Hiring dipped 3% month-over-month (MoM) and by 5% year-on-year (y-o-y), as per the report of foundit Insights Tracker, for August 2023.
foundit (formerly Monster APAC & ME), published the foundit Insights Tracker (fit), for August 2023 on Friday. The report said, “The fall in hiring indices can be increasingly attributed to the challenges posed by inflation and the slow growth of other major economies such as the USA.”
The report said that tier-2 cities are becoming important hubs for luring top talent due to the rising popularity of remote work practices, improved upskilling opportunities and the rise of different industrial sectors in these areas. It said, “Among tier-2 cities, Kolkata (+7%), Ahmedabad (+5%), Baroda (+4%), Jaipur (+4%), and Kochi (+3%) exhibited a positive incline in job activity in August 2023.”
However, a majority of metro cities noted a marginal decline in hiring activity, said the report. “While Bengaluru saw a 16% dip, Hyderabad noted a 14% drop in job postings, followed by Mumbai at 9% and Chennai at 8%.”
Sekhar Garisa, CEO, foundit, a Quess company, said, “While hiring has slowed down overall in several sectors in the country, our nation’s economy maintains its resilience amidst global uncertainties. A large contributing factor to this stability is the government’s emphasis on nurturing sectors such as shipping, finance, and travel. Simultaneously, states are actively bolstering their digital infrastructure to empower tier-2 and tier-3 cities.”
While pointing to the decrease in job opportunities in the IT (hardware and software) sector over the last year, it highlighted that “salaries in contrast have risen significantly across all experience levels, with a notable 59% incline among associates (4-6 years of experience) and a 36% uptick among mid-senior level roles (7–10 years of experience) with companies increasingly focusing on retaining and upskilling current talent.” The telecom sector also fared well, with a 19% salary hike among associates and senior management (11–15 years of experience).