Good News! Hiring activities up ahead of festive season, 13% YoY growth recorded - Report

Ahead of the festive seasons, there is good news for job seekers because the job market in India seems to have picked up pace as companies ramp up their operations. According to the Naukri JobSpeak report, there has been a spurt in hiring activity in September’22 with the Naukri JobSpeak index touching 3103 and recorded double-digit growth at over 13% YoY and over 10% sequential growth. 

Insurance sector continues its dream run 

"Maintaining its stellar performance, the Insurance sector once again led the charts as it recorded a sequential growth of +90% YoY in Sep’22, while growing by +71% YTD.  Apart from Insurance, Real Estate has also shown a significant jump in hiring intent as it grew by +66% YoY.  Other sectors such as BFSI (+64%), Travel & Hospitality (+48%), Oil & Gas (+43%), Auto (+23%), FMCG (+20%), and Retail (+17%) also continue to do well," the report said. 

Downfall in IT sector 

While the IT sector slowed down recording less than 6% YoY de-growth in September 2022 vs September 2021, the hiring activity has gone up by over 8% MOM indicating signs of recovery. Apart from IT, Medical/Healthcare (less than 6%) also recorded de-growth in September 2022. 

Metros drive hiring activity with Mumbai leading the charts 

Amongst metros, Mumbai topped the hiring charts as it witnessed +27% YoY growth. Other metros exhibited positive annual hiring growth, barring Bengaluru (-8%). In terms of monthly hiring charts, Delhi rose to the top after registering +14% growth, while Hyderabad (+11%), Kolkata (+11%), Pune (+9%), Chennai (+8%), and Bangalore (+7%) followed close.  

Amongst emerging cities, Coimbatore (+25%) witnessed the highest uptick in hiring activity. Other cities such as Ahmedabad (+23%), Jaipur (+17%), and Chandigarh (+11%) also showed positive hiring growth. However, Kochi and Vadodara remained flat.  

The demand for professionals across all experienced bands remained steady in September 2022 vs last year. Professionals with >16 years of work experience saw the steepest uptick at +15% followed by 13-16 years of work experience band recording +10% growth. Professionals with 8-12, 4-7, and 0-3 years of experience exhibited positive growth at +10%, +8%, and +9% respectively.   

“The JobSpeak Index crossing the 3100 mark in September 2022 is a great sign marking strong intent amongst recruiters before the festive period kicks in. It is notable to see that key sectors of Insurance and Real Estate have maintained their growth momentum and have recorded sterling performances,” said Pawan Goyal, Chief Business Officer, Naukri.com.