Smaller cities are having a hiring gala in the first quarter of FY24. As per the Naukri JobSpeak for May 2024, Surat and Raipur are outperforming metro cities in generating jobs for seasoned talent, mirroring the growing hiring capacity of non-metro cities in India.
JobSpeak Index for May 2024
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 JobSpeak Index for this month stands at 2799, with a narrow 2% decline vs May 2023. The indicator of white collar jobs in India sequentially grew 6% in May vs April’24 but ended broadly flat compared to May last year.
FMCG Sector Soaring High Followed by Banking and ONG
Hero industries from last month have continued the momentum. Oil & Gas (14%), Banking (12%), and FMCG (17%) notched up healthy growth while Healthcare and Travel & Hospitality, each showcased a robust 8% growth. Due to the continuous increase in domestic and international tourism, there has been a high demand for Restaurant Managers and Service Managers.
Conversely, the traditionally robust IT industry (0.33%), BPO (-3%), and Education (-5%) showed downward trends.
The Hiring Saga of Non-Metros
Hiring in mini-metros continues to outpace major metropolitan areas. This trend highlights the growing economic vibrancy and employment opportunities in smaller urban centers, driven by factors such as urbanization, infrastructure development, and decentralization of economic activities.
Non-metro cities like Surat (+23% year-on-year) and Raipur (+22% year-on-year) emerged as hiring hotspots, while metro cities like Delhi-NCR, Chennai, and Hyderabad witnessed stable hiring trends with a slight improvement in the hiring trend in Pune.
However, Mumbai and Kolkata showed silver lining with hiring surge of 38% and 25% respectively.
AI/ML Top the Preferred Jobs Graph
Similar to last month, skills related to AI/ML continue to soar in line with the industry’s thrust towards specialized expertise and talent in AI technology. Preference for data scientist roles grew by 46% year on year while machine learning engineer roles broke the trend with 100% growth. Demand for full-stack data scientist roles saw an uptick of 14%.
Seasoned professionals continue to be in high demand
Industries adulation for experienced professionals remained high, with roles for candidates with over 16 years of experience clocking a remarkable 23% surge in hiring activity. In contrast, the job market for freshers remains relatively flat, highlighting the challenges faced by early-career professionals in securing entry-level positions amidst stiff competition and evolving skill requirements.
In a nutshell, the Naukri JobSpeak for May 2024 reveals an evolving and diversified Indian job market. Non-metro cities are now the burgeoning hubs of job growth, AI/ML jobs are soaring high and the demand for senior professionals remains strong.
