Hiring of freshers saw a 12% decline in February 2024 as compared to the corresponding period last year, latest findings by talent platform foundit (formerly Monster APAC & ME) have revealed. However, there was a 24% increase in applications.
The tracker also showed that hiring activity across sectors saw an 8% year-on-year (y-o-y) dip, while increasing 3% sequentially, which is indicative of a positive momentum in employment opportunities.
Despite the overall drop, specific industries showcased noteworthy trends. Though its job share decreased from 23% to 17%, the technology sector, particularly IT-hardware & software, retained its dominance, according to the foundit Insights Tracker (fit).
While healthcare doubled its share from 5% to 10%, startups exhibited a significant decline in entry-level hiring, contributing only 3% of jobs as opposed to 14% in the previous year due to funding challenges and strategic adjustments in their hiring practices to adapt to market conditions.
Sekhar Garisa, CEO, foundit, said, “The positive momentum in certain sectors like manufacturing and energy is encouraging. However, freshers face a challenging landscape with increased competition and fewer opportunities. This highlights the importance of equipping oneself with relevant skills and building strong profiles to stand out in this competitive environment.”
Geographically, Delhi-NCR maintained its lead position with a 19% share of job postings, followed by Bangalore (13%) and Mumbai (10%). The demand for software, hardware and telecom roles remained high, although showing a slight dip from 32% in February 2023 to 27% in February 2024.