September 2023 has been a month of mixed signals for India’s job market. The foundit Insights tracker recorded a 8% YoY decline and 2% dip in monthly hiring activity. While this suggests a slowdown, the focus is shifting towards upskilling and reskilling, particularly due to the rise of AI.
The fit also revealed some interesting sector and function-specific trends. Let’s delve into the data and find out what’s happening in the Indian job market.
Sector-Specific Analysis
In demand: With the upcoming festive season, hiring in retail has experienced a spike, with a +9% rise MoM.
Likewise, increased consumer spending has also led to an 11% MoM rise in hiring in the home appliances sector.
Both MoM and YoY data indicate an uptick in hiring in Automotive/Ancillaries/Tyres. This is largely due to the growing demand for electric vehicle-related skills and digital customer experience strategies.
Function-Specific Analysis
In demand: Legal (+21% MoM) sector saw a rise in demand, driven by the growing relevance of alternative legal service providers.
Marketing & Communications (+6%) saw increased demand, spurred by an increasing demand for digital marketing skills.
Holding Steady: Purchase/ Logistics/ Supply Chain, Arts/ Creative, Engineering/ Production: All these functions saw moderate MoM growth, ranging from +1% to +2%.
Workplace Trends
Despite an indication of an employer-centric market, data reveals a strong preference among employees for more flexible working conditions.
Overall, 21% of job opportunities offer a hybrid work model, and only 12% are designated for full-time remote work.
However, 49% of job seekers want hybrid work roles, while 28% want fully remote positions. This gap highlights the strong need for more flexible work arrangements.
When it comes to offering remote and hybrid job roles, the IT industry dominates the market, with a 47% share.
The Recruitment, Staffing, and RPO holds a 21% share, indicating the industry’s adaptability to flexible work models.
September 2023 portrays a complex picture for India’s job market. While overall hiring is down, certain sectors and roles are thriving.
The increasing importance of flexible work arrangements and the need for upskilling are trends that can’t be ignored. For more details, check out the complete Foundit Insights Tracker report for September 2023.
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.
