March 2024 saw a slight downturn in India’s hiring landscape, as foundit Insights Tracker registered a 4% annual decrease in hiring activity.
Despite this annual decline, the month-to-month analysis revealed a more positive trend, with a 3% increase in hiring activity from February 2024.
This resilience is further underscored by a consistent growth trajectory over recent months, with a 9% growth noted over the past six months and a 5% increase over the last three months.
Such trends reflect a cautiously optimistic business sentiment, suggesting a significant shift in attitudes and an ongoing transformation within the job market.
Month-on-Month Analysis
- Leadership Roles: +6% in senior management hiring, signalling strategic leadership is increasingly crucial.
- Healthcare Sector: +5%, demonstrating sustained growth due to persistent demand for healthcare services.
- Technology Sectors: Software, hardware, and telecom see a +2% growth, reflecting the ongoing digital transformation.
- Energy Sector: Significant +8% increase in oil/gas/petroleum, power industries, underlining the importance of energy development.
- Logistics, Manufacturing: Both sectors up by +5%, driven by e-commerce growth and infrastructure focus.
- Marketing & Communications: No growth, indicating a potential shift towards digital marketing strategies.
Hiring Trends – Industry and Functions
Out of 27 industry sectors monitored, nine showed an increase in recruitment activity year-over-year, indicating pockets of growth despite broader market contractions.
In demand:
- Travel and Tourism and Government/PSU/Defence led the annual increases with +17% and +14%, respectively.
- On a month-to-month basis, Telecom/ISP saw a remarkable recovery, primarily driven by advancements in 5G and AI technologies.
- The Oil/Gas/Petroleum sector saw (+8%) surge in MoM demand, mainly driven by the sector’s escalating demand for petroleum products and green hydrogen.
Facing challenges:
- BFSI sector saw stagnant growth MoM, and a (-6%) drop in YoY numbers
- The Logistics/Courier/Transportation sector saw a (-9%) drip in YoY numbers but is buffeted by a (+5%) rise in MoM numbers.
Hiring Trends Across Cities
- Kolkata (+18%), Coimbatore (+16%), Jaipur (+7%), and Delhi/NCR (+3%) experienced notable year-over-year growth.
- Chandigarh (-33%), Mumbai (-18%) and Pune (-10%) saw significant declines, reflecting the competitive and ever-changing nature of regional job markets.
Gig Economy Trends
The gig economy continues to evolve rapidly, with a reported 184% growth year-over-year in the white-collar sector. The demand for gig workers has surged by over 21% over the last year, highlighting the increasing reliance on flexible workforce solutions to address talent shortages and emerging skill gaps.
Notably, IT Software & Services and Advertising & Marketing have seen significant increases in gig job shares, signaling shifts in employment patterns towards more agile and project-based work arrangements.
Function-wise demand
- Coder/IT consultant positions were the most in-demand roles in the gig market in March 2024, occupying 30% of the job market, up from 12% the year before.
- Content Creator roles increased their share from 9% to 17%, while Trainer roles increased from 11% to 15%.
- Data Analysts and UX Designers consistently held an 8% share in the gig job market.
City-wise Trends (Gig Jobs)
- Delhi/NCR was the leading location for gig jobs with a 23% share in March 2024; Mumbai and Bengaluru were close competitors, each with a 17% share of the gig job market.
- Chennai and Hyderabad each captured a 13% share, marking them as burgeoning markets for gig opportunities.
In conclusion, the March 2024 edition of the foundit Insights Tracker paints a complex picture of India’s job market. While certain sectors and cities demonstrate strong growth and adaptability, the overall job market faces challenges amidst a backdrop of economic adjustments and technological transformations. The rise of the gig economy further reflects these shifts, pointing to a future of work that values flexibility, innovation, and resilience.
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.
