Landing a dream job has always been challenging, but with the dynamic nature of the job market, it is harder today- making it crucial to understand the hiring trends.
To guide all job seekers in their hunt for the next best opportunity, Naukri brings to you its monthly edition of the Naukri JobSpeak report, an index that measures the month-on-month hiring activities based on recruitment patterns on Naukri and offers insights across various industries, cities, and experience levels.
The report is insightful and crucial for anyone trying to make informed career choices. In this blog, we will take a closer look at some of the major highlights from this month’s edition, the Naukri JobSpeak report for September 2024.
Overview of the Hiring Trends
Buoyed by IT Hiring Momentum, Job Market Clocks 6% Growth in September: Naukri JobSpeak Report
The Naukri JobSpeak Index, India's leading indicator of white-collar hiring activity, reached 2727 points in September 2024, marking a robust 6% year-on-year (YoY) growth.
This positive trend was largely driven by a resurgent IT sector, which demonstrated an impressive 18% YoY growth in hiring activity.
Sectors such as FMCG (+23%) and Oil & Gas (+13%) also exhibited strong growth. AI/ML roles continued their meteoric rise, with hiring for these positions surging by an impressive 31% compared to September 2023.
Pawan Goyal, Chief Business Officer, Naukri said,
"The 6% overall growth in hiring activity is heartening, but what's truly exciting is the robust recovery we're seeing in the tech sector after a prolonged period of hiring stress. It's particularly encouraging to see IT, BPO, AI-ML roles, and GCCs, all performing well.”
Hiring Trends Across Industries
The IT sector bounced back strongly with an 18% YoY growth in hiring. Interestingly, non-traditional IT hubs showed significant growth, potentially indicating a geographical diversification trend.
Jaipur led the pack with a 47% YoY increase in IT roles, followed by Kolkata at 32%.
The FMCG sector recorded a substantial 23% YoY increase in hiring activity. Mumbai and Bangalore emerged as key drivers, with FMCG roles growing by 49% and 43% respectively in these cities.
The Oil & Gas sector also demonstrated robust growth, with a 13% YoY increase in hiring. Ahmedabad stood out in this sector, witnessing a remarkable 54% YoY growth in Oil & Gas
Hiring Trends Across Cities
New job hubs are emerging, democratizing opportunities and fostering economic development beyond traditional metropolitan centres.
Cities like Bhubaneswar and Udaipur are shining examples, with impressive YoY growth of 41% and 44% respectively in white-collar hiring.
Hiring Trends Across Experience Levels
- -7% decrease in job opportunities for professionals with experience of 0-3 years, compared to Sep'23.
- 14% growth in hiring for professionals with 16+ years of experience in Sep'24 as compared to Sep'23.
Methodology
The Naukri JobSpeak is a monthly Index representing the state of the Indian job market & hiring activity based on new job listings and job-related searches by recruiters on the resume database of Naukri.com.
The JobSpeak Index captures hiring activity across multiple dimensions, including industries, cities, functional areas, and experience bands.
July 2008 is the base month with an index value of 1,000, and the subsequent monthly index values are compared with the data for July 2008.
The Index is a highly robust and reliable indicator of white-collar hiring in India. It is aggregated based on the hiring activity of over 100,000 clients with over 70 Lakh new job mandates yearly.
The report does not cover gig employment, hyperlocal hiring, or campus placement. Over an extended period, JobSpeak could be impacted by factors like internet penetration and Naukri's market share.
Conclusion
The Naukri JobSpeak Index, a benchmark for white-collar hiring trends in India, reached 2727 points in September 2024, reflecting a solid 6% year-on-year (YoY) growth.
This growth was primarily driven by a resurgent IT sector, which posted an impressive 18% YoY increase in hiring activity. Other sectors like FMCG (+23%) and Oil & Gas (+13%) also saw significant gains, while AI/ML roles experienced remarkable demand, with a 31% surge in hiring compared to September 2023.
The IT sector's recovery was marked by a diversification into non-traditional hubs, with cities like Jaipur and Kolkata leading with 47% and 32% growth, respectively.
Meanwhile, FMCG and Oil & Gas emerged as key growth sectors, with Mumbai, Bangalore, and Ahmedabad showing strong hiring momentum. The GCC sector also continued its steady rise, contributing to the overall positive trend.
Chennai stood out as a burgeoning hub for startup hiring, while cities like Bhubaneswar and Udaipur saw exceptional YoY growth rates of 41% and 44% in white-collar job opportunities.
Ahmedabad showed promise across various experience levels, and the demand for professionals with over 16 years of experience increased by 14%, highlighting the need for seasoned talent.
Notably, fresher hiring in Coimbatore grew by 26%, signaling ample opportunities for new graduates in the job market.
