In April 2024, India’s hiring landscape showcased a remarkable resurgence, according to the latest foundit Insights Tracker. The data reveals a 9% annual increase in hiring activity. This upward trajectory is mirrored in the month-on-month analysis, which also records a 9% increase in hiring activity.
The consistent growth over recent months, culminating in a 20% increase over the last six months and a 12% rise in the last quarter, indicates a robust recovery and a positive outlook for the Indian job market. This growth trajectory suggests that India Inc. is on a path to significant recovery and expansion
Month-on-Month Analysis
The analysis of hiring trends across different cities and sectors paints a diverse and dynamic picture
- Metros: Experienced a growth of +6% in hiring activity.
- Tier-2 Cities: Saw a slightly higher increase of +7%.
Hiring Trends – Industry and Functions
The hiring landscape across various industries and functions revealed both challenges and growth areas:
Industry Trends
In-demand:
- Production and Manufacturing: Showed the most substantial increase with +20% MoM and +31% YoY.
- Import/Export: Notched a +15% increase MoM.
- Healthcare: Continued its upward trend with +14% growth MoM.
Facing challenges:
- Telecom/ISP: Despite a +10% MoM increase, it experienced a -1% YoY decrease.
- Education: Remained relatively stable with minimal growth.
Function-wise Trends:
In demand:
- Marketing & Communications: Increased by +6% MoM, reflecting the ongoing demand for digital and data-driven marketing skills.
- Healthcare: Also grew by +6% MoM, driven by continuous innovation and integration of technology in healthcare services.
- Senior Management: Saw a significant +6% MoM increase, indicating a growing need for strategic leadership amidst changing market conditions.
City-wise Hiring Trends
Significant Growth:
- Kolkata: Leads with +23% YoY and +9% MoM increase, marking the fastest growth in hiring activity.
- Chandigarh: Shows a robust recovery with +24% YoY and +10% MoM increase.
Steady Growth:
- Bangalore: Exhibits strong +12% YoY and +6% MoM growth, driven by its robust IT and manufacturing sectors.
Mixed Results:
- Mumbai: Despite a -11% YoY decline, there’s a +5% MoM increase, indicating potential recovery.
- Pune: Observes a -3% YoY decrease but a +7% MoM rise, suggesting short-term improvements.
Startup Trends Overview
Startup Growth vs. Job Creation: Startups have seen a remarkable 37% increase in numbers this year, yet job creation within these entities has only risen by 14%. This discrepancy indicates that while the startup ecosystem is expanding rapidly, it does not proportionally translate into job opportunities. Primary challenges include limited funding, regulatory complexities, and skill shortages.
Regional Dynamics:
- Steady growth: Bengaluru remains the leading startup hub, accounting for 31% of all startup jobs, despite a slight dip in its share. Chennai and Hyderabad are becoming increasingly attractive to startups, indicating a diversification of the startup footprint across India.
- Shift in Work Models: There is a significant reduction in remote work opportunities, suggesting a trend towards reinstating traditional office-based work environments.
Industry-Specific Trends:
- IT Services: Continues to dominate the startup job market with a 3% increase in job share from the previous year.
- Internet Industry: Faces a 3% decrease in job share, possibly indicating market saturation or strategic pivots within the sector.
- Consulting: Observes a sharp 10% decline in job opportunities, likely due to companies developing strategies in-house rather than relying on external consultants.
Key Takeaways
April 2024 has been a month of significant recovery and optimism in India’s job market. The foundit Insights Tracker highlights a positive shift across various sectors, with substantial growth in production and manufacturing and steady advances in healthcare and IT. The continued growth in tier-2 cities, along with the rise of the gig economy, points towards a diversifying and resilient job market.
The strategic insights provided by the foundit Insights Tracker offer a clear view of the evolving job market dynamics, helping stakeholders make informed decisions in a rapidly changing economic landscape.
About foundit Insights Tracker
The foundit Insights Tracker (fit), previously known as the Monster Employment Index, is foundit’s authoritative monthly report on hiring trends in India. It analyses millions of jobs to provide a panoramic view of recruitment activity of job market in India and delves into the hiring trends in different sectors.
