Hiring activity witnessed an 8 per cent decline in October, mainly due to the festive season, but the outlook for the coming months looks bullish, says a report.
The Naukri Job Speak Index for October 2016 stood at 1,580, recording a decrease of 8 per cent in hiring activity over the same period last year.
This dip was primarily because of the festive season. Hiring activity generally tends to slow down around festivals as recruiters go slow on hiring plans and job seekers also temporarily suspend their job hunt.
"In October, we saw a dip in new jobs due to the impact of the festive season which saw three major festivals falling in October. However, we are confident that this is a temporary phenomenon and in the coming month, jobs growth will start improving," Sumeet Singh, Chief Marketing Officer, Infoedge India said.
After seeing consistent growth so far in the financial year, IT - Software/Software Services as well as ITES/BPO saw a year-on-year dip of 11 per cent and 8 per cent respectively while IT - hardware sector also saw jobs decrease 24 per cent.
Meanwhile, banking/financial services saw jobs increasing by 6 per cent in October 2016 as compared to last year. Insurance sector jobs grew by an impressive 21 per cent in the same duration.
The report further said that, software and ITES/BPO/KPO saw 9 per cent and 6 per cent decline, respectively, in jobs during October this year as against last year. IT - Hardware jobs also fell by 11 per cent in the same time period.
The decline in jobs caused by the festive season was reflected broadly across locations.
All metropolitan cities saw a year-on-year decline in jobs. Delhi NCR, Mumbai and Bangalore saw jobs drop by 17 per cent, 35 per cent and 6 per cent, respectively, in October this year as against last year.
Jobs in Hyderabad were flat while Chennai, Pune and Kolkata also saw jobs decline by 39 per cent, 34 per cent and 29 per cent, respectively, the report said.
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