As we reflect on the year 2024, Acara India has provided valuable insights through its blog posts, covering a wide range of topics relevant to the Indian business landscape. Here’s a summary of some of the top blogs that have captured the attention of readers and industry professionals alike. 

India’s IT Industry: Growth, Trends, and Challenges in 2024 

This blog discusses India’s IT industry and how its experiencing significant growth, contributing 7.5% to the nation’s GDP and projected to generate $245 billion in revenue in 2023. The sector is evolving with a focus on emerging technologies such as AI, cloud computing, and cybersecurity, leading to high demand for roles like data scientists and cloud engineers. However, challenges persist, including fierce competition for skilled talent, a shortage of professionals in new technologies, and a projected reduction in hiring fresh graduates due to economic uncertainties. Despite these hurdles, the IT sector remains a pivotal driver of India’s economic development, with expectations of continued expansion. 

Acara’s HR Leadership Summit Recap: Insights and Best Practices 

The HR Leadership Summit hosted by Acara highlighted key insights into modern workforce challenges and best practices. Central themes included the importance of employer branding and establishing a strong Employee Value Proposition (EVP) to attract the right talent. The summit emphasized the need for organizations to adapt to demographic shifts, particularly with Gen Z, who prioritize flexibility and development opportunities. Discussions also focused on enhancing diversity and inclusion efforts, hiring for potential rather than pedigree, and effectively managing gig workers. Additionally, the event underscored the significance of data-driven decision making and empathetic leadership in fostering a resilient workforce capable of navigating future challenges. 

What Employers in India Need to Know About Gen Z 

Gen Z in India, born between 1996 and 2012, is a work-minded generation that views career as a primary source of self-identity, with 65% considering work their most important driver. They prioritize flexible work arrangements, with 64% desiring workplace flexibility and 61% willing to accept lower pay for better mental health support and inclusivity. Notably, 77% of Gen Z students are interested in the technology sector, actively learning technical skills like programming and cloud computing, and 48% expect to change jobs within a year as part of their career development strategy. 

India’s Retail Industry: Trends and Insights 

India’s retail industry is a robust sector, currently the fourth largest globally, contributing over 10% to the country’s GDP and employing around 35 million people. The industry is projected to reach $2 trillion by 2032, driven by expanding malls in tier-2 and tier-3 cities and a rapidly growing e-commerce market expected to become the third-largest online retail market by 2030. Key challenges include workforce transformation, with a focus on digital literacy, technological upskilling, and increasing women’s participation, which dropped from 65% in FY20 to 33% in FY22, while the sector continues to offer diverse job opportunities across roles like sales, management, and digital marketing. 

The Rise of Gig Workers and Moonlighting in India 

The blog discusses the growing trend of gig work and moonlighting in India, highlighting the transformation of the traditional employment landscape. While moonlighting is gaining momentum, it faces challenges including data privacy concerns and issues with worker commitment. The blog emphasizes that despite these challenges, gig workers bring valuable expertise to organizations. It suggests that companies can adapt to this trend by implementing flexible work policies, clear guidelines, and engagement programs to effectively integrate gig workers and moonlighters into their workforce.