In signs of sluggish employment market conditions, hiring activities across sectors witnessed a significant slump in October, says a report released today.
According to recruitment portal Naukri.Com's monthly job index, online hiring declined by 16% in October vis-a-vis the month of September as recruitment activities saw a dip in most key sectors, including IT and banking.
"The double-digit percentage dip in hiring can be attributed to the festive season spanning across October, as well as the uncertainty in the global economic outlook," Naukri.Com said in a statement.
The index for the auto sector witnessed a 26% dip in October vis-a-vis the previous month, while online hiring by IT software, pharma, oil & gas and banking companies fell in the range of 13% to 19%.
Meanwhile, hiring activities in the telecom sector rose by 19% last month.
Info Edge CEO and MD Hitesh Oberoi said that a look at the index for the past two years shows that there is usually a seasonal dip in hiring during the festive season.
"However, this year, hiring activity has been exceptionally low in October, as most employers seem to be adopting a more cautious approach toward hiring," he added.
Naukri.Com is part of Info Edge.
Mumbai, Delhi and Bengaluru saw hiring activities decline by 21%, 19% and 10%, respectively, last month in comparison to September.
"Hiring activities in Chennai, Pune and Hyderabad dipped within the range of 15% to 18% during the same time period," Naukri.Com said.
