Hiring in India records 13% YoY growth ahead of festive season: Report
The job market in India picked up pace ahead of the festive season as companies ramp up their operations.
The Naukri JobSpeak index touched 3,103 and recorded double-digit growth at 13% YOY and +10% sequential growth.
Commenting on the report, Pawan Goyal, Chief Business Officer, Naukri.com said, “The JobSpeak Index crossing the 3,100-mark in Sep’22 is a great sign marking strong intent amongst recruiters before the festive period kicks in. It is notable to see that key sectors of insurance and real Estate have maintained their growth momentum and have recorded sterling performances.”
Insurance's stellar performance
The insurance sector once again led the charts as it recorded a sequential growth of +90% year-on-year (YoY) in September 2022, while growing by +71% year-to-date (YTD). Apart from insurance, real estate has also shown a significant jump in hiring intent as it grew by +66% YoY. Other sectors such as BFSI (+64%), travel and hospitality (+48%), oil and gas (+43%), auto (+23%), FMCG (+20%), and retail (+17%) also continue to do well.
While the IT sector slowed down, recording -6% YoY de-growth in September'22 vs September'21, the hiring activity has gone up by +8% month-on-month (MOM) indicating signs of recovery. Apart from IT, medical/healthcare (-6%) also recorded de-growth in September’22.
Metros drive hiring activity
Amongst metros, Mumbai topped the hiring charts as it witnessed +27% YoY growth. Other metros exhibited positive annual hiring growth, barring Bengaluru (-8%). In terms of monthly hiring charts, Delhi rose to the top after registering +14% growth, while Hyderabad (+11%), Kolkata (+11%), Pune (+9%), Chennai (+8%), and Bengaluru (+7%) followed close.
Among emerging cities, Coimbatore (+25%) witnessed the highest uptick in hiring activity. Other cities such as Ahmedabad (+23%), Jaipur (+17%), and Chandigarh (+11%) also showed positive hiring growth. However, Kochi and Vadodara remained flat.
The demand for professionals across all experienced bands remained steady in September’22 vs last year. Professionals with over 16 years of work experience saw the steepest uptick at +15%, followed by 13-16 years of work experience band recording +10% growth. Professionals with 8-12, 4-7, and 0-3 years of experience exhibited positive growth at +10%, +8%, and +9% respectively.
Edited by Kanishk Singh