TechWizard Feature: AI, Data-Driven Hiring Practices, and Double-Digit Pay Hikes in 2024
As we look ahead to 2024, the human resource landscape is set to undergo significant changes. From data-driven hiring practices to inclusive and diversity-focused initiatives, companies are gearing up to attract and retain top talent in the midst of economic uncertainties.
Over the past few years, the expectations of both candidates and employers have evolved. Employees are seeking workplace flexibility, a greater emphasis on diversity, and impartial hiring processes. Meanwhile, companies are striving to provide fair, engaging, and streamlined candidate experiences.
According to experts, the key trends that will redefine the HR landscape in 2024 include data-driven hiring and the use of AI-powered tools to revolutionize HR practices. These tools will automate repetitive tasks and provide personalized employee experiences.
Challenges in 2023 and Outlook for 2024
The year 2023 presented challenges in terms of employment outlook across multiple industry sectors. Edtech employees, particularly those at Byjus, were among the hardest hit. The IT sector also faced cautious hiring practices, with many large companies laying off employees throughout the year.
Looking ahead to 2024, an interesting trend is emerging in terms of IT-related hiring in tier II and III towns. This shift is part of overall cost optimization efforts, especially in response to the global economic outlook and margins pressure.
Focus on Skill-Based Hiring and Automation
Industry players are placing greater emphasis on skill-based hiring, focusing on candidates’ specific skills and competencies rather than traditional qualifications. Additionally, AI and automation-related hiring are expected to increase across industries, particularly in IT, auto, financial services, and manufacturing in 2024.
Salary Hikes and Appraisals in 2024
Companies in India are projected to give a salary raise of 9.8% in 2024, slightly lower than the actual salary increase of 10% in 2023. This cautious approach towards hiring and spending is likely to continue in the next few quarters as companies focus on improving employee utilization in response to weakening demand, especially in the IT sector.
Overall, the HR landscape in 2024 is set to be defined by data-driven hiring practices, inclusive and diversity-focused initiatives, and nearly double-digit salary hikes. As companies navigate economic uncertainties, the focus on attracting and retaining top talent remains a top priority.