Retail and Telecom Salaries Surge as Hiring Activity Rises 11% : Survey Report
India’s job market expanded 11% year-on-year, fueled by tech and e-commerce sectors. Sekhar Garisa attributes the rise in salaries and demand to the Union Budget's emphasis on productivity.
India’s job market is showing strong signs of growth, with an 11% increase in hiring activity year-on-year from July 2023 to July 2024, according to the latest foundit Insights Tracker by foundit, formerly Monster APAC & ME. This growth is largely fueled by the tech and e-commerce sectors.
Key Highlights:
- Entry-Level Salaries: Significant boost in entry-level salaries, particularly in the retail and telecommunications sectors, which saw 15% and 14% growth respectively.
- Overall Trend: Despite a slight 1% month-on-month decline in July 2024, the overall trend remains positive.
Expert Insights: Sekhar Garisa, the CEO, commented, “The strong focus of the recent Union Budget on productivity and job creation is an encouraging sign for the recruitment industry. We have also noticed that the salaries of employees have consistently risen driven by higher demand for fresh talent and competitive salary offerings. This growth is likely fueled by high-growth sectors such as technology, digital marketing, and e-commerce.”
Sector-Specific Growth:
- Consumer Electronics: Emerged as a major driver of growth, with a remarkable 45% year-on-year increase in hiring. This boom has had a ripple effect on the manufacturing sector, which saw a 43% yearly growth in hiring activity.
- Real Estate and Construction: Strong performance with 32% and 29% increases in hiring respectively.
- Automotive Industry: Demonstrated robust growth at 18%, driven by investments and sustainability initiatives.
Job Roles and Recovery:
- Hospitality and Travel: Continued its post-pandemic recovery with a 28% surge in hiring.
- Marketing and Communications: Significant uptick of 24%, reflecting the increasing importance of digital presence for brands.
Challenges in Certain Sectors:
- Import/Export Industry: Experienced a 32% drop in hiring.
- Customer Service Roles: Saw a 25% decline, possibly due to increasing automation and AI adoption.
Geographical Insights:
- Tier-2 Cities: Showed promising growth, with Coimbatore leading at 24%, followed closely by Jaipur at 23%.
- Major Cities: Delhi-NCR (18%), Chennai (14%), and Pune (12%) demonstrated strong hiring activity.
Experience Levels:
- Freshers (0-3 years experience): Seeing a 13% increase in demand.
- Senior Professionals (over 15 years experience): Experienced a 6% growth.
These findings suggest a dynamic job market in India, with opportunities in sectors embracing technological advancements and new economic initiatives. The balanced demand across experience levels indicates a healthy job market catering to both fresh talent and seasoned professionals.
Stay tuned, to PropleManager.co.in for further updates on the evolving workplace paradigm.
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