The job market exhibited a clear preference for experienced professionals in September 2023. Hiring for professionals with over 16 years of experience surged by 29 percent,while those with 13-16 years of experience saw an 11 per cent increase
t he employment trend in India seems to be improving on a month-on-month basis, as per the Naukri JobSpeak Index for September 2023. However, when viewed through a year-on-year lens, the index showed an 8.6 per cent decline. Despite the overall decline, several sectors showed resilience and growth.
The Hospitality and Travel sector emerged as the star performer, experiencing a 22 per cent growth in September 2023 compared to the same month last year. This growth can be attributed to families and solo travellers taking advantage of the monsoon season. Mumbai led the way in job offers within this sector, with positions like Restaurant Manager and Guest Services Roles being highly sought after.
The Banking, Financial Services, and Insurance (BFSI) sector and the Healthcare sector also demonstrated their robustness, each posting a 7 per cent year-on-year growth in September 2023. In the BFSI sector, cities like Ahmedabad, Chandigarh, and Jaipur witnessed increased demand for roles like Branch Manager and Financial Consultant. Interestingly, the banking sub-segment within BFSI witnessed a remarkable 40 per cent growth during the same period.
In the Healthcare sector, positions like Lab Technician and Medical Record/Informatics Manager were in high demand. Ahmedabad and Kolkata were the frontrunners in terms of hiring momentum in this sector.
The Oil & Gas and Auto sectors also contributed to the positive employment trends, both recording 6 per cent growth in September 2023 compared to the previous year.
Conversely, the BPO/ITES and FMCG sectors faced challenges, with negative growth of 25 per cent and 23 per cent respectively in September 2023 compared to the same period last year.
The IT sector continued to grapple with global headwinds, witnessing a decline in hiring numbers in recent months. Despite this, roles like Big Data Testing Engineer, IT, Information Security, and IT Operations Manager remained in high demand. IT-centric cities such as Bangalore, Hyderabad, Chennai, and Pune saw varying levels of contraction in new job offers in September 2023.
In a notable trend, non-metro cities outperformed metros in terms of job creation in September 2023. Cities like Vadodara, Ahmedabad, and Jaipur reported 4 per cent, 3 per cent, and 2 per cent growth respectively in hiring compared to the same month last year. Vadodara excelled in BPO/ITES and Construction/Engineering sector hiring, while Jaipur led in the creation of jobs in the Banking/Financial Services sector.
The job market exhibited a clear preference for experienced professionals in September 2023. Hiring for professionals with over 16 years of experience surged by 29 per cent, while those with 13-16 years of experience saw an 11 per cent increase. In contrast, new job offers for professionals with 8-12 years of experience and those with 4-7 years of experience decreased by 2 per cent and 19 per cent respectively. Freshers faced a 10 per cent decline in hiring opportunities during the same period.
Pawan Goyal, Chief Business Officer, Naukri.com, explained that the shifts in hiring trends seem cyclical. Although some sectors have tepid growth, other sectors have ramped up hiring, indicating an overall positive outlook for the upcoming months.
He said, "While the IT sector continues to stay impacted, robust growth in the banking sector is a bright spot. Coupled with the fact that the overall index sequentially grew 6 per cent vs. last month, this underscores the resilience of the Indian job market, anchored in sectoral diversity.”
The Index is based on hiring activity from over 100,000 Naukri clients with more than 70 lakh new job mandates yearly. It does not encompass gig employment, hyperlocal hiring, or campus placements. Factors such as internet penetration and Naukri's market share can impact the index over an extended period.
