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Job Market in 2024 | Recession Layoff & Hiring in 2024 | Best Time to Switch Job in 2024 ?

Technical Suneja・32 minutes read

Mass hiring by companies like TCS and Mind Tree has stopped, impacting freshers, leading to a challenging job scenario. Guest Shruti advises on upskilling, leveraging social media, and utilizing platforms like LinkedIn for job readiness and security.

Insights

  • The halt in mass hiring by companies like TCS and Mind Tree is negatively impacting freshers, creating a challenging environment for 2024 graduates seeking job opportunities.
  • The importance of continuous upskilling, adapting to market demands, and leveraging platforms like LinkedIn for networking and visibility is crucial for both freshers and experienced professionals to navigate the evolving job market and enhance job security.

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Recent questions

  • How has the job market impacted freshers?

    The job market has been challenging for freshers due to the cessation of mass hiring by companies like TCS, Mind Tree, and Birla Soft. The absence of company visits to colleges has made it difficult for 2024 freshers to secure employment. Recession, layoffs, and a lack of significant salary hikes have further exacerbated the situation, requiring freshers to adapt to the current scenario.

  • What advice does Shruti offer regarding job security?

    Shruti, with a decade of corporate experience, emphasizes the importance of upskilling and adapting to market demands for job readiness. She suggests that freshers engage in internships, even unpaid, to gain practical experience and enhance their resumes. Shruti also highlights the significance of staying updated on the latest technologies and market trends through platforms like LinkedIn to boost job opportunities.

  • How can job seekers enhance their visibility?

    Job seekers can enhance their visibility by leveraging their digital presence, networking, and internal referral programs. Optimizing LinkedIn profiles with relevant keywords and location is essential for visibility. Engaging in social media activities for background checks and professional growth can also significantly boost job opportunities, especially during economic downturns.

  • What role does data science play in business strategies?

    Data science plays a pivotal role in understanding consumer behavior and shaping business strategies. Companies like Amazon and Netflix utilize data science for personalized recommendations and targeted advertising. Sentiment analysis through data helps in political campaigns and understanding public opinions, highlighting the importance of data in decision-making and success.

  • Why is continuous upskilling essential in data science?

    Continuous upskilling is essential in data science as the future of data is promising but requires ongoing learning. Freshers are advised to focus on identifying a specialization area to avoid being replaced by specialists as they progress in their careers. Working professionals should prioritize technology upskilling to stay competitive and not fall behind their peers, emphasizing the need for continuous self-improvement in the field of data science.

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Summary

00:00

Navigating Job Market Challenges for 2024 Freshers

  • Companies like TCS, Mind Tree, Birla Soft engage in mass hiring, which has currently ceased, impacting freshers.
  • The absence of company visits to colleges has led to a challenging scenario for the 2024 freshers.
  • Recession and layoffs have been a topic of discussion since mid-2023, contrasting with the previous period of significant salary hikes.
  • The mindset of freshers and experienced professionals needs to adapt to the current lack of mass hiring.
  • Experience and age play a role in job security, emphasizing the need for continuous self-improvement.
  • The guest, Shruti, with a decade of corporate experience, addresses concerns about job security amidst AI advancements.
  • Shruti highlights the importance of upskilling and adapting to market demands for job readiness.
  • Internships, even unpaid, are recommended for freshers to gain practical experience and enhance their resumes.
  • Staying updated on the latest technologies and market trends through platforms like LinkedIn is crucial for job seekers.
  • Leveraging digital presence, networking, and internal referral programs can significantly boost job opportunities, especially during economic downturns.

13:06

"LinkedIn 30-Day Challenge Boosts Professional Growth"

  • Social media activities are crucial for background checks and professional growth.
  • Freshers on LinkedIn are advised to engage in a 30-day challenge to showcase their learning.
  • Optimizing LinkedIn profiles with relevant keywords and location is essential for visibility.
  • The US economy showed strength in the last quarter of 2024, indicating a market revival.
  • Tools like Chat GPT enhance productivity by generating content efficiently.
  • Data is considered more valuable than gold for businesses, aiding in decision-making and success.
  • Data science plays a pivotal role in understanding consumer behavior and shaping business strategies.
  • Companies like Amazon and Netflix utilize data science for personalized recommendations and targeted advertising.
  • Sentiment analysis through data helps in political campaigns and understanding public opinions.
  • The future of technology lies in AI, heavily reliant on accurate data for effective algorithms and predictions.

27:29

Data cleaning, AI stages, visualization, upskilling tips for professionals.

  • Data needs to be cleaned before feeding it to an algorithm, involving formatting and manipulation.
  • Various stages precede the use of data by AI, requiring human intervention and the use of technology like databases, SQL, Python, and visualization tools.
  • Visualization aids in understanding data trends and patterns, especially beneficial for those not well-versed in numbers.
  • Continuous upskilling is essential in the field of data science, as the future of data is promising but requires ongoing learning.
  • Freshers should focus on identifying a specialization area as they progress in their careers to avoid being replaced by specialists.
  • Senior developers need to balance technical skills with non-technical skills like team management and project management as they advance in their careers.
  • Working professionals should prioritize technology upskilling to stay competitive and not fall behind their peers.
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