Hiring activity registered a 21 per cent rise in April this year, mainly driven by growth in the auto sector and the market is expected to stay cautiously optimistic in the months to come, says a report.
Hiring activity registered a 21 per cent rise in April this year, mainly driven by growth in the auto sector and the market is expected to stay cautiously optimistic in the months to come, says a report. The Naukri JobSpeak Index for April 2018 stood at 2,139 marks, showing a 21 per cent rise in hiring activity in comparison to the same month last year.
“The rise is on the back of 11 per cent slump in hiring activity experienced in April 2017 due to the impact of macroeconomic factors on the job market,” the report released by Naukri.com said today. “The Job Speak index continues to surge ahead and move north with a 21 per cent YOY growth in April. This positive sentiment is line with our earlier predictions and the growth observed in the first three months of 2018.
“This heralds a good start to the new financial year with growth across sectors. This signals positivity and we expect the market to stay cautiously optimistic in the months to come,” said V Suresh, Chief Sales Officer, Naukri.com. The report further said that 2018 has started on a strong note. Major industries which witnessed double digit growth in their hiring activity for the month of April 2018 as compared to same month last year are auto (44 per cent), construction and engineering (34 per cent), banking and financial services (29 per cent) and IT (20 per cent).
The positive hiring sentiment ran across key cities. Chennai, Delhi, Bengaluru and Mumbai saw 25 per cent, 24 per cent, 17 per cent and 17 per cent growth in hiring, respectively. “Unlike 2018, in the year 2017 the economic reforms led to unpredictable nature of the job market and the difference is reflected in the index numbers for April this year (2,139) and April last year (1,768),” the report said.
The Naukri JobSpeak Index for the months of January, February and March of 2018 indicated a consistent demand for entry-level jobseekers (0-3 years experience). This trend continued with a growth of 6 per cent in April 2018 when compared with April 2017. On the other hand, the mid-level hiring (4-7 years) and senior level hiring (16+ years) recorded a year-on-year growth of 4 per cent and 2 per cent, respectively in April 2018.
However, the demand in roles for top management with the experience level of 8-12 years and 13- 16 years declined by 1 per cent and 6 per cent respectively in April 2018 as compared to the same month a year-ago. JobSpeak Index of April 2018 recorded 36 per cent increase in hiring activity for jobs requiring banking and insurance as a key skill. Jobs requiring accounts and finance and HR and administration as skills went up by 26 per cent and 22 per cent, respectively. The index has been calculated based on job listings added to the site month on month. July 2008 has been taken as the base month with a score of 1,000.