Hiring Overview
The latest numbers from the foundit insights tracker for August 2023 are in. Hiring Activity saw a 5% year-on-year (YoY) dip compared to August 2022. On a month-to-month (MoM) basis, there was a contraction of 3%.
The figures indicate a larger trend in the hiring landscape.
Employers are becoming more discerning when it comes to recruitment. Many are focusing on immediate organisational needs or skill-based recruitment to find the perfect hire.
Sectoral Insights
In demand: The Shipping sector continues to be in the spotlight, with 58% YoY growth. Travel and Tourism Sector too continues with the trend (44% YoY growth)
The Telecom Sector witnessed strong MoM growth (+5%) attributable to widespread 5G implementation. The NGO and services sector (+4%) also saw MoM growth in August.
Holding Steady: Education, Retail and HR & Admin roles remained stable, with no increase or contraction in hiring.
Facing Challenges: Despite a YoY hiring decline of 17%, the IT industry is showing growing momentum with monthly growth, mainly attributable to skill-based hiring.
The BFSI industry also saw YoY growth contract by 7%.
The BPO/ITES industry saw the biggest dip in MoM hiring, at –7%
Hiring Trends – Functions
August saw remarkable stability in hiring for across several sectors
Holding Steady: Functions like Software, Engineering & production, HR & Admin, Marketing & Communication, Logistics & Supply chain all saw no change in hiring demand.
In YoY hiring, the Hospitality & Travel industry (+13%) and Engineering & Production (+11%) saw strong growth.
However, the Finance & Accounts sector experienced a bit of turbulence, dropping by 4%.
A Closer Look at Salaries
The fit report for August 2023 has detailed insights on the salaries of professionals across all sectors and experience levels.
- IT – Hardware and Software: Despite last year’s hiring slowdown, professionals in the IT sector saw notable salary increments across all experience levels.
- BPO/ITES: This industry has been through some rough patches. The most noticeable dip was within the 7-10 years’ experience range, at 14%.
This suggests that as professionals advance in their careers in the BPO/ITES sector, their salaries decrease.
- The Entry-Level Wave: A significant salary surge for entry-level roles was a standout trend. IT and Engineering Sectors are most favourable for freshers and young professionals.
- Mid-Senior Level Gaps: Those with 7-10 years of experience didn’t have it all rosy. There was significant variation in salary levels.
However, the IT sector, with a 59% increase in salaries, placed a significant premium on mid-level expertise.
- Leadership Level: Several sectors such as Banking/Financial Services, IT, Telecom, FMCG, and Retail, show substantial salary growth for professionals with 11-15 years of experience, highlighting the premium placed on leadership or specialised roles.
That’s all from the fit report for August 2023. Read the full report to know about the salary range of professionals in various sectors and detailed insights into hiring trends.
Join us next month for another deep dive. And as always, keep an eye out for the latest from foundit Insights Tracker to stay on top of hiring trends in the Indian job market.
About the 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.
