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Insurance sector biggest employer in July; overall hiring activity in India surges 21% YoY

Most key centres have exhibited positive hiring sentiment, registering double-digit growth since the beginning of 2022.

Insurance sector biggest employer in July; overall hiring activity in India surges 21% YoY
India’s overall job market also continued with its upward trajectory, with the Naukri JobSpeak Index beating previous records. (File/Pixabay)

The insurance sector emerged as the biggest employer in India, recording a 21% on-month growth, in July on the back of rising demand for health insurance products following the outbreak of Covid-19 and the recent monkeypox scare.

India’s overall job market also continued with its upward trajectory, with the Naukri JobSpeak Index beating previous records. At 3,170, the index zoomed passed its previous high of 3,074, recorded in February. Overall hiring activity surged in July, with rampant growth across metros and key sectors, leading to a 21% on-year growth (See naukri.com graphic)

The Naukri JobSpeak is a monthly index calculating and recording hiring activity based on job listings on naukri.com month-on-month and year-on-year. With an index value of 1,000 as base, the index calculates subsequent monthly increases from July 2008. 

SECTORAL HIRING TRENDS

Hiring activity in the oil & gas/power sector during the month grew 18% on month, while the IT-software industry grew 16%.

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Other sectors that showed an upward trend in hiring activity include travel & hospitality at 68%, banking at 59%, oil & gas at 48%, retail at 37%, BPO at 35%, auto at 34%, education at 32%, telecom at 32%, and IT-software at 7%.

KOLKATA LEADS STRONG HIRING IN METROS

Most key centres have exhibited positive hiring sentiment, registering double-digit growth since the beginning of 2022. Among metros, hiring activity in Kolkata was the highest with an on-year growth of 42% in July. Mumbai came second at 36%, Delhi-NCR and Chennai third at 25% each, Pune at 24%, Hyderabad at 12%, and Bangalore at 10%.   

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Coimbatore led the hiring in emerging cities for the second time with an on-year growth of 70% and sequential growth of 31% (See naukri.com graphic). The record for other Tier-II cities, such as Kochi at 32%, Ahmedabad at 22%, and Vadodara at 11%, witnessed hiring growth, while Chandigarh showed an 11% decline.

DEMAND FOR LEADERSHIP HITS ALL-TIME HIGH

The demand for top management (>16 years) positions and professionals with experience in the 13-16 years bracket saw the steepest on-year growth at 32% and 31%, respectively.  

Hiring sentiment was positive for other experience brackets such as 0-3 years (20%), 4-7 years (18%), and 8-12 years (24%), when compared to July 2021. 

naukri.com Chief Business Officer Pawan Goyal said of the report: “With the JobSpeak Index breaking all records, it validates that the employment market is on a steady course without any significant hotspots. The trend in growth is seen across most industries, cities and experience bands which is great news for the job seekers.”

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