In India’s dynamic job market, tackling employment challenges stands out as a key concern for policymakers. Despite notable advancements in literacy, education, and vocational skills, the pursuit of fulfilling and enduring employment opportunities remains a lingering issue. This persists even as India cements its status as one of the world’s fastest-growing economies, supported by a youthful and energetic workforce ready to contribute to its progress. Nevertheless, the swift evolution and innovation bring forth substantial challenges for both employers and employees in keeping pace with the changes.
Which sectors are likely to see the maximum growth?
61 per cent companies believe that the broader applications of ESG (environment, social, and governance) standards will lead to job growth. This is closely followed by the increased adoption of new technologies at 59 per cent and the expansion of digital access at 55 per cent. The key roles driving industry transformation in India are expected to be AI (artificial intelligence) and machine learning specialists, along with data analysts and scientists.
Globally, the manufacturing and oil and gas sectors exhibit the highest level of green skill intensity, with India, the US, and Finland ranking at the forefront for the oil and gas sector. Conversely, India is among the seven countries where job growth in social jobs has been slower compared to non-social jobs.
The WEF highlighted that macro trends, such as the green transition, ESG standards, and the localisation of supply chains, are the primary catalysts for global job growth. Meanwhile, economic challenges like high inflation, slower economic growth, and supply shortages pose the most substantial threat. The widespread adoption of technology and the escalating trend of digitisation will lead to significant disruptions in the labour market, ultimately resulting in an overall positive impact on job creation.
The surge in technology and digitalisation is propelling the fastest-growing roles, with big data leading the list of technologies anticipated to generate jobs. The employment of professionals like data analysts, big data specialists, AI machine learning specialists, and cybersecurity experts is projected to increase by an average of 30 per cent by 2027.
In terms of the largest absolute gains in jobs, the education and agriculture sectors take the lead. Reports predict that jobs in education will experience about a 10 per cent growth, resulting in an additional 3 million jobs for vocational education teachers and university/higher education teachers.
India stands on the brink of the Great Attrition
In 2024, professionals in India are set to prioritise their careers, with the majority expressing a desire for change. LinkedIn’s research reveals that 88 per cent of professionals in the country are actively seeking new job roles in the coming year. But what are the driving factors behind this trend?
- Challenges in keeping pace with swiftly evolving job skills, driven by rapid advancements in AI technology.
- A strong inclination towards achieving a better work-life balance (42%).
- The pursuit of higher wages (37%).
- Concerns related to fair treatment, respect, job security, and overall work engagement.
- Issues surrounding effective management, supportive leadership, resource accessibility, and equal opportunities.
- Satisfaction with the current managerial situation and the consistent promotion of equal opportunities consistently stand out as top factors linked to employee attrition.
Community Manager.