Economic recovery continues to be promising with hiring across key sectors witnessing an upward movement in May. Hiring activity surged 40% on year, according to a new survey, as India’s job market shows promising signs after a couple of years in the doldrums due to Covid-19.
The Naukri JobSpeak Index for May stood at 2,863, indicating that the job market was on the rise. The monthly index calculates hiring based on listings on Naukri.com on a sequential and on-year basis. With an index value of 1,000 as base, the index calculates subsequent monthly increases from July 2008.
SUSTAINED GROWTH IN KEY SECTORS
The travel and hospitality sector witnessed strong hiring growth during May with the summer holidays causing a spike in travel (See naukri.com graphic). The industry bounced back after a Covid-hit May 2021, recording a 352% on-year growth. The sector maintained its monthly run rate, showing signs of stability.
Retail at 175%, real estate at 141% and insurance at 126% were among the top sectors witnessing a significant on-year growth. On-month, the insurance sector grew 25%. Other key sectors that witnessed growth in on-year hiring trends were banking, financial services and insurance (BFSI) at 104%, education at 86%, auto at 69%, oil & gas at 69%, fast-moving consumer goods FMCG at 51%, and IT-software/software services at 7%.
Compared with April, all key sectors showed stabilisation.
DELHI LEADS KEY CITIES IN HIRING
Demand for talent in metro and non-metro cities remained steady, indicated by a double-digit on-year growth (See naukri.com graphic). Delhi registered the highest on-year growth at 63%, followed by Mumbai at 61% and Kolkata at 59%. The other metros were also not far behind with Chennai recording 35% growth, Pune 27%, and Hyderabad 23%.
Tier-II cities also witnessed optimistic hiring trends with Jaipur leading the chart with 76%. Coimbatore at 64%, Vadodara at 49%, Cochin at 35%, Ahmedabad at 26%, and Chandigarh at 25% were the other emerging cities that witnessed double-digit on-year growth.
EMPLOYERS WILLING TO HIRE FRESHERS
Demand for entry-level talent (0-3 years) showed the steepest rise at 61% in May. The hiring intent was positive for experience brackets such as 4-7 years (37%), over 16 years (27%), 13-16 years (26%), and 8-12 years (22%).
Naukri.com Chief Business Officer Pawan Goyal said of the findings: “The recruitment landscape continues to stay resilient and is sustaining the momentum 2022 ushered in.”
The job market has shown stable sequential trends that are substantially ahead of last year’s baselines. The secular nature of trends; cutting across metros as well as non-metros, experienced professionals as well as freshers is again a good indicator of this strong hiring sentiment.”