2024 Half-Year Round-Up: Talent Acquisition Demand and Trends in India’s IT sector

The Indian IT sector is poised for a significant surge in hiring, with tech giants anticipating a 46% increase in recruitment for 2024. This promising trend presents a prime opportunity for IT professionals and job seekers to explore new career prospects and advancements in the industry.

This round-up provides an overview of the key hiring trends, in-demand jobs, and future outlook for the industry.

Here are some current hiring trends shaping the industry:

1. Technology-Enabled HR Practices: Technology-enabled HR practices are increasingly prevalent, with organizations leveraging emerging technologies for talent management. Recruiters are utilizing SaaS applications for employment engagement, workforce planning, and attrition management to streamline and enhance HR functions.
2. Employer Branding: Employer branding is becoming a key focus for organizations as they strive to attract and retain top talent. Companies are investing in building a strong, positive employer brand that highlights their unique culture, values, and employee benefits. This helps create a positive image of companies among potential candidates, thereby increasing job satisfaction, increasing retention rates, and improving productivity.

1. Increasing Use of RPO Services: The increasing use of RPO services reflects a growing trend among organizations seeking to streamline their hiring processes. By partnering with seasoned RPO providers, companies have been able to reduce their time-to-hire by 30-35%.

Also Read:  Recruitment KPIs: How RPO Providers Track, Report, and Improve Them

1. Performance-Based Compensation: Performance-based compensation is gaining traction as IT companies aim to align employee rewards with organizational goals. According to a report published in the Mint, professionals may witness an average salary appraisal of 8.4% to 9% in the current financial year.

Driven by the rise of new technologies, the following roles are currently in high demand:

• AI/Machine Learning Specialist: There is a growing demand for AI/ML specialists to develop algorithms and analytical models for advanced data processing needed to support program management and business development activities.
• Full-Stack Developer: The industry witnessed a 39% growth in the demand for full-stack developers on account of their versatility in handling both front-end as well as back-end tasks.
• Cloud Engineer: The profile remains in demand as companies increasingly migrate to SaaS-based systems which requires robust knowledge of cloud frameworks, solution architecture, and designing.

• Cybersecurity Analyst: To assess cybersecurity risks, identify anomalies indicating malicious threat and develop innovative strategies to defend against rising cyberattacks, the role of cybersecurity analyst is in high demand in the industry.

• The IT spending in India is estimated to reach $124.6 billion in 2024, growing at a rate of 11% year on year.
• According to NASSCOM, the IT industry is expected to hit $350 billion by 2026, contributing 10% to the nation’s GDP.
• The proportion of women in technology roles within global capability centers (GCCs) is poised to rise from 25% to 35% by 2027.
• The Indian GCC market size is expected to expand by 144% to $110 billion by 2030, adding approximately 4 lakh jobs in 2024.

The future of the IT industry has tremendous potential and is expected to surge in the ensuing years. There is a rising demand for specialized talent capable of working with emerging technologies like GenAI, AI, and ML.

At Taggd, we deliver tailored hiring solutions that meet the unique needs of the technology industry. We provide recruitment solutions with specialized tools for IT recruitment driven by an advanced AI hiring platform.

To discuss your hiring needs and explore how we can help you build a future-ready workforce, please contact our team of hiring experts for a complimentary consultation by emailing us at marketing@taggd.in. We look forward to connecting with you!