The hiring activity plays a crucial role in shaping the development trajectory of the country’s economic landscape. Employment trends can serve as economic indicators, reflecting the status of the nation’s workforce. With a diverse economic structure, India stands as one of the fastest-growing major economies globally. Economic activities span various sectors, including IT services and technology, agriculture, and manufacturing, among others.
In this article, we will examine the recent hiring activity in the country and explore what the performance of metro and non-metro cities indicates.
What’s Happening?
According to CNBC TV18, there has been a significant decline in hiring activity for white-collar jobs. The report highlights a 12% decline in hiring activity during October and November compared to the same period last year. The main reason for this decline is attributed to a decrease in hiring trends in the IT-software, telecom, and education sectors.
In October-November, total appointments in the IT sector were 22% lower than the same months last year. However, with sufficient improvement seen in the first half of 2023, the sector has recorded a 1% growth rate in November compared to October.
It’s noteworthy that the oil and gas sector has experienced positive momentum. During October-November last year, there was a significant 9% growth in appointments. This can be credited to the expansion efforts by energy companies and the establishment of new refineries nationwide. Similarly, the pharma sector has seen a 6% growth in job offerings in October-November 2022.
Demand for Senior Professionals Continues
As mentioned in CNBC TV 18, the Naukri Jobspeak report reveals that companies have consistently prioritised hiring senior professionals. This trend has continued for most of 2023, with a 26% increase in hiring experienced professionals with more than 16 years of experience in the last two months compared to the same months in 2022. Additionally, the field of AI-related roles, such as machine learning engineers and full-stack data scientists, has seen a respective increase of 64% and 16% in new opportunities during the last two months compared to a year ago.
Non-Metro Cities Surpass Metro Cities
Talking about cities, non-metro cities have continued to outpace metro cities in terms of hiring trends. In Vadodara, there was a 9% growth in new job offerings in the last two months compared to the same months in 2022, while Ahmedabad maintained a stable position.
On the other hand, major metropolitan areas like Delhi NCR and Mumbai recorded a negative growth rate of 12% in hiring activities. Meanwhile, in renowned IT hubs like Bengaluru, Hyderabad, Chennai, and Pune, there was a decline of 20%, 18%, 21%, and 18%, respectively, in hiring during October-November 2022 compared to the same period in 2022.
What’s Next?
Another significant trend to discuss in terms of jobs is the increasing demand for tech talent in non-tech sectors. As mentioned in the Indian Express, according to Gaurav Vasu, the founder of UnearthInsight, there is an expected 9-10% growth in the demand for tech talent in non-tech companies in FY24.
According to a recent report by CareerNet, the emerging EV sector is prepared to generate 5 million direct jobs and 30 million indirect jobs for technology professionals by 2030.
That’s it for today. We hope you’ve found this article informative. Remember to spread the word among your friends. Until we meet again, stay curious!
*The article is for information purposes only. This is not an investment advice.
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