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 August 2022.
Overview of the Hiring Trends
Hiring activity in India remained stable with 6% YOY growth in Aug’22 as indicated by Naukri JobSpeak Index which stood at 2828.
The growth in hiring was driven by the Insurance sector which grew by +87% in Aug’22 vs last year.
Emerging cities stayed ahead in hiring with double-digit growth. Coimbatore led the charts at +28% YOY growth.
Demand for professionals across all experience bands remained positive in Aug’22.
Pawan Goyal, Chief Business Officer, Naukri said,
After witnessing an extravagant growth rate in the last 2-3 months, hiring
activity is seeing signs of stabilization, and it would be interesting to see
how the trend continues in the coming months.Important to note that Insurance as a sector has been flourishing since the start of this year as there has been continuous growth in hiring which is creating opportunities across experience bands with over 100% YOY growth in 0-7 years' experience band.
Hiring Trends Across Industries
The Insurance sector continued to grow in hiring over last year for the seventh time in a row and recorded a steep Y-O-Y jump of +87% in Aug’22.
Within the sector, maximum traction was seen for 4-7 years’ experience band (+103%) followed by 0-3 years (+99%), and 8-12 years (+42%).
Looking at cities, the sector showed a significant jump in hiring activity in NCR (+136%) and Mumbai (+129%) in Aug’22 vs last year.
Apart from the insurance sector, there has been a positive intent to hire in other sectors, including Travel and Hospitality (+56%), BFSI (+43%), Auto/Auto Ancillary (+29%), Real Estate (+24%), and Retail (+18%) in Aug’22 vs Aug’21.
While Pharma/Biotech remained flat, the IT/Software sector recorded degrowth of (-10%) Y-O-Y in Aug’22 vs Aug’21.
Hiring Trends Across Cities
Amongst tier-II cities, Coimbatore led the charts at +28% YOY growth, followed by Kochi at +27%.
Barring Chandigarh (-17%) and Vadodara (-11%), other emerging cities recorded double-digit growth in hiring activity in Aug’22 vs last year.
Ahmedabad and Jaipur maintained their momentum with (+20%) and (+15%) YOY growth respectively.
Amongst metros, Mumbai led the charts at +21% growth in Aug’22 vs Aug’21, whereas Delhi/NCR, Hyderabad, and Pune remained flat. Bangalore showed a dip of (-10%) in Aug’22.
Hiring Trends Across Experience Levels
Hiring activity showed a single-digit jump across all experience brackets such as 0-3 years (+7%), 4-7 years (+5%), and 8-12 years (+6%), 13-16 years (+7%), and >16 years (+7%) when compared with Aug’21.
Methodology
The Naukri JobSpeak is a monthly Index that calculates and records hiring activity based on the job listings on the Naukri website month on month.
The objective of Naukri JobSpeak is to measure the hiring activities in various industries, cities, functional areas, and experience levels.
The data is compiled from the website wherein jobs posted by clients on Naukri are considered.
Thus, the JobSpeak index includes jobs that might be for replacement hiring. July 2008 is taken to be the base with an index value of 1,000, and the subsequent monthly index is compared with the data for July 2008.
The jobs analyzed for the monthly index are qualified based on white-collar, urban, organized corporate sector jobs focusing on service industries. The report shows hiring trends across industry sectors, geography, experience level, and functional areas.
More than 76,000 clients use Naukri, leading to the high reliability of data. The report does not cover gig employment, hyperlocal hiring, or campus placement.
Over a long period, the Naukri JobSpeak was impacted by the increase in the Naukri traffic share, internet penetration, Naukri pricing strategy, and job listing drives.
Conclusion
The insurance sector drives hiring activity in India; up by +87% as the overall index grows by 6% in August’22 over last year.
The Insurance sector is on a dream run as it continues to grow in hiring over the last year for the seventh time in a row.
This sector saw a steep Y-O-Y jump of +87%, with a flurry of job opportunities. Within the sector, maximum traction was seen for the 4-7 years experience band (+103%) followed by 0-3 years (+99%), and 8-12 years (+42%).
Looking at cities, the sector showed a significant jump in hiring activity in NCR (+136%) and Mumbai (+129%) in Aug’22 vs last year.
There has also been a positive intent to hire in other sectors, including Travel and Hospitality (+56%), BFSI (+43%), Auto/Auto Ancillary (+29%), Real Estate (+24%), and Retail (+18%) in Aug’22 vs Aug’21. While Pharma/Biotech remained flat, the IT/Software sector recorded degrowth of (-10%) Y-O-Y in Aug’22 vs Aug’21.
Emerging cities drive hiring with double-digit growth with tier-II cities, Coimbatore led the charts at +28% YOY growth, followed by Kochi at +27%. Barring Chandigarh (-17%) and Vadodara (-11%), other emerging cities recorded double-digit growth in hiring activity in Aug’22 vs last year.
All experience levels record single-digit growth and the demand for professionals across all experience bands remained positive in Aug’22.
