Naukri Jobspeak Index March 2023 shows a sharp rise in job creation in the BFSI sector with Banking taking the lead. The IT sector remains reserved while other non-tech sectors are posting large vacancies.
Highlights
- Hiring intent in the IT sector sees a decline
- BFSI sector creates the maximum jobs in March
- Non-metros witnesses a major spike in job creations
- Demand for Mid-level professionals returns
The Indian hiring landscape is still taking cautious steps in terms of job generation, as the Naukri JobSpeak Index only saw a boost of 5% compared to last year and is flat against last month. BFSI, however, has emerged as the clear winner here.
Banking is leading in March 2023, with the Naukri Jobspeak index reaching an all-time high of 4555. This is a 45% rise in Y-O-Y growth for the sector that clocked 3138 in March 2022.
The new jobs created in the insurance sector saw an astounding 108% Y-O-Y growth. This spike is driven by jobs related to selling insurance products. The Banking sector too witnessed a 45% jump in Y-O-Y growth fueled by the expansion of digital banking services in the rapidly evolving global economy.
Also read: Pandemic Shifts BFSI’s Sought After Skills From DA, AI, ML to Cybersecurity and Cloud-Tech
Other non-tech sectors also witnessed good growth Y-O-Y on job creation with Oil and Real Estate leading the batch with 35% and 31% followed by FMCG and Hospitality.
What’s equally interesting is the geographical spread of these jobs. Vacancies were posted from cities as far and wide as Ahmedabad, Vadodara and Kolkata. Ahmedabad saw a 145% rise in new job postings. In fact, non-metros continue to act as growth drivers in the white-collar job market, even when Mumbai and Bangalore showed positive hiring intent. Even this activity was primarily because of the insurance sector.
The demand for mid-level professionals has witnessed a significant rise of 14% compared to the previous year. However, hiring activity for entry-level positions remained unchanged.
Also read: Tech Sector’s Compensation to Increase by 10-11% for Niche Skills: SV Nathan, Deloitte
The IT sector continues to be watchful about its hiring ambitions. As per NaukriJobSpeak, the sector saw consolidation with a decline of 17% in job creation. That makes it evident that the hiring intent in this sector has majorly declined.
While the IT sector plays the wait-and-watch game, BFSI and other non-tech sectors are not pausing their hiring activity.
