A high majority (81%) of HR professionals agreed that their organisations are actively hiring, highlighting the robust demand for talent across industries. Interestingly, 88% of HR practitioners expressed a strong preference for skill-based hiring, prioritising candidates’ abilities over other factors such as past experience, academics, references, internships, and projects.
Unstop, the talent discovery, engagement and hiring platform for students and graduates, has released its annual Unstop Talent Report 2024. The report shared insights and trends about the hiring and talent scenario in India.
The findings are based on responses gathered from a survey involving over 11,000 students, university partners, and human resource practitioners across the country.
Additional insights were also gathered through conversations with HR leaders which divulged their views on employee desires, the role of mentorship, competition, and more.
Key findings of the report;
Notably, the looming fear of layoffs has prompted three out of five (60%) students to prioritise job security over pay hikes, a stark shift in mindset. For most of them, in-hand salary remained the most valuable salary component, followed by perks and benefits.
Unstop’s report also delved into the college/university landscape. It revealed a drop from the previous year to 10% of students interested in working for startups, with 45% of B-school students preferring established and legacy firms.
In comparison, 52% of engineering students expressed openness to working with any company. Further, marketing emerged as the top preferred domain for B-school students, while Finance and Analytics topped the list for Arts and Science students.
In E-Schools most men and women received the same average offer, but there was a stark difference among Arts and Science students. Here, most of the men received an offer of Rs 6-10 LPA. Most women, however, received an offer of Rs 2-5 LPA – half of the offer bagged by male students. In B-School, 55% of men received an offer of over Rs 16 LPA, but only 45% of women received an offer above Rs 16 LPA.
Finally, regarding the perceptions of recruiters, university partners (Training and Placement Officers) and students, the report revealed a notable disconnect between the parties.
While 91% of students believe their college curricula offer an adequate level of preparedness for a job, 66% of recruiters and 42% of university partners feel the skill gap and lack of preparation, respectively, are major challenges in campus recruitment.
Ankit Aggarwal, founder and CEO, Unstop, said, “The Unstop Talent Report 2024 provides a comprehensive snapshot of the talent landscape in India, offering valuable insights for both employers and job seekers. By highlighting the preferences and concerns of students and HR professionals, we aim to bridge the gap between talent supply and demand, enabling more informed decision-making and fostering a more efficient and effective hiring process.”
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