The foundit Insights Tracker for November 2023 reveals a nuanced landscape of the Indian job market, marked by a -10% annual year-on-year decline in hiring activity and a -2% dip in monthly hiring.
Despite this general downturn, certain sectors and cities exhibit resilience and growth, underscoring the dynamic nature of the market.
The fit report for November ‘23 offers a comprehensive view of the hiring patterns across industries, functions, and cities, while also shedding light on the evolving salary trends across different experience levels.
Hiring Overview
The fit report shows a recent deceleration in hiring patterns. Over the past year, the hiring landscape has been following a three-month cyclical pattern of fluctuations. While this has injected uncertainty, it also indicates a potential recovery in the coming fiscal year.
This means employers are focusing on hires to fulfil immediate demand and essential skills.
Function-wise Stats (Monthly Trends)
In Demand: Notable growth in Purchase/Logistics/Supply Chain (+6%) and Finance & Accounts (+5%)
Holding Steady: Healthcare (+2%), Legal functions (+1%) and Marketing and Communications (0%) show modest growth
Facing Challenges: Software, Hardware, Telecom (-2%) saw a dip in hiring.
Industry Trend (Annual and Monthly)
Just 9 out of 27 industries saw a rise in annual hiring activities
- Shipping/Marine saw the biggest growth in hiring of 32% YoY. However, the sector saw a 7% dip in growth MoM. Since November last year, this is only the third time that Shipping has seen a dip.
- Government/PSU/Defence sectors saw a 9% rise in hiring YoY, and a 14% MoM growth
- Retail is also showing outstanding growth, a 30% YoY rise, and 3% MoM growth, maintaining the upward momentum of the past two years.
- Office Equipment/Automation is experiencing a tech-driven resurgence with a +13% increase, thanks to AI and IoT integrations.
- The IT-Hardware, Software sector continues to face challenges with a -16% YoY decline, and a -6% MoM dip.
Finance and Accounts saw a monthly spike, but faces a -13% YoY decline, highlighting the need for specialised skills in this evolving sector.
Salary Trends Across Experience Levels
The fit report for November ’23 also analysed the salaries of professionals across various industries. Here are the key insights.
- Freshers see highest salaries in IT-Hardware/Software; BFSI, Education and Logistics sectors saw the biggest salary dips.
- Mid-Level and Senior-Level: IT and Engineering sectors offer competitive salaries; BFSI and Logistics show a downward salary trend.
- Overall Trend: IT sector consistently pays the highest across experience levels. Automotive sector too has seen an increase in salaries. On the other hand, BPO, FMCG and Education sectors have experienced salary decreases when compared to the last quarter.
Conclusion and Outlook
The Indian job market, as depicted by the foundit Insights Tracker for November 2023, presents a landscape of contrasts. While certain sectors and cities show resilience and growth, others face challenges, reflecting the broader economic and technological shifts globally and locally.
As we look ahead, the potential for recovery and adaptation in various sectors offers a cautiously optimistic outlook for the Indian job market.
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 of job market in India and delves into the hiring trends in different sectors.
