The job market in India picked up pace ahead of the festive season as companies ramp up their operations. The Naukri JobSpeak report showcased a spurt in hiring activity in September’22 with the Naukri JobSpeak index touching 3103 and recorded double-digit growth at +13% YOY and +10% sequential growth.
Key employment sectors record significant growth, Insurance 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% Y-O-Y. Other sectors such as BFSI (+64%), Travel & Hospitality (+48%), Oil & Gas (+43%), Auto (+23%), FMCG (+20%), and Retail (+17%) also continue to do well.
While the IT sector slowed down recording -6% YOY de-growth in Sep’22 vs Sep’21, the hiring activity has gone up by +8% MOM indicating signs of recovery. Apart from IT, Medical/Healthcare (-6%) also recorded de-growth in September’22.
Metros drive hiring activity with Mumbai leading the charts
Amongst metros, Mumbai topped the hiring charts as it witnessed +27% Y-O-Y 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.
Hiring sentiment remains positive across the experience bands, Leadership roles see maximum jump
The demand for professionals across all experienced bands remained steady in Sep’22 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.
Commenting on the report, Pawan Goyal, Chief Business Officer, Naukri.com, said, “The JobSpeak Index crossing the 3100 mark in Sep’22 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.”
The Naukri JobSpeak is a monthly Index that calculates and records hiring activity based on the job listings on the Naukri.com website month on month and year on year. The objective of Naukri JobSpeak is to measure hiring activity in various industries, cities, and experience levels. The data is compiled from the website wherein jobs posted by clients on Naukri.com are considered. July 2008 is taken as the base with an index value of 1,000 and the subsequent monthly index is compared with the data for July 2008. The report shows hiring trends across industry sectors, geography, and experience level. More than 76,000 clients use Naukri.com, leading to the high reliability of data. The report does not cover gig employment, hyperlocal hiring, or campus placement. Data on functional area hiring has been retired due to changes in the nomenclature. Over a long period of time, Naukri JobSpeak could be impacted by factors like internet penetration, Naukri market share, Naukri pricing, and job listing drives.