500+ HR leaders in more than 20 industries across India, the Mercer | Mettl report anticipated trends that will reshape hiring strategies, providing organisations with the foresight to proactively adapt to forthcoming changes.
Key findings of the report;
The report stated that 22% of Indian companies implemented layoffs in the past year, as against a global average of 32%.
However, 77% of HR leaders believe that rehiring top talent is an effective way to regain institutional knowledge.
The evolution of remote & flexible work models and the rise of gig economies continue to be key trends among India recruiters with 74% of HRs stating that they continue to hire freelancers and 58% reported hiring remote workers in the past year.
AI Impact
HR leaders also predict that proficiency in generative AI will be the most sought-after skill in 2024. AI and automation will continue to influence job roles across industries.
Content writer and customer service job profiles are at the highest risk of obsolesce with 51% and 46% of HRs respectively believing that these jobs are likely to be replaced by AI.
The demand for AI-centred job roles such as machine learning engineer and AI product engineer is expected to surge.
Siddhartha Gupta, CEO, Mercer | Mettl, said, “As we navigate through an era where skills are becoming redundant at an unprecedented pace, empowering the workforce is key. Companies need to embrace inclusivity as a mindset now more than ever to better understand their workforce and plan effectively for the future.”
2024 Outlook
Moving into 2024, organisations are predicted to focus further on skills. Inclusive hiring will be the top diversity, equity, and inclusion (DEI) priority with 68% companies prioritising equal opportunities for all genders as they plan talent acquisition strategies for the coming years.
The report underlined that the future of work is shaping up as we speak. Forward-thinking organisations are leading the way by creating a work design that defines how people interact with AI and leverage it to their advantage.
Organisations will cater to the workforce’s needs by ensuring work-life balance, promoting, and providing opportunities to upskill them regularly and facilitating financial incentives. This year will set the trend for how Workforce 2.0 develops superior skills and an open mindset to embrace AI making 2024 the watershed year that defines the future of work for good.
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