Mutual Funds Commodities Research Tax Planning IPO Our Team Contact Us  
Google
Web www.equitybulls.com
Research

| More

Government, PSUs, and Defence sector experience 14% upsurge in hiring: foundit Insights Tracker

Posted On: 2023-12-05 15:18:39 (Time Zone: IST)


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.


Click here to send ur comments or to feedback@equitybulls.com

Disclaimer:The article above is a gist / extract of the original report prepared by the research firm / brokerage firm. This article is not to be considered as an offer to sell or a solicitation to buy any securities. This article is meant for general information only. www.equitybulls.com, its employees or owners or the research firms, its employees or owners won't be responsible for any liability that may arise from information, errors or omissions in these articles. www.equitybulls.com or its employees or owners / the research firms or its employees or clients or owners may from time to time hold positions in securities referred in this article. For detailed research reports, please contact the concerned research firm directly.





Other Headlines:

Godrej Interio's 'HomeScapes' Study reveals Indians want ‘Me-Time’ at home

GDP growth to moderate to 6.0% in Q3 FY2024, led by agriculture and industry: ICRA

Indian stock exchanges rank first in the world in terms of the number of IPOs in 2023

CRISIL Ratings: After soaring this fiscal, airlines to land >20% operating profit growth next fiscal

Rising frauds propel demand for AI/ML strategies: Experian Study

Cement makers to add 150-160 MTPA capacity by fiscal 2028 - CRISIL

Investor exuberance propelling broking industry performance, MTF achieves a new high: ICRA

CRISIL Ratings: Securitisation volume up ~20% in first nine months of this fiscal

India is fastest growing large economy globally in CY2023-CY 2024 - Pantomath Report

CRISIL Ratings: Market share of gold-loan NBFCs steady despite bank competition

CRISIL Ratings: Vehicle loan AUM to vroom past Rs 8 lakh crore next fiscal

45% of Newbie traders claim that 'not knowing enough' is the primary reason for losses incurred in Futures & Options trading - Sharekhan's survey reveals

CRISIL Ratings: Agri pump makers to see 7-9% revenue growth next fiscal

Indian mutual fund industry likely to sustain its strong inflows in 2024: ICRA Analytics

CRISIL Ratings: Operating profit of offshore rig operators to swell 30% next fiscal

CRISIL Ratings: Organised F&G retailer revenue to grow in mid-teens next fiscal

CRISIL Ratings: Shippers see a further revenue dip of 5-7% next fiscal as charter rates course correct

82% of professionals are concerned about job redundancy due to emerging technologies: Hero Vired Report

UPI transactions witnesses 118% rise at retail stores in 2023: PayNearby Report

Happy Forgings Limited - IPO - A trusted supplier for several Indian and Global OEMs - Reliance Securities

CRISIL Ratings: Penetration of electric buses set to double next fiscal

India's refined copper consumption to grow by 11% in FY2024, despite global headwinds: ICRA

CRISIL Market Intelligence and Analytics - Curb on cane juice for ethanol - Sugar output lift

Stable Repo Rates to Keep the Momentum Going for the Housing Market - Anuj Puri, Chairman - ANAROCK Group

Payback period for investment in sustainable warehouses come down to three years in India: A JLL - IndoSpace report

CRISIL Ratings - Profit margins of cotton yarn spinners to plunge 250-350 bps to decadal lows of 7-8% this fiscal

CRISIL Ratings: Spirits high for organised liquor makers, revenues seen up 13%

Corporate bond market to more than double by fiscal 2030 - CRISIL

Gas Utilities : Gas consumption at record highs, growth now to trickle - Kotak Institutional Equities

Emkay and Geojit increase target prices of LIC, expect over 20% upside

CRISIL Ratings: Mall area to rise by 35% over the medium term on retail surge

Crop & Chemical Dashboard: Bottom is near, recovery unclear - Kotak Institutional Equities

Loan sell-downs of personal loan pools may see a temporary pause following the RBI's decision to increase risk weights: ICRA

India Surges Ahead in 5G Deployment, Paving the Way for a High-Tech Future!

CRISIL Ratings: Construction equipment revenue to grow 14-15% this fiscal

India to contribute 22% to the Global ER&D sourcing market by FY30: BCG-nasscom Report

CRISIL Ratings: In a decadal first, revenue of agrochemicals makers to slip ~3% on tepid demand this fiscal

CRISIL Ratings: Flexible packaging industry stares at decadal low profitability as oversupply stings

CRISIL Ratings: Domestic demand, softer cotton prices to sustain RMG growth

CRISIL Ratings: Higher workplace occupancy to light up cigarette volume 7-9%

CRISIL Ratings: Apparel retailers to grow 7-8% this fiscal via expansion, festival spur

CRISIL Ratings: For tea companies, ~8% revenue degrowth brewing this fiscal

CRISIL Ratings: Revenue of paper makers to crumple 8-10% this fiscal

ICRA expects banking sector to stay resilient, outlook remains Positive

CRISIL MI&A: Red-hot domestic demand to stave off steel price melt this fiscal

CRISIL Ratings: Replacement demand to drive tyre volume up 6-8% this fiscal

CRISIL Ratings: Home textiles makers to weave revenue, profitability rebound this fiscal

Capital outlay on roads, renewables seen rising ~35% in this and next fiscals to Rs ~13 lakh cr, backed by strong execution pace

Softening demand to moderate Indian IT services industry growth to 3-5% in FY2024: ICRA

CRISIL Ratings: Telcos may dial up Ebitda 15-17% to Rs 1.2 lakh crore this fiscal


Website Created & Maintained by : Chennai Scripts
West Mambalam, Chennai - 600 033,
Tamil Nadu, India

disclaimer copyright © 2005 - 2020