The June 2024 edition of the foundit Insights Tracker delivers an optimistic view of the Indian job market. Over the past six months, hiring trends have shown a robust increase, signalling continued growth and opportunity. Here’s a summary of the key highlights from the report, with a particular focus on the surge in diversity hiring.
Positive Hiring Outlook
The overall hiring activity in India has shown a consistent upward trend, with a notable 12% year-on-year growth in June 2024. This positive outlook is further supported by a 15% increase over the last six months. The data reaffirms the strength of the job market and the ongoing demand for skilled professionals across various sectors.
Industry Hiring Trends
Several industries have demonstrated significant growth, contributing to the positive hiring landscape. The Manufacturing sector leads with a remarkable 43% year-on-year increase, driven by investments in the Automobile, Consumer Electronics, and Textile & Apparel sectors. Similarly, the Construction & Engineering sector jobs have seen a 29% year-on-year growth, fuelled by sustainability and green initiatives.
Other notable industries include:
- Consumer Electronics: +28% YoY
- Real Estate: +27% YoY
- Energy: +26% YoY
- IT – Software & Services: +21% YoY
These sectors have bolstered the job market and highlighted the importance of sustainable practices and technological advancements in driving employment.
Functional Hiring Trends
The report also illuminates the functional areas with the highest demand. Hospitality roles have surged by 36% year-on-year, mainly due to the need for experienced leaders to manage new hotel properties and airport operations.
Marketing & Communications jobs have seen a 24% increase, reflecting the growing importance of digital marketing and brand management.
On the flip side, Sales & Business Development roles have faced a 6% decline, indicating a shift towards digital sales and marketing automation.
Diversity Hiring Trends
One of the most encouraging trends highlighted in the report is the significant rise in diversity hiring. Diversity hiring has surged by 33% year-on-year, underscoring the growing emphasis on creating inclusive workplaces.
The BFSI sector leads this trend, with 30% of BFSI job postings focused on diversity hires. It follows this – Software & Services (19%), Healthcare (6%), Internet/E-commerce (4%), and Education (3%).
The report reveals that job postings now prominently feature inclusive language, specify preferred pronouns, and avoid gender bias. Additionally, a strong push exists to promote women to leadership roles through mentorship and specialised training programs.
City-wise Hiring Trends
Geographically, Bengaluru, Coimbatore, and Jaipur have witnessed the highest hiring increases, driven by the expansion of IT and production sectors.
Bengaluru leads with a 24% year-on-year growth, followed closely by Coimbatore at 23% and Jaipur at 21%. This trend highlights the growing opportunities in tier-2 cities beyond traditional hubs.
Experience Level Trends
The demand for professionals varies by experience level. The report indicates a 2% year-on-year increase in hiring for entry-level roles (0-3 years of experience) and a notable 8% year-on-year uptick for senior roles requiring 16+ years of experience. Mid-senior level roles (7-10 years) have also seen a 7% increase, reflecting the need for experienced professionals to lead and manage teams.
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 in India and delves into the hiring trends in different sectors.
For more detailed insights and data, visit foundit Insights Tracker
