 "Jobs, employment, hiring")
India's IT sector saw the biggest drop in new jobs with a 46 per cent decline in July compared to the year-ago period, according to a report.
Even ob postings for white collar hiring in July stood at 2,573, down 8 per cent compared to the previous month, and down 19 per cent compared to July 2022, according to the Naukri JobSpeak Index released on Tuesday.
Besides IT, sectors such as FMCG, Retail, BPO, Insurance, and Education also showed cautious hiring sentiments with a dip of 23%, 23%, 21%, 16%, and 14%, respectively, in new job creation compared to July last year.
Besides IT, sectors such as FMCG, Retail, BPO, Insurance, and Education also showed cautious hiring sentiments with a dip of 23%, 23%, 21%, 16%, and 14%, respectively, in new job creation compared to July last year.
The JobSpeak Index also indicates a rising demand for senior professionals (>16 years’ experience). This is primarily driven by companies seek seasoned leadership to navigate the complexities of the current business climate.
Meanwhile, entry-level and mid-level hiring remains subdued, reflecting the market's demand-supply equilibrium.
Naukri JobSpeak is a monthly index representing the state of the country's job market and hiring activity based on new job listings and job-related searches by recruiters on the resume database of Naukri.com.
Braving the market turbulence, the Oil & Gas sector witnessed a 9% growth in hiring trends compared to July last year. Escalated energy consumption in domestic market remained the primary growth driver. Roles such as Field Service Engineer, Quality Engineer, Procurement Manager, and Logistics Manager, were most in demand mainly in cities like Ahmedabad, Mumbai, Pune, and Hyderabad. Senior Professionals are the most sought-after in this sector.
Reflecting the revival of infrastructure projects and an uptick of consumer investment in residential properties, the Real Estate sector charted a 5% growth in hiring activity compared to July last year. Project Manager - Construction, Interior Design, Architect, and Civil Engineers were the most sought-after profiles in cities including Kolkata, Mumbai, and Chennai. In line with the last few months, the sector witnessed higher increase in demand for mid to senior-level professionals in July 2023 compared to July last year.
With the ongoing boom in AI, the demand for niche roles such as Full Stack AI Scientists and ML Engineers is strong with the number of new job openings up 9% and 6%, respectively, in July compared to beginning of the year. The demand for these roles is strongest in Tech and Finance sectors.
Also Read
With travel restrictions easing out and tourism rising, the Hospitality sector continued its growth trajectory with 2% jump in new job creation in July 2023 compared to July last year. The sector continued to create new jobs for Restaurant Managers, Hotel Managers, and Travel Desk Coordinators, primarily in cities like Mumbai and Chennai.
"Positive hiring trends witnessed across domestic sectors like Oil & Gas, Real Estate, and Hospitality, along with stable hiring for AI-related roles, continues to showcase the adaptability and diversification of Indian job market," said Pawan Goyal, Chief Business Officer of Naukri.com.
Jaipur and Vadodara continue to lead hiring spree in non-metros
The fast emerging cities of Jaipur and Vadodara show a steady rise in their hiring indices, with increases of 4% and 2% respectively, in hiring trends compared to July last year, primarily driven by Oil & Gas, Pharma, and Auto Sectors.
