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Business News/ Industry / Human Resource/  77% firms predict 2023-24 to have both replacements, new position hirings: Report

77% firms predict 2023-24 to have both replacements, new position hirings: Report

Southern and western regions to have maximum hiring ratios in 2023-24, the report says

A workplace at an architect’s office. Photo: Mint

An online survey report on Monday said that 77% of Indian companies are planning to hire include both replacements as well as new positions in this financial year.

Southern and western regions to have maximum hiring ratios in 2023-24, as specified by 33.30% of participants, Genius Consultants, a Kolkata-headquartered HR solutions provider, said in its report.

The Kolkata based company said 36.06% of the participants said four to seven years of average experience would be the prime focus during hirings. But nine percent of individuals said employees with 13 years and above experience are top candidates while hiring, the report added.

During the survey, 63.6% of participants said background verification checks of the prospective employee for filling up key positions in their organisation was extremely crucial, while the remaining 36.4% suggested that it is of moderate importance, the report said.

On increment, the report said 57.8% of people are of the view that mid-level employees will benefit the most with increments, on the other hand 21.1% of respondents were convinced that senior and junior level employees will receive significant increments, the report added

The report further said a maximum of participants see job portals to be the most prioritised candidate sourcing avenue for hiring in 2023-24 followed by AI (artificial intelligence) technology-based apps and websites, campus hiring and consultants.

The Genius Consultants' report is based on an online survey of 2,100 company executives and HR professionals from March 12 till April 15, across sectors including banking and finance, construction and engineering, education/teaching/training, FMCG, hospitality, HR solutions, IT, ITES and BPO, logistics, manufacturing, media, oil and gas, pharma and medical, power and energy, real estate, retail, telecom, auto and ancillary.

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