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The placement cycle at India's business schools has continued to remain sluggish for the third year on the trot despite some visible green shoots in the market in 2024. Since mid-2022, there has been a drop in hiring in key talent sectors, impacting fresher intake across all education streams.

According to Deloitte’s Campus Workforce Trends 2024, the pre-placement offer conversions were 26 percent lower in 2024. Also, compensation offered by enterprises in top MBA schools experienced a drop of 5 percent.

Co-founder at specialist staffing firm Xpheno, Anil Ethanur, pointed to factors like market uncertainties that prompt firms to scale back freshers hiring from B-School.

"Loading MBAs at the bottom of the organization pyramid is an effective internal talent pipeline for most enterprises. However, this pipeline comes at a cost and it is this cost that also turned the tide against campus intakes when headwinds hit the market. Enterprises in their quest to protect margins amidst revenue pressures got conservative on fresh talent spend and have stayed away from campus for over 2 years now," Ethanur said.

Exclusive data shared by Xpheno with Storyboard18 showed a degrowth in the composition of fresh talent in the active MBA workforce since 2022. This is due to the slower loading of fresh talent by top sectors. The active MBA talent pool with 1-2 years of experience has fallen by 4 percent from 2.34 lakh in 2023 to 2.24 lakh in 2024, the specialist staffing firm said. 

'Fresh MBA hires in startups drop'

Indian startups have shown reluctance in investing in fresh MBA Grads from B-School in the recent years due to the high cost of recruiting and training business graduates, with returns being comparatively long-term. Additionally, continued margin pressure and macro uncertainties have prompted startups to adopt austerity measures.

According to Ethanur, "The fresh talent Build process with MBAs and Business Grads is an expensive affair and startups have not been in the best of shape to invest in the last two years".

Just a little over 4,000 young MBA professionals, with sub-2 years of experience, are currently employed in Indian startups. And, less than 2,000 freshers have been hired by the startups cohort in the past one year, Ethanur told Storyboard18.


[caption id="attachment_50525" align="aligncenter" width="1280"]<img src="https://images.storyboard18.com/storyboard18/2024/12/WhatsApp-Image-2024-12-16-at-10.04.13-2024-12-301e7a83224f07f5319a5d089579418d.jpeg" alt="MBA talent pool in India" width="1280" height="567" class="size-full wp-image-50525" /> MBA talent pool in India[/caption]


'Companies seek skills from B-School grads'


Global and domestic enterprises who are scrounging for talent from B-School of India expect that freshers should be pre-equipped with exposure to enterprises and enterprise functions.

According to Xpheno co-founder, firms seek skills like technical, functional, and techno-functional fluency, the cognitive, operational, and tactical familiarity of industries and functions from the freshers.

"Talent that has a fair understanding and balance of using tools while having communication as a strong skill, are more sought after," said Ankit Aggarwal, founder and CEO of Unstop, a talent attraction, assessment, and hiring platform.

'Job roles for B-School grads'

Fresh MBA graduates have been in high demand from the IT, marketing, and BFSI sectors for the last three years. According to Xpheno's data, Financial Services, Accounting, Management Consulting, Internet Enabled Services, HR Staffing, and Marketing and Advertising were among the top 10 employing industries for B-School grads in 2024. 


[caption id="attachment_50526" align="aligncenter" width="700"]<img src="https://images.storyboard18.com/storyboard18/2024/12/WhatsApp-Image-2024-12-16-at-10.04.00-2024-12-8ab17118e9ea150bd766fd2a421139bf.jpeg" alt="India&#039;s MBA workforce landscape" width="700" height="1026" class="size-full wp-image-50526" /> India's MBA workforce landscape[/caption]


Shantanu Rooj, Founder and CEO at TeamLease Edtech shared hiring data with Storyboard 18 that shows, in the 2024 placement cycle, consulting firms made offers at IIM-Bangalore with finance, banking, and investments accounting for 81 offers, and IT firms making 49 offers. At IIM-Ahmedabad, consulting, BFSI, and IT/ITES were prominent recruiters in 2024.

