The October 2024 edition of the foundit Insights Tracker (fit) showcases steady growth in India’s hiring market, with specialised salaried roles playing a pivotal role in driving recruitment activity. As economic trends stabilise, employers are shifting focus towards expertise-driven hiring, particularly in industries like IT, BFSI, and Healthcare.
Sustained Momentum Amid Seasonal Adjustments
Hiring activity recorded a robust 22% year-on-year (YoY) growth, reflecting continued confidence among employers. However, month-on-month (MoM) hiring dipped by 5%, owing to seasonal factors post-festive peaks.
Geographically, Tier-2 cities maintained their prominence, led by Coimbatore, which posted a 65% YoY growth and an 8% MoM increase. Conversely, metros like Bengaluru and Delhi-NCR experienced slight declines in month-on-month hiring but continued to contribute significantly to annual growth.
Sector-Specific Hiring Trends
Hiring across sectors showed varied trends, with several industries standing out:
- Healthcare & Pharmaceuticals: Led the charge with a 39% YoY growth, driven by demand for medical professionals and health innovations.
- Real Estate: Continued to thrive with 38% YoY growth, supported by urbanisation and government housing initiatives.
- IT – Software & Services: Demonstrated 32% YoY growth, underscoring the increasing demand for tech expertise in digital transformation.
- Consumer Electronics: Benefitted from festive demand, recording a 37% YoY and 5% MoM growth, reflecting heightened consumer spending.
Functional Area Hiring Highlights
- Medical Roles: Topped the functional areas with a staggering 35% YoY growth, highlighting the healthcare sector’s focus on expertise.
- HR & Admin: Witnessed a 5% MoM increase, driven by organisational efforts to enhance employee engagement and retention.
- Procurement & Supply Chain: Registered 8% MoM growth, attributed to festive logistics requirements.
- Senior Management Roles: Recorded 30% YoY growth, reflecting the strategic emphasis on leadership hiring.
Experience-Level Trends
Entry- and mid-level roles dominated hiring demand:
- 0–3 years: Experienced 13% YoY growth, affirming the need for fresh talent.
- 4–6 years: Registered a 12% YoY increase, marking the demand for early-career professionals with proven skills.
- 7–10 years: Saw an 11% YoY growth, highlighting the need for mid-senior professionals.
Senior roles above 16 years of experience recorded a 3% decline, likely reflecting cost optimisation efforts by employers.
Salary Trends: Specialised Roles Outperform
Salary growth remained strong for specialised roles:
- IT & ITeS: Artificial Intelligence professionals command top pay, with senior roles reaching ₹76.4 LPA.
- Healthcare: Senior medical professionals earn up to ₹50 LPA, underlining the value of niche expertise.
- BFSI: Venture Capital & Private Equity roles lead with salaries reaching ₹47.5 LPA for senior professionals.
Conversely, traditional sectors like Textiles and General Manufacturing showed slower salary progression, indicating a shift towards innovation-driven hiring.
About the foundit Insights Tracker
The foundit Insights Tracker (fit), formerly the Monster Employment Index, provides monthly insights into recruitment activity across industries, functions, locations, and experience levels. This comprehensive report helps businesses and job seekers understand hiring trends and salary benchmarks in a rapidly evolving market.
For more information, reach out to pr@foundit.ai.
