Making informed career choices is the key to professional growth and can help you find your dream job. While finding the right job is crucial for everyone, it can also be quite nerve-wracking, making it important for all job seekers to understand the current hiring trends.
To help you with this, Naukri has released the JobSpeak report, a monthly index that calculates and records month-on-month hiring activity based on the job listings on the website.
The objective of this report is to measure the hiring trends across industries, cities, functional areas, and experience levels.
In this blog, we will discuss the major observations of the April 2023 edition of the Naukri JobSpeak Report.
Overview of the Hiring Trends
Real Estate, BFSI Hiring continues to grow in April 2023 amidst ongoing IT Hiring Corrections: Naukri JobSpeak
Naukri JobSpeak Index, the premier job index of India, unveiled a mixed landscape of white-collar hiring in April 2023. At a value of 2715, the hiring activity index registered a 5% decline compared to April 2022.
Active hiring in Non-Tech sectors such as Real Estate and BFSI mitigated the dip in IT sector hiring.
Geographically, cities such as Ahmedabad and Vadodara exhibited strong y-o-y growth of 28% and 14%, respectively, in April 2023.
Senior Professionals continue to remain in high demand.
Pawan Goyal, Chief Business Officer, Naukri said,
"The growth in April hiring activity was dominated by a few key sectors such as Real Estate, BFSI, and Oil & Gas. While IT-focused metros exhibited a cautious hiring sentiment, emerging cities such as Ahmedabad and Vadodara continue to shine."
Hiring Trends Across Industries
The real estate sector spearheaded non-technology industries, witnessing a 21% upswing in recruitment activity compared to the same month the previous year.
This growth predominantly resulted from an increase in new projects across metros, prompting hiring in key roles such as Tender Manager, Construction Engineer, and Civil Engineer.
Besides real estate, the sectors with high growth in hiring activity included Oil & Gas, Insurance, and Banking sectors with 20%, 13%, and 11% growths respectively compared to the same month in the previous year.
Auto sector and Pharma sector recruitment increased by a modest 4% and 3%, respectively.
The IT industry hiring continued its ongoing correction with a 27% decrease in hiring activity compared to April last year.
Cities with a heavy presence of IT-focused companies such as Bengaluru, Hyderabad, and Pune were the hardest hit.
Besides IT, sectors such as BPO, EdTech, and Retail also registered declines of 18%, 21%, and 23%, respectively
Hiring Trends Across Cities
Among Non-metro cities, Ahmedabad leads hiring trends with a 28% growth in new job creation compared to last year, followed by Vadodara and Jaipur with 14%, and 9% growth in new job creation, respectively.
Banking, Auto, and Insurance sectors have primarily contributed to the hiring activity observed across the Non-metro cities.
Real Estate and Oil & Gas were the other sectors witnessing positive hiring sentiment in the Non-Metros
Hiring Trends Across Experience Levels
Demand for senior professionals with more than 16 years of experience increased by 30% compared to April last year.
While the demand for 13-16 years of experience increased by a respectable 20%.
The demand for fresh graduates and professionals with 4-7 years of experience has declined compared to the same month last year
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 on Naukri.
The JobSpeak Index captures hiring activity across multiple dimensions, including industries, cities, functional areas, and experience bands. July 2008 is taken as 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 a long period of time, JobSpeak could be impacted by factors like internet penetration and Naukri's market share.
*Index now includes job-related searches on Naukri's resume database, which helps generate statistically significant data at a more granular level.
Conclusion
Naukri JobSpeak Index, the premier job index of India, unveiled a diverse landscape of white-collar hiring in April 2023. At a value of 2715, the hiring activity index registered a 5% decline compared to April 2022.
Active hiring in Non-Tech sectors such as Real Estate and BFSI mitigated the dip in IT sector hiring. Geographically, cities such as Ahmedabad and Vadodara exhibited strong y-o-y growth of 28% and 14%, respectively, in April 2023.
Real Estate continues on its growth trajectory, non-metro cities emerged as the new hiring powerhouses and senior professionals continue to remain in high demand.