Neelesh Gupta, Partner, Deloitte India said the most sought-after sectors for B-school talent have been Information Technology (IT / ITeS) at 27 percent followed by Financial Services at 22 percent and Consumer (FMCG / FMCD) at 17 percent, respectively.

The other fastest-growing roles for MBAs where active demand remained visible this year are- Associate Consultant, Key Account Manager, Senior Executive, Talent Acquisition Executive, and Deputy Manager.


[caption id="attachment_50528" align="aligncenter" width="700"]<img src="https://images.storyboard18.com/storyboard18/2024/12/WhatsApp-Image-2024-12-16-at-10.03.50-2024-12-14e9ebd24f95dcdc872511ea37c5e21d.jpeg" alt="Fastest growing MBA job roles in 2023 and 2024" width="700" height="700" class="size-full wp-image-50528" /> Fastest growing MBA job roles in 2023 and 2024[/caption]


"The most in-demand roles for students in the current job market are data analytics, cyber security, Digital Marketing Specialists, Creative Directors, Social media managers, and more," Aggarwal added.

'Packages'

According to TeamLease Edtech data, the salary packages for B-school graduates vary significantly based on the institutions' ranking and reputation. Info Edge's educational portal Shiksha mentioned that at IIM Bangalore a total of 572 offers were made out this year of which 29 were international offers. The median package and average package offered during IIM Bangalore PGP and PGPBA placements in 2024 stood at Rs 32.5 LPA and Rs 35.92 LPA, respectively. 

'Initiatives by B-school'

Several B-schools in the country have started adopting measures to enhance employability and bridge the gap between academic learning and industry expectations. For instance, Gupta from Deloitte India said that organizations are working towards co-creating the curriculum in order to reduce the acclimatization period of the new campus hire. Additionally, an increased focus is on developing campus-to-corporate programmes for durations between 6 months to 12 months pivoting on specific skills such as Social Selling, Agile Project Management, Risk Management, Data Analytics, etc.

B-School placements: Digital marketing, social media managers, among most in-demand roles for freshers

Hiring activity in the Media and Entertainment industry witnessed a 14% increase YoY in August 2024, talent platform Foundit revealed.

In the M&E industry, job roles such as 'content creation & strategy,', 'digital media management', 'video production and editing,'' PR7 communications,' and 'social media management,' were key roles in demand last month.

According to foundit data, "Emerging technologies like AI, VR, and data analytics are opening new opportunities, with gig roles in graphic design, writing, and video production making up 26% of the gig market".

<a href="https://www.storyboard18.com/brand-marketing/amazon-india-creates-over-1-1-lakh-seasonal-job-opportunities-ahead-of-festive-season-42239.htm">Amazon India creates over 1.1 lakh seasonal job opportunities ahead of festive season</a>

Additionally, marketing and IT roles also saw an uptick in hiring. Despite a 2% monthly dip, marketing and communications (22%) witnessed a strong annual growth, driven by the need for digital expertise. The retail hiring grew by 23 YoY in August 2024.

Notably, 'Performance analytics and AI-driven strategies are particularly in demand, with significant hiring seen in Delhi/NCR (above 20%), Jaipur (above 11%), Kolkata (above 9%), Mumbai ( above 8%), and Pune (above 13%), respectively.


Foundit data also mentioned that the online hiring activity sustained an upward growth trajectory with a 15% annual growth.

<a href="https://www.storyboard18.com/how-it-works/festive-season-fuels-e-commerce-boom-meesho-enables-over-8-lakh-jobs-41407.htm">Festive season fuels e-commerce boom: Meesho enables over 8 lakh jobs</a>


The job outlook in India is promising, with a strong focus on innovation and sustainability across various sectors, bolstered by recent government initiatives, the talent platform said.


"The recent surge in recruitment across sectors signals a period of economic recovery. We see significant job growth in Healthcare, Construction & Engineering, and Information Technology, indicating renewed confidence among employers. As businesses rethink their hiring needs, we are optimistic about more job openings in the coming months. The challenges of recent years have driven rapid technological changes, transforming how we work. To thrive, professionals need to not only adapt to these changes but also lead the way in driving them," Sekhar Garisa, CEO of Foundit (previously Monster APAC & ME), a Quess company, said.

