Hiring Activity on Boom, India Inc grown by 27%: Report
Despite mass layoffs and quite quitting trends in the IT sector and the regime of economic slowdown, India Inc. sees 27% growth in the job market, as reported by the Naukri Job Speak index.
The annual growth rate stood at 43 percent, attributed to the post-festive recovery. However, growth appears to be robust on a monthly basis, with mixed trends at the sector level, but we saw a significant increase in hiring activity compared to the pre-festive boom.
Across Sector’s Trends !
Insurance sector witnessed the highest 42 percent growth followed by Banking and Real Estate sector as a 34 percent and 33 percent growth respectively.
Oil sector listed the second with surge of 24 percent growth. Travel & Hospitality and Auto sectors recorded a 20 percent and a 14 percent growth, as per the report.
Unsurprisingly, with the mass layoffs, the IT sector still show a dip of just 8 percent compare to the monthly average of the first half of the year.
Furthermore, in sync with the recent slowdown in Ed-tech and retail business, the hiring growth declined by 6 percent and a 7 percent respectively, as the report stated.
Hiring in the Pharma, BPO and Telecom sector remained flattish.
Metro Cities Hiring Trends !
Delhi-NCR recorded the highest hiring growth of 20 percent in the new jobs compared to first half of this year average monthly trends.
The hiring growth rate in the other metro cities, Mumbai, Kolkata and Chennai were 17 percent, 10 percent and 8 percent respectively.
Alongside, metro with a greater inclination towards the IT sector like Hyderabad, Bangalore and Pune presented a flat hiring growth trends with, 1 percent, 5 percent and 2 percent respectively, stated by the Index.
Amongst non-metro, Ahmedabad outshone 33 percent hiring/job growth, followed by Vododraat 23 percent, Jaipur at 15 percent and Coimbatore at 8 percent growth, while kochi and Chandigarh remained stagnant.
Rise in Experienced Professionals demand !
The demand of senior level professional increased by 21 percent- above to the 12 years experience.
Demand of mid-level professionals increased by 11 percent- between 8 to 12 years experience.
Demand for junior-level professionals remained flat- below to 2 years experience.
The overall strong recovery in hiring activities post-festive season reaffirms the resilience of India job market which multi- sectoral and forth-hand balanced and mature.
Furthermore, with minor isolated slips in IT , Ed-tech and Retail sectors put some cautious sentiment in the industry and professionals. But, in spite of this, job market shown double digit- growth in various sectors that will give us a lot more confidence on Indian market to holding its own growth despite global turbulence.
