Oct’22 was marked with Diwali festivities and long weekends while hiring activity remained flat vs last year’s same period. Naukri JobSpeak Index clocked 2455 in Oct’22, however showing an upward trajectory when compared with last year’s festive window in Nov’21 where the Index recorded 2173, pointing to sustained hiring, even during a busy festive month.
Hiring across key industries remains stable, Insurance continues to rule
The Insurance sector in India continued to witness phenomenal growth due to an increase in demand for professionals across experience bands. The sector registered a significant Y-O-Y growth (+93%) vis-a-vis Oct’21. Other sectors that continued to show upward hiring trends are BFSI (+40%), Oil (+34%), Travel & Hospitality (+24%), Real estate (+20%), and Auto (+19%).
Hiring in the IT sector slowed in Oct’22 as there has been a drop (-18%) in Oct’22 vs last year. Apart from IT, other sectors that recorded a notable decline in hiring sentiments include Telecom (-19%) and Health Care (-13%).
Kolkata leads hiring charts, non-metros remain steady
While Kolkata (+15%) and Mumbai (+8%) continued to grow in hiring activity in Oct’22, Delhi stayed flat with respect to hiring activity vs Oct last year. With IT sector showing a decline, the metros of Bangalore (-16%), Hyderabad (-12%), and Pune (-11%) showed a decline in hiring activity.
Amongst non-metros, most key cities exhibited growth in hiring activity, as Jaipur (+8%), Kochi (+5%), Vadodara (+4%), and Coimbatore (+3%) all saw an uptick in demandPawan Goyal, Chief Business Officer, Naukri.com for white collared professionals.
Surge in hiring for leadership roles while other bands stay flat
While demand across experience professionals stayed neutral in Oct’22, senior professionals with over 13 years of experience saw an uptick in demand growing by (+6%) over last year.
At the same time, demand for freshers stayed flat while the demand for mid-level professionals (4-12 years) declined by -4%.
Commenting on the report, Pawan Goyal, Chief Business Officer, Naukri.com, said, “The temporary deceleration in hiring activity was expected given the festive season, however when you compare the data with last year’s festive window (Nov’21), the Index is a healthy 13% ahead which is reassuring. It is also interesting to note that most key industries maintained hiring expansion during this month which it likely to only get stronger as year-end approaches.”
Methodology
The Naukri JobSpeak is a monthly Index that calculates and records hiring activity based on the job listings on the Naukri.com website month on month and year on year. The objective of Naukri JobSpeak is to measure hiring activity in various industries, cities, and experience levels. The data is compiled from the website wherein jobs posted by clients on Naukri.com are considered. July 2008 is taken as the base with an index value of 1,000 and the subsequent monthly index is compared with the data for July 2008. The report shows hiring trends across industry sectors, geography, and experience level. More than 76,000 clients use Naukri.com, leading to the high reliability of data. The report does not cover gig employment, hyperlocal hiring, or campus placement. Data on functional area hiring has been retired due to changes in the nomenclature. Over a long period of time, Naukri JobSpeak could be impacted by factors like internet penetration, Naukri market share, Naukri pricing, and job listing drives.
