Hiring Activities At All-Time High In India | July Breaks All Records In Hiring Across India! (Naukri Report)
The monthly Naukri JobSpeak Index for July has shown that the job market in India continues with its upward trajectory.
At 3170, the index surpassed its previous high of 3074, which was recorded in February’22.
Hiring activity shot up in the previous month with rampant growth across key sectors and metros.
Insurance records highest sequential growth with the rising demand for health insurance products due to the pandemic, owing to which the sector registered the highest M-O-M growth (+21%).
It is followed by Oil & Gas/Power (+18%), and IT-Software (+16%).
Other sectors looking bullish include Travel & Hospitality (+68%), Banking (+59%), Oil & Gas (+48%), Retail (+37%), BPO (+35%), Auto (+34%), Education (+32%), Telecom (+32%), and IT-Software (7%).
Meanwhile Travel & Hospitality leads the charts at 95% growth in hiring activity, followed by Insurance (65%) and BFSI (52%).
Hiring in cities
Among metros, Kolkata led the charts with 42% Y-O-Y growth in July’22. Other metros such as Mumbai (+36%), Delhi/NCR (+25%), Chennai (+25%), Pune (+24%), Hyderabad (+12%), and Bangalore (+10%).
Amongst the emerging cities, Coimbatore continues to lead for the second time by observing the highest Y-O-Y growth of 70% and sequential growth of 31%.
Tier-II cities, such as Kochi (+32%), Ahmedabad (+22%), and Vadodara (+11%) also witnessed a surge in hiring growth, except Chandigarh that showed a decline of -11%.
Demand for leadership
While hiring is at high levels across all experience brackets it is the top management (>16 years) and professionals with 13-16 years’ experience that have seen the most demand.
Positive hiring sentiment was also observed for other experience brackets such as 0-3 years (+20%), 4-7 years (+18%), and 8-12 years (+24%) when compared with July’21.
Pawan Goyal, Chief Business Officer, Naukri.com said that the report validates that the employment market is on a steady path without any significant speed bumps.
The trend in growth is seen across most industries, cities and experience bands which is great news for job seekers.