In May 2024, India’s hiring landscape exhibited a significant resurgence, according to the latest foundit Insights Tracker. The data reveals an 11% annual increase in hiring activity. This upward trajectory is mirrored by a slight 2% decrease in hiring activity from the previous month, showcasing short-term fluctuations within a larger positive trend.
The consistent growth over recent months, culminating in a 7% increase over the last three months, indicates a robust recovery and a positive outlook for the Indian job market. This growth trajectory suggests that India Inc. is on a path to significant recovery and expansion.
Month-on-Month Analysis
The analysis of hiring trends across different cities and sectors paints a diverse and dynamic picture:
- Metros: Experienced a growth of +2% in hiring activity.
- Tier-2 Cities: Saw a slight 1% decrease in hiring activity.
Hiring Trends – Industry and Functions
The hiring landscape across various industries and functions revealed both challenges and growth areas:
Industry Trends
In-demand:
- Production and Manufacturing: Showed the most substantial increase with +13% MoM and +47% YoY.
- Telecom/ISP: Notched a +5% increase MoM and +9% YoY.
- Healthcare: Continued its upward trend with +4% growth MoM and +23% YoY.
Facing challenges:
- Travel and Tourism: Despite a +2% MoM increase, it saw –4% YoY growth.
- Retail: Experienced a -2% MoM decrease and -16% YoY decline.
Function-wise Trends
In demand:
- Software, Hardware, Telecom: Increased by +2% MoM and +11% YoY, reflecting the ongoing demand for tech skills.
- Marketing & Communications: Grew by +1% MoM and +16% YoY, driven by the need for digital marketing skills.
- Healthcare: Also saw growth with +2% MoM and +11% YoY, driven by continuous innovation and integration of technology in healthcare services.
City-wise Hiring Trends
Significant Growth:
- Kolkata: Leads with a +21% YoY and +5% MoM increase, marking the fastest growth in hiring activity
- Bangalore: Exhibits strong +22% YoY and +1% MoM growth, driven by its robust IT and manufacturing sectors.
Mixed Results:
- Mumbai: Despite a -2% YoY decline, there’s a +1% MoM increase, indicating potential recovery.
- Pune: Observes a +7% YoY increase and +2% MoM rise, suggesting short-term improvements.
Experience-Level Hiring Trends
- 0-3 Years: Decreased by -2% MoM.
- 4-6 Years: Increased by +2% MoM.
- 7-10 Years: Remained stable with 0% change MoM.
- 11-15 Years: Saw a marginal uptick of +1% MoM.
- ≥16 Years: Decreased by -2% MoM.
Metro vs. Tier-2 Trends
- Metros: Continued to see significant growth in hiring, with key hubs like Kolkata and Delhi/NCR leading on a YoY basis.
- Tier-2 Cities: Kochi, Coimbatore, and Jaipur emerged as key hiring locations annually.
- Metro Cities continue to lead in sectors like IT, Advertising, and Travel/Tourism, with steady growth in hiring and competitive salaries.
- Tier-2 Cities show substantial annual growth across various industries, when compared to metros in Production and Manufacturing (29%), Real Estate (8%), and IT-Software & Services (17%), highlighting their rising prominence in India’s economic landscape.
Key Takeaways
May 2024 has been a month of significant recovery and optimism in India’s job market. The foundit Insights Tracker highlights a positive shift across various sectors, with substantial growth in Production & Manufacturing and steady advances in Healthcare and IT. The continued growth of industries in tier-2 cities towards a diversifying and resilient job market.
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 in India and delves into the hiring trends in different sectors.
For detailed insights and data, visit foundit.in.
