Hiring Records 13 Per Cent YOY growth In India: Naukri JobSpeak
September’22 has witnessed a spurt in hiring activity as the job market in India up pace ahead of the festive season as companies up their operations. Naukri JobSpeak index touching 3,103 and recorded a double-digit growth at over 13 per cent Year on Year and more than 10 per cent sequential growth, the Naukri JobSpeak report said.
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 more than 90 per cent YOY in Sep’22, while growing by over 71 per cent Year to date.
According to the report, apart from Insurance, Real Estate has also shown a significant jump in hiring intent as it grew by +66 per cent Y-O-Y. Other sectors such as BFSI, Travel & Hospitality, Oil & Gas, Auto, FMCG, and Retail also continue to do well.
While the IT sector slowed down recording less than 6 per cent YOY de-growth in Sep’22 vs Sep’21, the hiring activity has gone up by over 8 per cent Manufacturing Operation Management (MOM) indicating signs of recovery. Apart from IT, Medical or Healthcare also recorded de-growth in September’22.
Amongst metros, Mumbai topped the hiring charts as it witnessed over 27 per cent Y-O-Y growth. Other metros exhibited positive annual hiring growth, barring Bengaluru (-8 per cent). In terms of monthly hiring charts, Delhi rose to the top after registering +14 per cent growth, while Hyderabad (+11 per cent), Kolkata (+11 per cent), Pune (+9 per cent), Chennai (+8 per cent), and Bangalore (+7 per cent) followed close.
Amongst emerging cities, Coimbatore witnessed the highest uptick in hiring activity. Other cities such as Ahmedabad, Jaipur, and Chandigarh also showed positive hiring growth. However, Kochi and Vadodara remained flat.
The demand for professionals across all experienced bands remained steady in Sep’22 vs last year. Professionals with over 16 years of work experience saw the steepest uptick at more than 15 per cent followed by 13-16 years of work experience band recording 10 per cent growth. Professionals with 8-12, 4-7, and 0-3 years of experience exhibited positive growth at over 10 per cent, 8 per cent and 9 per cent respectively.
Commenting on the report, Pawan Goyal, Chief Business Officer, Naukri.com said, “The JobSpeak Index crossing the 3,100 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.