The non-metropolitan cities of Ahmedabad, Vadodara, and Jaipur are emerging as new hiring destinations, according to the Naukri JobSpeak Index for May 2023, which shows a 26%, 22%, and 17% yearly increase, primarily driven by hiring in the banking and auto sectors.
The Index offers a complex and multifaceted view of the Indian job market, underscoring the shifting nature of hiring trends across diverse sectors and cities. The index recorded a value of 2849, demonstrating a modest growth of 5% from last month but remaining nearly constant compared to May 2022.
OVERALL HIRING TRENDS
While overall growth may seem relatively stagnant, the hiring landscape is far from tranquil. There’s significant variation across sectors, with the Oil & Gas, Real Estate, Banking, and Pharma industries propelling the nation’s white-collar job market. These sectors exhibited robust growth, with the Oil & Gas sector leading the charge by posting an impressive 31% increase in new jobs. This surge can be attributed to a renewed national focus on energy security and refinery expansions.
“The multi-sectoral growth in white-collar hiring across sectors such as Real Estate, Banking, Oil and Gas, and Pharma reflect the evolving and diversified nature of the Indian Economy”, said Pawan Goyal, Chief Business Officer, Naukri.com.
The real estate and banking sectors also recorded considerable hiring activity, with growth rates of 22% and 14%, respectively. Other sectors, including pharma, automobiles, and hospitality, also experienced positive hiring growth, albeit at a slower pace. Conversely, the traditionally robust IT industry registered a concerning 23% decline in hiring. Other sectors, such as Retail, Education, and Insurance, also showed downward trends.
The Naukri JobSpeak Index additionally sheds light on the geographical redistribution of job growth. Non-metro cities are emerging as significant players in the hiring landscape.
In contrast, large metros largely witnessed flat hiring activity, with the exception of Mumbai and Delhi. These cities experienced a modest 5% increase in hiring due to growth in sectors like real estate, telecom, healthcare, and auto.
However, perhaps the most compelling story is the continued high demand for senior professionals, particularly those with over 13 years of experience. Job openings for professionals within the 13-16 years and 16+ years experience brackets saw a substantial increase of 26% and 39%, respectively, particularly in the education, auto, and oil sectors, in contrast to May last year. This contrasts with the relatively muted hiring scenario for freshers and mid-level positions.
In a nutshell, the Naukri JobSpeak Index for May 2023 reveals an evolving and diversified Indian job market. Non-metro cities are now the burgeoning hubs of job growth, and the demand for senior professionals remains strong. These trends signify the resilience and adaptability of the Indian economy amidst fluctuating global market dynamics, providing encouraging signs for the future.