The July 2024 edition of the foundit Insights Tracker offers a detailed analysis of the hiring trends in India, marking a period of steady growth with a focus on emerging sectors.
Despite a slight month-on-month dip, the job market continues to show resilience and expansion, particularly in key industries such as IT and Manufacturing. Here’s an overview of the key highlights from the report.
Positive Hiring Outlook
In July 2024, India’s e-recruitment landscape saw an 11% year-on-year increase, reflecting strong hiring activity across various sectors. Although there was a marginal 1% month-on-month decline, the overall trend remains positive, with hiring demand growing consistently over the last six months by 11%.
This indicates sustained economic recovery and growth across the job market.
Industry Hiring Trends
July witnessed significant hiring growth in several industries, contributing to the positive market outlook.
The Consumer Electronics sector led the charge with a robust 45% year-on-year growth, driven by advancements in the semiconductor industry and the adoption of AI, IoT, and 5G technologies.
Similarly, the Manufacturing sector continued its strong performance with a 43% year-on-year increase.
Other key industries include:
- Real Estate: +32% YoY, driven by the demand for flexible spaces and increased investor confidence.
- Construction & Engineering: +29% YoY, with substantial growth in green initiatives.
- Healthcare & Pharmaceuticals: +19% YoY, reflecting the rising demand for healthcare services.
These industries highlight the ongoing transformation in the job market, with a strong emphasis on technology, sustainability, and healthcare.
Functional Hiring Trends
The report also sheds light on the functional areas experiencing the highest demand. Hospitality roles saw a 28% year-on-year increase, driven by the expansion of new hotel properties and airport operations. Similarly, Marketing & Communications roles grew by 24% YoY, reflecting the importance of digital marketing in today’s business landscape.
On the other hand, Sales & Business Development roles saw an 8% decline, possibly due to the increasing adoption of digital sales platforms and automation tools.
City-wise Hiring Trends
Geographically, Bengaluru and Coimbatore emerged as the top cities with the highest hiring increases, both recording a 24% year-on-year growth. Jaipur, Hyderabad, and Delhi-NCR also showed strong gains, highlighting expanding opportunities in both metropolitan and tier-2 cities.
Experience Level Trends
The demand for professionals varied across experience levels. Notably, there was a 13% year-on-year increase in hiring for entry-level roles (0-3 years of experience), while roles requiring 16+ years of experience saw a 6% growth. Conversely, senior-level roles (11-15 years) registered a 3% decline, indicating a potential shift in organisational hierarchies and demand for specific skill sets.
Salary Trends
Salary growth has been positive across most sectors, with the IT – Software & Services sector offering the highest salary packages. Notable increases were observed in the Retail sector, particularly for entry-level professionals, which saw a 15% year-on-year salary growth.
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.
