In April 2024, the Naukri JobSpeak Index, India’s most comprehensive measure of white-collar hiring, stood at 2643, reflecting a 1% dip compared to the previous month and 3% dip as compared to April last year. Despite the cautious market sentiments, especially within IT & Software, there were a few bright spots.
Star of the Month – Oil and Gas Industry saw Buoyant Hiring in April 2024
Job creation saw double digit growth in Travel and Hospitality (16%), Oil and Gas (15%), and FMCG (11%) sectors.
The Oil & Gas industry recorded a 15% year-on-year increase in new job creation in April 2024. It was expected of the industry to grow in 2024 due to its strong financial positions and high oil prices. Demand was for profiles related to drilling engineers, petroleum engineers and production operations. The hotbed for these jobs were Jaipur, Vadodara and Ahmedabad.
Owing to the increase in demand, the hospitality sector saw a surge in ask for positions like front office managers, housekeeping supervisors, food and beverage service professionals.
While the overall Index is flat, the new financial year is off to a positive start with remarkable hiring growth recorded in hospitality, oil & gas and FMCG,” said Pawan Goyal, chief business officer at Naukri.com. “Non-metros continue to outshine the bigger cities and this bodes well for the Indian hiring market in the months to come,” he added.
April 2024 brought upswing in new job creation for FMCG sector. Most sought after profiles were brand managers, sales managers, supply chain executives. Chennai, Mumbai and Kolkata were the top cities hiring for these profiles.
Particularly noteworthy is the substantial growth witnessed by unicorn in the IT-Software/Software Services space, boasting a staggering 49% year-on-year increase in hiring activity.
Mini metro cities and non-metro cities emerged as the top places creating jobs. Ahmedabad and Vadodara are among the top-two cities creating the greatest number of jobs. Followed by Delhi, Mumbai and Pune which maintained a steady momentum for job creation.
Increase in Demand for Experienced Talent:
Recruiters investing in experienced candidates was the trend for this month. Hiring activity for candidates with 13-16 years of experience saw an increase of 9%. While those with 16 years of experience grew by 21%.
Has AI Already Begun Affecting the Entry Level Hiring?
While there have been talks of AI affecting lower end coding jobs, the slowdown in the IT industry added fuel to this assumption. In complete contrast to the demand for seasoned professionals, entry level hiring remained silent for most recruiters. This has also resulted in a dip of 2% within the new job opportunities segment Vs April 2023.
