With companies scaling back on fresh hiring, campus hiring received comparatively less takers in FY24. According to this study by AON, a leading global professional services firm, there is a decline in hiring entry-level graduates from campuses. The annual report, now in its thirteenth year, is based on the responses of over 250 organisations surveyed about their campus recruitment practices.
Cautious Approach to Campus Hiring
Despite a positive business sentiment in India, the study found companies are taking a cautious approach to campus hiring, with several organisations implementing hiring freezes and reducing hiring volumes. However, internships, lateral hiring, and hiring for niche qualifications such as Chartered Accountant (CA) and Chartered Financial Analyst (CFA) continued to see growth. Hiring volume for CAs and CFAs increased by 47 percent in the fiscal year 2024, followed by interns at 46 percent and lateral hiring at 40 percent, while 38 percent of MBA graduates and 30 percent of diploma holders including those who have completed vocational courses saw the least increase compared to the fiscal year 2023.
“Campus hiring is a strategic opportunity for organisations to build a diverse, skilled, and future-ready talent pipeline. However, the campus hiring market in India is undergoing a rapid transformation due to the changing expectations of the candidates, the evolving skill requirements of the organisations, and the impact of the global slowdown,” Roopank Chaudhary, partner and Head of Reward Solutions in India said in a released issued by AON.
The same has been the pattern for compensation trends which largely remained stagnant across tiers and qualification, with some pockets seeing a dip in the total fixed pay.
There has been an increase in hiring volumes of interns with more than 80 percent of organisations offering pre-placement interviews or pre-placement offers to promising candidates upon successful completion of an internship, with the highest prevalence for graduates of master’s in technology. However, the study revealed that early attrition is a cause of concern among MBA and bachelor’s in technology graduates, the top reason being competitive pay.
No Diversity Hiring Beyond Gender
Companies are also mostly focused around gender diversity. Diversity hiring, beyond gender doesn’t not have many takers. The report states that 85 percent of organisations not hiring interns from diverse communities. However, 49 percent of organisations are investing in health and wellness, continuous feedback, learning and development, and rewards and recognition programs to drive wellbeing and performance.
The study also highlighted that the major reasons for attrition are: external pay inequity, job mismatch, and work-life balance. It suggests designing a compelling value proposition for new hires that includes competitive compensation and bonus package along with learning opportunities and career growth will help attract and retain top talent for organisations.
