The jobs market is showing signs of optimism. Hiring activity across industries rose 3% in March 2024 from the previous month, with sharper hikes in oil & gas and power and telecom and ISPs, according to report by foundit Insights. Moreover, white-collar gig hiring surged a staggering 184% in March compared to the previous year, with IT sector hiring nearly 46% of such temporary workers.
As per the report, there has been 9% hiring growth over the past six months and 5% over the last three months. This, according to the report, reflects an optimistic business sentiment with a significant shift in attitudes, besides indicating a “notable transformation” in the job market landscape.
The hiring tracker shows that the oil & gas and power sector witnessed the biggest monthly hiring growth of 8% in March 2024. This was followed by telecoms and ISPs at 6%, manufacturing at 5%, logistics and transportation at 5%, healthcare at 3% and IT sector at mere 2%. The Banking and BFSI sector reported no growth in March, suggesting a period of consolidation or stability within the industry.
However, several sectors including many employment-intensive ones like shipping and marine industry (-12%), chemicals and plastics (-10%), FMCG, food & packaged food (-6%), garments and textiles (-8%), and real estate (-3%) experienced significant slowdowns in March.
Experts points out that report findings are in line with the growing preference of organisations in hiring gig workers for remote work, part-time assignments, and project-based employment. “Delving into specific industries, the IT sector is at the forefront of this gig boom. This indicates a strong demand for skilled freelance coders, IT consultants, and other tech professionals. Advertising and marketing also witnessed significant growth, with the share of gig jobs increasing from 5% to 18% over the past year,” the report added.
Sekhar Garisa, CEO, foundit said that one of the biggest learnings of the pandemic for employers as well as the employees has been the adoption of WFH and flexible models of working. “Metro cities of Delhi, Bengaluru, and Mumbai are paving the way for gig jobs as of now… We expect the gig economy to grow even more in the next few months, so it’s prudent for job seekers to equip themselves with relevant skills that will make them standout in a competitive market,” he said.
In terms of salaries, majority of the gig workers (31%) falls in the bracket of Rs 6-10 lakhs per annum (LPA) followed by 25% earning Rs 3-6 LPA, 21% getting Rs 10-15 LPA and 12% making Rs 0-3 LPA. Just about 11% of gig workers fall within the Rs 15-25 LPA range. This, as per the report, challenges the conventional notions of gig employment being inherently unstable or low-paying. “Instead, it suggests a growing landscape of opportunities that offer financial stability to a significant portion of workers,” the reports said.
Within the major hubs, Delhi NCR emerged as the top destination commanding 23% share of jobs in March 2024. Mumbai and Bengaluru closely followed with each accounting for a 17% share, highlighting their continued prominence as key job markets. Chennai and Hyderabad held 13% share each, underscoring the growing opportunities in these southern cities. Pune, Kolkata, and Ahmedabad also contribute to the job market, with Pune accounting for an 8% share, Kolkata for 6%, and Ahmedabad for 5%, showcasing the geographical diversity of job opportunities across India.
Even though the hiring trend was positive on the monthly basis, there was a 4% decline in the proportion of employers hiring in March 2024 as compared to the previous year.