Hiring overview
The latest figures from the foundit Insights Tracker (fit) for October 2023 indicated an overall hiring slowdown in the Indian job market. The report recorded a Month-on-Month (MoM) decrease of 1% and a Year-on-Year (YoY) dip of 3% in hiring activity.
However, despite this general trend, certain industries continued to see growth in hiring.
In the face of uncertainty over the past year and a deceleration in hiring in recent months, several industries & functions are expected to rebound in the upcoming quarters.
Industry Insights
There was increased hiring activity in 12 out of 27 industries
In demand:
- The Shipping/Marine industry continued its upward hiring trend with 12% MoM and 44% YoY growth, thanks to an increasing emphasis on digitisation, automation and sustainable practices.
- Hiring in the Travel and Tourism industry also experienced robust growth, with 30% YoY and 6% MoM growth.
- Due to the ongoing festive season, the Home Appliances sector saw a 7% MoM hiring growth.
No movement in hiring:
Retail, Advertising, MR, PR, & IT (Hardware & Software) sectors showed to change from September 2022, maintaining a steady hiring rate.
Facing challenges:
Though BFSI indicated a 7% MoM growth in hiring, it faced a 10% YoY decrease from October 2022. Similarly, the IT sector saw an 8% YoY dip in e-recruitment.
Function Insights
Six out of thirteen functions tracked by the foundit Insights Tracker (fit) showed upward hiring trends.
- Hospitality & Travel led the way with a significant growth of 25% YoY and 13% MoM in hiring.
- Other functions like HR & Admin (16%), Engineering/Production (12%), and Healthcare (9%) also showcased positive YoY growth in hiring.
- Customer Service experienced the largest drop in YoY e-hiring (-22%) and saw no change on a MoM basis.
- Additionally, Finance & Accounts witnessed a 10% YoY drop in hiring and a 2% MoM dip.
City-wise Hiring Trends
While Metropolitan cities outperformed Tier-2 cities in MoM hiring, both groups experienced a decrease — Metros (-1%) and Tier-2 (-2%) cities.
- Kolkata led with a 17% increase in YoY e-recruitment, followed by Vadodara (+11%) and Ahmedabad (+7%).
- Pune faced the highest YoY hiring decline at –14%. Other cities that experienced a decrease in hiring include Chandigarh (-13%), Bangalore (-10%), Coimbatore (-7%), Hyderabad (-6%), and Chennai (-3%).
Festive Hiring Trends
With the festive season approaching, the Retail industry experienced a remarkable surge in online & offline due to the growing number of customers.
The foundit Insights Tracker noted a 9% increase in hiring over the last three months and a 20% jump in job opportunities as compared to October 2022.
The growth is primarily due to the digital transformation among traditional offline retailers, who are adapting to market changes and meeting rising talent requirements.
Experience-level Trend
Jobseekers with 0-3 years of experience were presented with the most opportunities, reflecting the industry’s focus on recruiting fresh talent in both offline and online retail sectors.
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.