Media and Entertainment industry sees 14% increase in hiring activity YoY in Aug 2024

As India gears up for the festive season, businesses across the country have ramped up hiring, especially in Tier 2 and 3 cities.

According to data from global matching and hiring platform Indeed, a 20% increase is projected in seasonal hiring in the current calendar year as compared to last year.

The data mentioned that there would be an increase between 18 and 20 percent in job opportunities in metro cities like Mumbai, Delhi, Chennai, Bengaluru, and Kolkata. Whereas in non-metro cities such as Jaipur, Lucknow, Kochi, Gurugram, Indore, Surat, Bhubaneshwar, Madurai, and Chandigarh, there could be a 22-25% rise in hiring during the festive season.

<a href="https://www.storyboard18.com/how-it-works/festive-season-fuels-e-commerce-boom-meesho-enables-over-8-lakh-jobs-41407.htm">Festive season fuels e-commerce boom: Meesho enables over 8 lakh jobs</a>

The growth in seasonal jobs in Tier 2 and 3 cities could be attributed to a range of factors such as companies tapping new consumer bases, increased internet penetration in these regions, rise in digital adoption, among others.

As per Indeed, the top five roles that are expected to see the highest increase in hiring during the festive season are- Delivery executives (30%), warehouse workers (25%), Logistics Coordinators (20%), in-store sales executives and customer care executes (15% each), respectively.

E-commerce, logistics, retail, quick commerce, BFSI, tourism and hospitality, and manufacturing companies will expand the job hiring in the upcoming days to scale up revenue during the festive season.

<a href="https://www.storyboard18.com/how-it-works/rs-580-bn-boom-indian-digital-ad-spending-set-to-surge-15-9-this-festive-season-41419.htm">Rs 580 bn boom: Indian digital ad spending set to surge 15.9% this festive season</a>

E-commerce led the trend with a 35% increase in demand as per the data. Quick commerce showed an 11% rise in demand for delivery personnel and fulfillment staff, reflecting the growing consumer preferences for ultra-fast delivery services.


"The increased hiring in tier 2 regions recognizes the untapped potential of these markets. The festive season is a crucial period for businesses across India, and we're seeing a significant uptick in hiring for seasonal roles as companies prepare to meet heightened consumer demand. The industries that are growing—e-commerce, logistics, quick commerce—are doing so because they’re aligned with the needs and behaviours of today’s consumers. This is where the future of India’s job market could be heading," Sashi Kumar, Head of Sales, Indeed India said.

Gig hiring to soar by 20% during festive season this year, ecommerce leads trend: Indeed data

The hiring for sales and marketing roles witnessed a positive trend between April and June 2024, according to the Indeed hiring tracker. The hiring platform revealed that sales and marketing roles emerged as the key areas of focus for employers with 30% of hires in sales and 23% in marketing. 

"This shift signals a strategic push by companies to bolster their growth and performance. As organizations aim to strengthen their market presence, these roles are increasingly seen as pivotal to driving business success," the report mentioned.

Additionally, the demand for IT roles also remained robust, with positions like data analysts (23%), data engineers (16%), and data scientists (11%) at the forefront.

While companies are hiring, there’s a looming concern about widening skill gaps. Indeed’s Hiring Tracker revealed that 61% of employers foresee these gaps increasing significantly within the next two years if skilling initiatives are not prioritized. Despite this, only 23% of employers currently offer personalized training programs, underscoring a critical disconnect between recognition and action. 

Over 60% of employees expected a 20%-40% salary hike through upskilling, the report mentioned.

The key areas for future skill demand included cloud computing (27%), sustainability (23%), and emerging technologies like Generative AI and AR/VR (20%). 

“Our latest hiring tracker offers a detailed snapshot of the labor market’s current dynamics. While IT roles continue to be in high demand, the growing emphasis on sales and marketing shows a shift in employer priorities. For job seekers, the message is clear: continuous upskilling, particularly in both technical and soft skills, is crucial in this evolving landscape," Sashi Kumar, Head of Sales, Indeed India said.

Hiring for sales, marketing roles on rise between April-June 2024: Indeed

The marketing and brand management function in companies across various industries is witnessing a significant change in the way their roles are evolving. In the wake of the pandemic, as rapid digitization has taken over various industries, there has been an evolution of the traditional marketing roles as well.

