Naukri JobSpeak index, a job market index, climbed two percent to 2,762 on January, 23 compared to 2,716 on January, 22. According to the Naukri JobSpeak index, due to corrections in hiring in the IT industry, job growth in the Indian IT sector has declined by 25% in comparison to last year.
Furthermore, both large IT giants and unicorns decreased their hiring intent, while other IT startups remained stable in contrast to data from last year. Regarding the hiring dip across experience levels, fresher hiring faces the biggest slump followed by a mid-experience hiring decline, while hiring across senior levels (greater than 12 years of experience) remained stable in IT.
The two percent growth is noteworthy as it has been recorded despite a 25% decline in IT sector hiring. The dip in IT sector hiring has been more or less compensated by a hiring spree in the Non-IT sectors such as Insurance, Oil, Hospitality and Banking.
Non-IT sectors are off to a flying start, recording a double-digit growth at the beginning of 2023. The most prominent is the Insurance sector, which has recorded 93% growth. Selected Non-IT sectors that showed cautious hiring sentiments are Telecom, Retail, and Pharma with a nine, eight, and four percent dip in hiring activity respectively as compared to last year.
Non-metro cities continue to drive hiring activity in the new year. Amongst non-metros, Ahmedabad leads the way in hiring trends recording 40% growth in new job creation than last year, mainly driven by Insurance and Healthcare sectors.
Amongst metro cities, Mumbai and Delhi recorded positive hiring trends registering 14% and 10% growth respectively in new job creation. Insurance sector has been a key sector witnessing hiring sprees across Delhi and Mumbai.
“As the year begins, non IT sectors hold the fort for hiring activity in India with Insurance, Oil, and Hospitality flying high. Interestingly, IT-linked metros, which were the main growth drivers last year, were overshadowed by emerging cities such as Ahmedabad and Baroda,” Pawan Goyal, chief business officer, Naukri.com, said.