Hiring activity slows by 10% YoY in November

By admin Dec5,2023

Hiring activity in India declined in November, by 10% from a year earlier and 2% sequentially, the Foundit Insights Tracker by job-listing platform Foundit (formerly Monster APAC & ME) has revealed.

The index dropped to 249 last month from 277 in November 2022.

On a month-on-month basis, the government, public sector and defence industries showed the sharpest increase in job postings, with a 14% increase in hiring on the back of government policies and initiatives such as ‘Make In India’ and the Aatmanirbhar Bharat Rojgar Yojana.

“While the overall hiring activity has been subdued, our economic prospects are bright and resilient against global headwinds. We anticipate the job market situation to improve in the upcoming months, resulting in more stability and growth, and, in turn, creating new job prospects in the market,” Foundit chief executive Sekhar Garisa said in a statement. Foundit is part of business services provider Quess Corp.

The office equipment and automation sector registered 4% growth in hiring, driven by demand for skilled workforce. The sector requires employees to deal with machines that have integrated artificial intelligence and Internet of Things. Other industries that have performed well last compared with October were retail (3%) and healthcare/pharmaceuticals (2%).

Tier-2 cities are going strong, with Coimbatore standing out with a 13% sequential increase in hiring.Kochi experienced a 4% month-on-month rise in hiring activity, followed by Jaipur with a 2% increase in job opportunities. A few cities, such as Kolkata, Mumbai and Pune, faced declining hiring percentages, dropping by 5%, 6%, and 4%, respectively.Numerous cities, including Hyderabad (-1%), Ahmedabad (-1%), Delhi-NCR (-1%) and Chennai (-2%), maintained a relatively stable hiring environment with a subtle decline, signifying muted growth in the job market.

Job roles in purchase, logistics and supply chain topped the list of job functions with a 6% increase in online hiring activity, while the finance & accounts sector saw a 5% rise in demand, including for expertise in financial analysis, risk management, compliance, taxation and knowledge of evolving technologies like data analytics and AI in finance.

There was a downward trend in hiring for engineering/production (-5%), senior management positions (-4%), sales & development (-4%) and customer service (-4%) positions. Demand for marketing & communications job roles and software, hardware and telecommunications roles was moderate.

By admin

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