Hiring recovers to pre-festive level, grows 43 pc in Nov 22: Naukri JobSpeak
Dec 01, 2022
New Delhi [India], December 1 : The Indian job market bounced back to its pre-festive levels in November.
The Naukri JobSpeak index, a job index, emerged at 3106 for November, up from 2455 in October, registering a 27 per cent month-on-month growth and 43 per cent year-on-year growth. While the overall picture looks healthy at a monthly level due to post-festive recovery, 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, according to the report.
Indian job portal Naukri.com said the insurance sector continued its dream run registering 42 per cent growth in new jobs created compared to the monthly average for the first half of the year. Sectors such as banking (+34 per cent), real estate (+31 per cent), oil (+24 per cent), travel and hospitality (+20 per cent), and auto (+14 per cent) also continued their upward trend in hiring, while pharma, BPO, and telecom remained flattish.
Unsurprisingly, hiring in the IT sector declined 8 per cent compared to the monthly average for the first half of the year, the report said. 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, according to Naukri.com.
Amongst large metros, Delhi-National Capital Region (NCR) led the charts with a 20 per cent growth in new jobs compared to the monthly average for the first half of the year, according to Naukri. The pattern is similar for Mumbai, Kolkata and Chennai where new jobs grew by 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.
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, Naukri.com said.
The long-term demand for professionals across all experience levels showed stability. A high growth of 21 per cent was observed for senior professionals with more than 12 years of experience, according to Naukri.com. The growth for jobs requiring 8-12 years of experience also rose by 11 per cent. The hiring was flat for junior talent with less than two years of experience.
Commenting on the report, Pawan Goyal, Chief Business Officer, Naukri.com said, "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."
