India's hiring activity back to pre-festive levels, grows 27 per cent in November
India’s job market rebounded to the pre-festive levels in November registering a growth of 27 per cent month-on-month, said the Naukri JobSpeak index.
The annual growth rate stood at 43 per cent. This can be attributed to the post-festive recovery.
The growth may look robust on a monthly level, however, a deeper analysis at the sector level reveals mixed trends compared to the boom times of the first half of this year that witnessed high growth in hiring activity.
Trends across various sectors
The Insurance sector witnessed a robust growth of 42 per cent followed by Banking and Real Estate sectors which recorded a 34 per cent and 31 per cent growth respectively.
The hiring activity in Oil sector surged by 24 per cent. Travel & Hospitality and Auto sectors recorded a 20 per cent and a 14 per cent growth, as per the report.
“Unsurprisingly, hiring in the IT sector declined by 8 per cent compared to the monthly average for the first half of the year. The dip was particularly prominent in startup hiring. However, the small magnitude of the dip confirms the resilience of the Indian job market. Furthermore, in sync with the recent slowdown in the Ed-tech and retail space, hiring in the education sector declined by 6 per cent while hiring in the retail sector declined by 7 per cent,” the report stated.
Hiring activity in the Pharma, BPO and Telecom sector remained flattish.
Hiring trend in Metro cities
Delhi-NCR recorded the highest growth of 20 per cent in new jobs compared to the monthly average for the first half of the year.
The growth rate in Mumbai, Kolkata, and Chennai were 17 per cent, 10 per cent and 8 per cent respectively.
“On the other hand, metros with a greater inclination towards the IT sector such as Hyderabad, Bangalore, and Pune exhibited a flat job market with growth of -1 per cent, -5 per cent and 2 per cent, respectively,” stated Naukri JobSpeak index.
Amongst non-metros, Ahmedabad outshone with 33 per cent growth, followed by Vadodara at 23 per cent, Jaipur at 15 per cent, and Coimbatore at 8 per cent growth, while Kochi and Chandigarh remained stagnant.
Demand for experienced professionals rise
The demand for senior-level professionals (with more than 12 years of experience) increased by 21 per cent.
The growth for jobs requiring 8-12 years of experience also rose by 11 per cent. For the junior level ( with less than two years of experience), the demand remained flat.
“The strong recovery in overall hiring activity post-festive season reaffirms the resilience of the Indian job market which is now multi-sectoral and hence balanced as well as mature. Minor isolated dips in a few sectors do corroborate hiring corrections and some cautious sentiment in the industry. However, the fact that sectors like real estate, insurance, and banking are showing double-digit growth should give us a lot of confidence that the Indian job market is so far holding its own despite some turbulence at the global level,” said Pawan Goyal, Chief Business Officer, Naukri.com.
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