With marketers of today wearing multiple hats, companies are now tweaking the way they hire candidates. There is a willingness to hire from new-age industries, look for unique skills and pick candidates who will bring innovative thinking to the table.

Experts that Storyboard18 spoke to share that as marketing becomes more customer-centric, the skill sets in demand today include ‘analytics’, ‘data’, ‘statistics’ and ‘systems thinking’.

Customer-centricity matters

Mercedes-Benz India, which launched direct-to-customer business model ‘Retail of the Future’ (ROTF) in 2021, highlights that this model provides real time customer data that enables the company to sharpen its campaigns and CRM initiatives.

“This has led to our marketing efforts evolving from traditional mass market campaigns to targeted, one-to-one customer focused, customized initiatives,” says Santosh Iyer, vice president – sales &amp; marketing, Mercedes-Benz India. He says, "Today, we have ‘Customer Journey Managers’ as opposed to ‘Brand Managers’. The ‘Customer Journey Managers’ now play a key role in curating end-to-end customer experiences which align with the luxury quotient associated with the brand,”

Customer centricity scores high for fast moving consumer goods firm Nestlé India as well. The company, which sells products such as Maggi, Nescafe and Kit Kat, emphasizes that its hiring function is led by customer understanding and centricity along with the ability to leverage data-centric approach to finding consumer first solutions.

“The core aspect of consumer-centric approach still remains crucial and is at the center of our selection strategy. With the changing media habits of our consumers, we are keen on exploring talent who are exposed to omnichannel approach to brand design and digital to understand the new-age consumer deeply,” says Anurag Patnaik, director- human resources, Nestlé India.

Entrepreneurial mindset, agility in demand

Companies are also looking to hire candidates who would take ownership of products or services they work on. They live, breathe and understand the products/services they work on and take full ownership even if things go south.

“It’s equally important to see that the candidate just does not fit the role but also has a potential to grow in it as well over time. We also look out for traits that are important to ensure that the candidate can fit into the PepsiCo culture based on attributes like ownership, being consumer centric, etc.,” says a PepsiCo India spokesperson.

Mercedes’ Iyer also emphasises the company's focus on hiring candidates who display ownership. “There is a clear focus on candidates to have an entrepreneurial mindset as marketing extends beyond traditional domains and incumbents need to add value in business,” he adds.

Agility is another trait that companies mentioned as a desired trait.

“The biggest challenge that pandemic has posed is to deal with uncertainties. Hence, to get talent from diverse backgrounds who have a strong ability to deal with business uncertainties with utmost agility is key,” adds a PepsiCo India’s spokesperson.

Upskilling is critical

Digital skill set is a pre-requisite for all companies today and emphasis is being given for candidates who are passionate about customer experience. Companies are also investing in upskilling their existing workforce as well.

Mercedes-Benz, for instance, has tied up with LinkedIn Learning to provide an access platform for people to upskill themselves.

Iyer tells us how it works. “Managers plan each individual’s growth trajectory by strategically mapping courses which will help them transition to the future of marketing, Data, Martech.” he adds, “From the organization standpoint, it is essential that the candidates are also upskilled in the future of mobility, Industry 4.0 and marketing luxury EVs.”

While the fundamentals of how a solid marketing engine works hasn't changed, the various parts of the marketing machine need to be upgraded in a fast-evolving consumer and media landscape. And as some of the country's biggest brands look to switch gears, they are on the look out for talent that will fit in the new engine.

What top marketers are looking for in the next-gen marketer

- Skill sets in demand today include ‘analytics’, ‘data’, ‘statistics and ‘systems thinking’.

- ‘Customer Journey Managers’ as opposed to ‘Brand Managers'

- Ability to leverage a data-centric approach to finding consumer first solutions

- Talent who are exposed to omnichannel approach to brand design and digital to understand the new-age consumer deeply

- Candidates who would take ownership of products or services they work on

- People with an entrepreneurial mindset

- Candidates who are passionate about customer experience

- Agility and attitude to learn and upskill

The Great Skill Reset: How are companies hiring for marketing and brand roles these days?

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