The August 2024 edition of the foundit Insights Tracker provides an in-depth analysis of hiring trends in India, showcasing a period of consistent growth. Key sectors such as IT and Real Estate continue to drive job creation, despite some month-on-month fluctuations.
Positive Hiring Outlook
In August 2024, India’s e-recruitment activity demonstrated strong resilience with a 15% year-on-year increase. Although there was a marginal 1% month-on-month decline, the overall hiring landscape remains robust, with a cumulative growth of 8% over the past six months.
This steady progress indicates continued economic recovery and a vibrant job market, bolstered by technology-led industries and urban development.
Industry Hiring Trends
August saw significant hiring growth across several industries, reinforcing the positive trend in the job market.
- IT – Software & Services led the hiring surge with a 23% year-on-year growth, driven by digital transformation and increased reliance on technology across sectors. The month-on-month increase of 4% further underscores the sustained demand for IT professionals.
- Real Estate recorded a 32% year-on-year increase, reflecting strong market demand despite a slight 1% month-on-month decline.
- Construction & Engineering also saw robust growth, with a 31% year-on-year rise and a 2% month-on-month increase, driven by infrastructure projects and urban development.
Other key industries include:
- Healthcare & Pharmaceuticals: +25% YoY, sustained by ongoing demand for healthcare services.
- Retail: +23% YoY, reflecting consumer demand and expansion in the retail landscape.
These industries highlight the ongoing transformation across sectors, with technology, infrastructure, and healthcare emerging as key areas of growth.
Functional Hiring Trends
The report also outlines trends in functional roles, with IT continuing to lead the charge.
- IT roles saw a 9% year-on-year increase, supported by rising demand for digital expertise and technological solutions. Software development remains a critical area, accounting for 46% of IT hiring.
- Marketing & Communications: Despite a slight 2% month-on-month dip, this function registered a 22% year-on-year increase, driven by the growing need for digital marketing and performance analytics expertise.
On the other hand, Sales & Business Development experienced a 10% year-on-year decline, reflecting the rise of automation and digital platforms reducing the demand for traditional sales roles.
City-wise Hiring Trends
Geographically, hiring trends varied across regions, with Tier-2 cities emerging as significant growth hubs.
- Coimbatore saw a 33% year-on-year hiring increase, establishing itself as a rising tech hub alongside established metro cities.
- Bengaluru recorded a 27% year-on-year growth, while other cities like Delhi-NCR (+20% YoY) and Kolkata (+10% YoY) also demonstrated strong hiring activity.
- Chennai and Hyderabad were standout locations for Construction & Engineering roles, with growth rates of 11% and 5% month-on-month, respectively.
Experience Level Trends
The demand for professionals also varied across experience levels:
- Entry-level roles (0-3 years) saw a 4% year-on-year growth, indicating a healthy demand for fresh talent.
- Senior roles (16+ years) experienced a 4% increase in hiring, while mid-senior level roles (7-10 years) showed an 8% growth.
Conversely, senior-level roles (11-15 years) saw a 1% decline, signalling potential shifts in organisational hierarchies or evolving demands for specific skill sets.
About the foundit Insights Tracker
The foundit Insights Tracker (fit), formerly known as the Monster Employment Index, continues to be a comprehensive monthly report on hiring trends in India. It provides a detailed analysis of recruitment activities across various sectors, offering valuable insights into the evolving job market.
