The September 2024 edition of the foundit Insights Tracker (fit) highlights the significant momentum in India’s job market, continuing the positive trend from previous months. As India moves towards economic recovery, sectors like Information Technology (IT) and Banking, Financial Services, and Insurance (BFSI) lead the hiring charge, reflecting growth across industries and functions. The e-recruitment market has gained substantial traction, recording impressive year-on-year growth.
Strong Hiring Growth Continues
The Indian job market showed impressive resilience in September 2024, with a 27% year-on-year increase in online hiring, one of the highest growth rates in two years. Despite a 10% decline in job seeker interest in hybrid and work-from-home (WFH) models, overall hiring remains buoyant, and the demand for flexible work models continues.
In a broader context, recruitment activity grew 9% month-on-month for the second consecutive month, reflecting the optimism among employers as they seek talent to drive future growth.
Industry-Specific Hiring Trends
Several industries posted notable hiring growth in September 2024, with a total of 22 out of 27 industries recording an increase in recruitment activity. Key highlights include:
- IT – Software & Services: Continuing its dominance, the IT sector registered a 34% year-on-year growth as the demand for digital expertise remained robust across sectors.
- BFSI: With a 38% year-on-year growth, the BFSI sector experienced a surge in demand for roles such as sales professionals and data analysts, supported by favourable economic conditions and digital expansion.
- Real Estate: A 41% annual growth, indicating strong recovery in construction and property development activities.
- Media & Entertainment: This sector saw an impressive 27% year-on-year growth, driven by digital content consumption and media innovations.
- Hospitality: The hospitality industry experienced a 9% month-on-month increase.
Functional Hiring Trends
From a functional standpoint, IT roles and Senior Management positions were in high demand:
- Hospitality roles: Demonstrated a 35% annual increase, reflecting the growing need for personalised services and technology-enhanced experiences.
- Senior Management: Saw a significant 15% month-on-month growth, highlighting the increasing need for leadership roles across sectors.
- Customer Service: This function rebounded with a 10% month-on-month increase, with cities like Chennai and Mumbai showing high demand for these roles.
- Sales & Business Development: Despite a 7% month-on-month increase, the function still registered a 1% annual decline, underscoring the rise of digital platforms reducing traditional sales roles.
City-wise Hiring Trends
Hiring across India’s cities continues to follow a strong upward trajectory, with Tier-2 cities like Coimbatore leading the way. Key cities showcasing growth include:
- Coimbatore: A standout performer, registering an impressive 55% annual growth, solidifying its position as a key job market.
- Bengaluru: Continued to dominate the IT sector with a 43% annual growth, reflecting its status as India’s tech capital.
- Delhi-NCR and Hyderabad: Both metros recorded double-digit growth, with Delhi-NCR at 35% and Hyderabad at 34% year-on-year.
Experience-Level Trends
Hiring demand continues to vary by experience levels, with several trends emerging in September 2024:
- Entry-level roles (0-3 years): Experienced a 15% year-on-year growth, reflecting the strong demand for fresh talent across sectors.
- Mid-senior level roles (4-6 years): Showed significant hiring activity with a 16% year-on-year increase, while senior-level roles (11-15 years) grew at a modest 3%.
Work Model Trends
Work models have continued to shift, with hybrid work remaining a popular choice for employers, even as job seeker interest in remote roles declines. The IT sector continued to lead hybrid job demand, accounting for 47% of hybrid roles, while other sectors like Internet services saw hybrid job roles increase from 6% to 11% year-on-year.
About the foundit Insights Tracker
The foundit Insights Tracker (fit), formerly known as the Monster Employment Index, continues to be a comprehensive monthly report on hiring trends in India. It provides a detailed analysis of recruitment activities across various sectors, offering valuable insights into the evolving job market.
