The hiring climate seems to be improving in oil & gas, some segments of information technology and for senior managers. The JobSpeak Index for March showed hiring in oil & gas rising 22% over the previous year. Demand for AI and machine learning roles grew by 12% over March 2023. Within the artificial intelligence (AI) and machine learning (ML) space, the role of ML engineer saw the highest hiring demand, with a 82% growth YoY. Full stack data scientists were also in demand, with a growth of 20%.
India’s $250 billion IT sector is expected to experience flat salaries and subdued hirings in 2024 due to global headwinds. Average salary appraisals for this year are projected to be similar to those of 2023, with most companies deferring increments. The focus in the IT sector is on stabilizing headcount, and it is expected to register flat or negative growth in headcount this year. Large MNCs recently completed their round of hikes, accounting for an average increase of 7% in most roles.
