The Naukri JobSpeak Index for June 2023 reveals a vibrant mosaic of India’s white-collar job market. While the index reported a modest dip of 2-3% compared to May 2023 and June 2022, the underlying dynamics demonstrate a sector-specific and geography-specific diversification of India’s employment landscape.
Despite the general decrease in the index, the Oil & Gas sector stood out with a remarkable 40% year-on-year increase in new job openings. The growth in this sector was led by hiring for roles such as Exploration Engineers, Refinery Operations Managers, and Health, Safety, and Environment (HSE) Specialists. These roles witnessed a hiring spree in cities such as Ahmedabad, Mumbai, and the Delhi National Capital Region (NCR). This sector’s growth suggests a heightened focus on energy security and infrastructure development, which could have profound implications for the country’s economy in the long run.
Following closely, the Real Estate sector continued its positive trajectory with a 17% growth in job creation compared to June 2022. Particularly in cities like Mumbai and Chennai, roles such as Property Appraisers, Construction Project Managers, and Real Estate Consultants were in high demand, reflecting a robust recovery and resurgence in the property market.
Meanwhile, the Pharmaceutical sector witnessed a 14% surge in new job creation. The Automobile, Hospitality, and Banking sectors also showed an encouraging trend with a consistent 11% growth in job creation, highlighting the diversified and multifaceted growth across various sectors of the Indian economy.
However, the IT industry, traditionally a strong contributor to the white-collar job market, showed signs of contraction, with a concerning 31% decline in new jobs. Other sectors like Retail, BPO, Education, FMCG, and Insurance also registered cautious hiring sentiments, each experiencing a dip in hiring activities. This downturn presents an opportunity for these sectors to reassess their strategies and potentially transform their recruitment processes to align with the changing market dynamics.
“We’re witnessing a fascinating reshaping of India’s white-collar job market. While traditional IT hotbeds show restraint, sectors like Oil & Gas, Real Estate, and Pharma are blossoming, notably in non-metro areas. Our focus should be to adapt to these dynamic shifts, seize emerging opportunities, and equip our workforce for this evolving landscape. I believe it’s time to nurture cross-industry skills and reinforce the agility and resilience of our nation’s professionals.” said Pawan Goyal, Chief Business Officer, Naukri.com.
Of particular interest was the growth trajectory of non-metro cities. The JobSpeak Index highlights a sustained trend of job diversification towards these cities, with Ahmedabad topping the list with an unprecedented 23% growth in employment. The Auto, Construction, and Pharma sectors emerged as significant contributors to this trend.
Interestingly, while hiring activity continued to decline across large IT-centric metros, Mumbai held steady compared to June 2022. The city’s growth was primarily fueled by the Oil & Gas and Hospitality sectors, demonstrating the city’s resilience and adaptability to changing market conditions.
Senior professionals were particularly sought after, with professionals having 13-16 years and 16+ years of experience witnessing an increase in new job openings of 18% and 38%, respectively. However, hiring for freshers and mid-level positions consolidated, with a decrease of 10% and 7%, respectively.
In a nutshell, the Naukri JobSpeak Index for June 2023 paints a detailed picture of the evolving Indian job market. Despite a slight decline in the index, the white-collar job market exhibits robust resilience and adaptability, buoyed by diversified sectoral growth and a geographical shift towards non-metro cities. These dynamics underscore the complexity of India’s employment landscape and the opportunities that lie within these challenges.