The latest edition of the foundit Insights Tracker (fit) report for February 2024 reveals a modest 3% increase in online hiring activities compared to January 2024, despite a year-over-year decline of 8% from February 2023. This data suggests a nuanced picture of the job market, with certain sectors showing robust growth while others face headwinds.
Monthly Dynamics and Sector-Wise Highlights
February’s report underscores a landscape of both challenges and opportunities within the job market
- The Oil/Gas/Petroleum, Power, IT, and Manufacturing sectors emerged as frontrunners in job growth, each marking a 7% rise in hiring activities, driven by technological advancements and government incentives.
- Conversely, the BPO/ITES sector experienced a 4% decline, reflecting a reevaluation of workforce strategies in light of automation and market shifts.
- The Travel & Tourism sector, despite a slight seasonal dip compared to last month, continued to perform strongly with a 4% growth, indicative of the sector’s recovery momentum.
Annual Hiring Trends – Industry
Seven out of 27 industry sectors monitored by the tracker, saw an increase in annual recruitment activity
- Retail (17%) and Travel & Tourism (15%) led annual growth, signalling consumer market resilience and a rebound in global travel.
- Conversely, key sectors like Production and Manufacturing (-3%), Oil/Gas/Petroleum, Power (-5%), and BFSI (-6%) experienced yearly declines despite positive monthly movements, hinting at a gradual recovery.
City-wise Performance and Sectoral Influence
The tracker also provides insight into geographical variations in job market performance
- Coimbatore led with a 4% increase, benefiting from growth in manufacturing and textiles.
- Bangalore maintained its position as a tech hub with a 3% increase, while other major cities like Pune and Ahmedabad saw moderate growth.
- In contrast, metros like Mumbai and Chennai experienced slower growth, highlighting the competitive and cost-sensitive nature of these markets.
Role-Specific Observations and Trends
- Hospitality and Travel, alongside HR and Administration, saw significant hiring increases, reflecting sectoral rebounds and a focus on talent management.
- Senior management roles experienced a 6% increase, signifying a strategic emphasis on leadership amidst uncertain economic conditions.
- Legal and Marketing & Communications roles faced declines, possibly due to shifts in market demand and budgetary constraints.
Freshers’ Hiring and Sectoral Shifts
The report provides a special focus on the hiring landscape for freshers
- A 12% year-on-year decline in freshers’ hiring points to a competitive job market with an increase in applications but fewer opportunities.
- Technology and Healthcare sectors showed divergent trends, with the former seeing a decrease in its share of jobs and the latter doubling its share, likely due to growing healthcare demands.
- The contribution of startups to entry-level hiring significantly decreased, attributed to funding challenges and strategic hiring adjustments.
Geographical and Qualification-Based Insights
Delhi-NCR jobs led in job postings, with notable shifts observed in the demand for IT graduates and management graduates, indicating changing industry requirements.
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.
