foundit (formerly Monster APAC & ME), India's leading talent platform, published the foundit Insights Tracker (fit), presenting the latest findings on hiring trends for November 2023.
According to the latest tracker, hiring dipped 2% month-over-month (MoM). On a year-on-year (YoY) scale, the overall index reflected a 10% decline. The index dropped from 277 in November 2022 to 249 in November 2023. While hiring has stagnated, India's economic prospects appear promising due to the aid and support received for Indian industries, startups, and manufacturing within the country today. The efforts of the PSU (Public Sector Undertakings) sector to bridge the employment gap has been recorded in the recent report from the National Sample Survey Organisation (NSSO) as well, which states that the unemployment rate has dipped to 6.6% in the September quarter from 7.2% a year ago.
Offering a hiring overview for November 2023, Sekhar Garisa, CEO, foundit (previously Monster APAC & ME), a Quess company, said, "While the overall hiring activity has been subdued, our economic prospects are bright and resilient against global headwinds. We have noticed that talent availability in tier 2 cities allows multinational companies, both services and manufacturing firms, to set up in more cost-effective destinations. Additionally, the thrust on ensuring skill development has to continue. People from all rungs of society, especially the youth should upskill to be able to land jobs. We anticipate the job market situation to improve in the upcoming months, resulting in more stability and growth. And, in turn, creating new job prospects in the market."
Government Initiatives & Policies Drive Job Spikes in PSU and Defence Sectors
On a MoM basis, the Government, PSU, and Defence industries (14%) showed the maximum increase in job postings. Government policies and initiatives such as 'Make In India', Atmanirbhar Bharat Rojgar Yojana (ABRY), etc have been in support of generating employment and have substantially helped in reducing the unemployment rate in India. Considering the goal is to provide employment to all Indians, the government realises that it is essential to spend money on Indian industries and manufacturing within the country. With the rapid expansion of metro rail business and railways (including Vande Bharat services), the government is doing their best in creating employment opportunities for the youth.
The Office Equipment and Automation sector also registered a (4%) growth in hiring, notably driven by the demand for workforce skills, which requires employees to interact with ever-smart machines that have integrated artificial intelligence (AI) and Internet of Things (IoT) further shaping the future of the sector. The adoption of automation and AI technologies will bring numerous benefits in the form of higher productivity, GDP growth, improved corporate performance, and new prosperity. Other industries that have performed well in November '23 compared to October '23 are Retail (3%) and Healthcare/Pharmaceuticals industries (2%). The retail industry's seasonal hiring plans provided modest temporary employment goals, thus signaling low unemployment during the festive season.
Tier 2 Cities Emerge As New Talent Epicentres; Coimbatore Witnesses A Remarkable 13% Increase In Hiring
Coimbatore stands out with a remarkable 13% MoM increase in hiring, potentially attributed to the increasing availability of a diverse talent pool in these cities, a mutually advantageous development for both recruiters and professionals, as tier 2 cities are a cost-effective destination for businesses.
Apart from Coimbatore, Kochi, known for its industrial significance, experienced a 4% month-on-month rise in hiring activity. Following suit, Jaipur showcased a 2% increase in job opportunities. However, Baroda (0%) maintained a relatively stable hiring environment. Conversely, a few cities, such as Kolkata, Mumbai, and Pune, faced declining hiring percentages, dropping by 5%, 6%, and 4% respectively.
Across the board, numerous cities, including Hyderabad (-1%), Ahmedabad (-1%), Delhi-NCR (-1%), and Chennai (-2%), maintained a relatively stable hiring environment with subtle decline, signifying a muted growth in the job market.
Purchase, Logistics and Supply Chain Job Roles Drive 6% Growth In Hiring
Job roles in purchase, logistics, and supply chain topped the list of job functions with a 6% increase in online hiring activity. With the increasing number of multinational companies setting up operations in India, the supply chain management field is expected to grow and create more job opportunities. Furthermore, the Finance & Accounts sector saw a notable 5% surge in demand, including expertise in financial analysis, risk management, compliance, taxation, and knowledge of evolving technologies like data analytics and AI in finance. Professionals with a blend of financial expertise and technological acumen are particularly sought after. This increase highlights the industry's growing dependence on professionals capable of navigating the dynamic terrain of digital marketing and communication strategies.
There was a downward trend in hiring for Engineering/Production (-5%), followed by Senior Management positions (-4%), Sales & Development (-4%), and Customer Service positions (-4%). This month, the demand for Marketing & Communications job roles and software, hardware, and telecommunications roles was moderate.
Senior and mid-senior level professionals see a downturn in hiring
In the current job market, characterised by a global economic slowdown, freshers with 0 to 3 years of experience hold the upper hand compared to senior and mid-senior level professionals with over 7 years of experience. Current statistics reveal a downturn trend in hiring mid-senior-level professionals (-7%) and senior professionals (-6%). With the growing demand in certain sectors, industries such as Automotives/Ancillaries/Tyres, Telecom/ISP, Advertising, Market Research, Public Relations (PR), Retail, and Travel and Tourism sector have seen an increase in their salary brackets for specific years of experience. However, certain sectors have shown a dip in their salaries as compared to the previous quarter, including BFSI, BPO / ITES, Education, FMCG, Logistics, and Courier/Freight/Transportation sector.
The minimum salary for freshers ranges from ?2,10,994 (BPO/ITES) to ?3,94,794 (IT-Hardware, Software), and the salary for a professional with (11-15) years of experience range from ?19,60,577 (Banking/Financial Services, Insurance) to ?33,09,292 (IT- Hardware, Software). IT-Software and Hardware industry offers the highest salaries across all experience levels, followed by the Banking/Financial Services/Insurance industry. This is likely due to the high demand for skilled IT professionals in India. IT industry (Software and Hardware) also pays the highest salaries for entry-level professionals, with a salary range of ?3,94,794 to ?6,90,613. The BPO/ITES industry has the lowest salary ranges for all experience levels, followed by the Education industry. |
