In 2023, hiring activity experienced a 5% decline compared to the previous year, signaling a notable slowdown in the job market. Despite this overall trend, December of the same year witnessed a 2% increase in hiring activity, hinting at a potential turnaround in the employment landscape. These insights, provided by the talent management platform foundit (formerly Monster jobs), shed light on the dynamic shifts within the job market, indicating both challenges and potential opportunities for job seekers and employers alike.
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Last year, specific sectors demonstrated notable resilience and growth amid challenging economic conditions. The Retail and Travel & Tourism sectors, both witnessed a 25 per cent uptick, reaping the benefits of the resurgence in consumer spending.
The Advertising, Market Research, and Public Relations (PR) sector saw an 18 per cent increase, attributed to the rise of digital marketing and e-commerce, according to the report.
Conversely, certain sectors faced significant challenges, registering negative growth. IT-Hardware and Software experienced an 18 per cent decline, reflecting challenges from saturated markets, skill gaps, and global competition.
The Healthcare, Pharmaceuticals, Biotechnology & Life Sciences sectors (-12 per cent) and the Banking/Financial Services and Insurance sector (-9 per cent) also experienced a decline in hiring.
Moreover, a notable shift in geographical hiring patterns emerged in 2023. Ahmedabad, experiencing a 6 per cent growth, emerged as the top hiring hub, enticing companies with its talent pool and cost competitiveness.
On the other end of the spectrum, traditional employment giants like Bangalore and Pune witnessed declines of 16 per cent and 13 per cent, respectively.
‘500 Most Valuable Private Companies in India’
Burgundy Private, Axis Bank’s Private Banking Business, and Hurun India collaborated to release the ‘2023 Burgundy Private Hurun India 500,’ the third edition of the list ranking the 500 most valuable companies in India. The rankings are based on market capitalization for listed companies and valuations for non-listed ones, with a cut-off date of October 30, 2023.
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To be included, companies must have a minimum value of INR 6,700 crore (approximately US$807 million). The average age of the listed companies is 38, and their total value remains flat at INR 231 lakh crore (US$2.8tn) compared to the 2021 edition. Despite a 7% and 9.5% YoY increase in BSE SENSEX and NIFTY 50, respectively, the overall value of the companies remained unchanged. The list encompasses solely India-based companies, excluding state-owned entities and foreign or Indian company subsidiaries.
India’s Top 10 Largest Employers Of 2023
The companies listed in the 2023 Burgundy Private Hurun India 500 collectively employed 7.0 million people, averaging approximately 15,211 employees per company. Among them, 138 companies had a workforce exceeding 10,000 employees. Tata Consultancy Services took the lead with 6,15,721 employees, followed by Reliance Industries with 3,89,414 employees.
These are the Top 10:
1. Tata Consultancy Services – 6,15,721 employees
2. Reliance Industries – 3,89,414 employees
3. Infosys – 3,68,125 employees
4. Larsen & Toubro – 3,30,955 employees
5. Wipro – 2,62,325 employees
6. HCL Technologies – 2,41,352 employees
7. Tata Steel – 2,34,108 employees
8. HDFC Bank – 1,73,255 employees
9. ICICI Bank – 1,29,020 employees
10. Tech Mahindra – 1,26,825 employees
