Hiring activity in India has remained stable with 6 per cent on-year growth in August 2022, driven by the Insurance sector, which grew by more than 87 per cent in the month, according to Naukri JobSpeak. The demand for professionals across all experience levels stayed positive during the month, the survey report said. The demand rose 7 per cent for 0-3 years of experience; 5 per cent for 4-7 years; 6 per cent for 8-12 years; 7 per cent for 13-16 years; and 7 per cent for more than 16 years, when compared with August 2021.
“After witnessing an extravagant growth rate in the last 2-3 months, hiring activity is seeing signs of stabilization, and it would be interesting to see how the trend continues in the coming months,” said Pawan Goyal, Chief Business Officer, Naukri.com.
Sectors that drove hiring
The insurance sector continued to drive the most hiring for the seventh time in a row. This sector saw a steep on-year jump of 87 per cent, and within the sector, maximum traction was seen for the professionals with experience ranging 4-7 years (up 103 per cent), followed by 0-3 years (up 99 per cent), and 8-12 years (up 42 per cent). “Insurance as a sector has been flourishing since the start of this year as there has been continuous growth in hiring which is creating opportunities across experience bands with over 100 per cent YOY growth in 0-7 years’ experience band,” Pawan Goyal added.
Besides insurance sector, other sectors like Travel and Hospitality (up 56 per cent), BFSI (up 43 per cent), Auto/Auto Ancillary (up 29 per cent), Real Estate (up 24 per cent), and Retail (up 18 per cent) showed growth in hiring in August 2022 as compared to August 2021. While Pharma/Biotech remained flat, IT/Software industry recorded a contraction of 10 per cent YOY in August 2022 vs August 2021.
Cities driving hiring growth
Among metros, Mumbai topped the hiring growth rate with a 21 per cent increase in August 2022 vs August 2021, Delhi-NCR Hyderabad, and Pune remained flat, and Bengaluru showed a dip of 10 per cent. In tier-II cities, Coimbatore led the charts at 28 per cent YOY growth, followed by Kochi at 27 per cent. Chandigarh and Vadodara showed a fall in percentage with 17 per cent and 11 per cent respectively. Ahmedabad and Jaipur maintained their momentum with 20 per cent and 15 per cent YOY growth, respectively.