Taggd Round-Up 2023: Manufacturing Industry

The hiring sentiment of the Indian manufacturing industry has witnessed an upsurge due the rising prominence of India as a global manufacturing hub and a strong push for localizing production. This 2023 round-up synthesizes key hiring insights, shedding light on prevalent trends and practices in the manufacturing industry in 2023 while also anticipating how the hiring landscape will evolve in 2024.

• Varied hiring modalities: In 2023, permanent roles dominated new hire distribution significantly, followed by third-party onboarding, while campus hiring received the smallest share of 5%.
• Experience matters: The 2023 hiring data for the manufacturing industry indicates that the majority of newly hired professionals were experienced, with 10-20% being freshers. Notably, over one-fourth of talent acquisitions comprised professionals with 1 to 5 years of experience.
• Balanced flexibility: Almosthalf of the workforce adopted a hybrid mode, while the rest worked from the office, with minimal opportunities for remote work.
• Diversity and progression attracting talent: Diversity and talent progression remained attractive factors for candidates joining manufacturing companies. Work culture and clarity about business purposes also significantly impacted their interest.
• Surge in hiring: There is a notable 35% increase in the average annual hiring rate for this year, reflecting a positive and substantial upward trend in industry hiring activities compared to the previous year’s rate of 25%.
• Reliance on recruitment consultancies:Most manufacturing companies depend on top-notch recruitment consultancies for talent acquisition, with 20% anticipated through campus hiring.
• Hiring talent from emerging industrial hubs: The top five cities with the majority of talent pool availability for the specified sector are Pune, Vadodara, Hyderabad, Kolkata, and Bhubaneswar, suggesting a diverse geographical distribution of potential candidates, emphasizing both established metropolitan areas and emerging industrial hubs.
• Retention over hiring: A strategic shift is noted towards prioritizing employee retention over aggressive hiring, with investment in employee development and satisfaction considered essential.
• Innovation in hiring: Continuous growth and hiring are emphasized, with a focus on unconventional thinking to foster innovative outcomes. Integrity, ethical conduct, and credibility are prioritized in the hiring process.
• AI’s impact on employment: Companies have acknowledged AI’s impact on employment, with some roles focused on developing AI, while others involve adopting and integrating AI technologies.

“With the integration of AI and the emergence of numerous new skills, it is important to reflect on our strengths, determine our place, and accordingly upskill ourselves “- Piyanki Biswas, Senior Customer Service Manager, Honeywell.

• Digitization and sustainability:Recognition of sustainable product development is pivotal for engineers’ career growth as manufacturing companies have started prioritizing sustainability, emphasizing environmentally conscious practices. The industry actively embraces digitization and technological advancements aligned with environmental responsibility.

Read Now: How Taggd Helped Set-Up a Financial Shared Service for a Fortune 100 Engineering Automation Giant

• With an anticipation of rising demand for engineers across various roles, including project execution, technical sales, marketing, and communication, the role of engineers is diversifying beyond traditional technical roles.
• A slight rise is projected in third-party, contractual, and campus hiring in 2024, in comparison to permanent roles, which are estimated to decrease by 2-4%.
• Hiring of freshers is expected to rise by close to 3%.
• Hybrid working opportunities are envisioned to comprise nearly 50% of the workforce without any significant variation.
• With increased focus on retention, a fall is expected in the average annual hiring.
• Learning agility and adaptability to evolving technologies are anticipated to remain highly valued attributes, reflecting the industry’s commitment to staying at the forefront of advancements.
• The growing importance of AI is expected to expand into various domains, influencing not only technical roles but also organizational processes and customer interactions.
• Sustainability and digitization trends are projected to consolidate, with an increased focus on embedding these practices into the core of business operations.
• Anticipation of India maintaining its pivotal role in global technology and engineering, leading to an increased demand for skilled professionals.

The manufacturing industry is undergoing a transformative shift– integrating highly-complex technologies into its operations while also taking concrete steps towards sustainability. Heading into 2024, the emphasis on adaptability, innovation, and ethical business practices is poised to shape the future of manufacturing employment.

Taggd can help you traverse this dynamic journey and recruit a workforce built for the future with its data-driven processes and a vast talent pool of skilled talent across India. To discuss your hiring requirements in greater detail, kindly consider scheduling a complimentary consultation call with our team of hiring experts by writing to us at contact@taggd.in.

We look forward to a conversation with you!