In this constantly changing job market, understanding hiring trends is pivotal now more than ever. If you are a jobseeker wondering where to begin, here's the solution for you!
Naukri.com brings to you its monthly edition of the Naukri JobSpeak report to help you take the first step. It is an index that measures the month-on-month hiring activities based on recruitment patterns on Naukri.com 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 February 2022.
Overview of the Hiring Trends
Feb’22 records highest ever hiring activity with the Naukri JobSpeak Index crossing 3000 mark.
Naukri JobSpeak index grew by 31% Y-O-Y in Feb’22 to reach an all-time high with the Naukri JobSpeak Index trending at 3074.
Multiple sectors recorded a strong rate of growth vs previous year with the re-opening of the Indian ecosystem.
Metros continue to observe an upsurge in hiring as emerging cities show promise.
The hiring trend across all the experience bands treaded on a positive Y-O-Y growth trajectory in Feb’22 vs Feb’21.
Pawan Goyal, Chief Business Officer, Naukri.com said,
Clocking 3074, Naukri JobSpeak Index has set a new benchmark for nation's hiring activity indicating a favourable time for white collar job market. With sectors like Auto/Auto Ancillary showing recovery after a long time, and other major organized sectors sustaining growth, one can say that both sentiment and confidence are strong among the jobseekers.
Hiring Trends Across Industries
As the Indian economy sees a gradual return to normalcy, sustained growth in the hiring activity was observed across all key sectors.
Insurance (+74%) clocked the highest growth in hiring activity in Feb’22 when compared with Feb’21 followed by Retail (+64%) that has showcased a sharp uptick since last year.
Interestingly, after a long sluggish period, the Auto Industry finally showed signs of recovery in Feb’22 as it grew by +12% over Feb last year.
Sectors like IT-Software/Software Services (+41%), Banking/Financial Services (+35%), Pharma (+34%), Hospitality (+41%) and Telecom (+23%) continued to demonstrate strong and consistent growth as concerns around COVID reduced drastically in Feb’22.
Hiring Trends Across Cities
Top metro cities saw a very healthy rise in demand as Kolkata (+56%) recorded the highest Y-O-Y hiring trend which was closely followed by Bengaluru (+49%), Mumbai (+45%), Chennai (+45%), Hyderabad (+43%), Pune (+41%) and Delhi (+30%).
In non-metro cities, Coimbatore (+57%) recorded the highest Y-O-Y growth beating its past trend followed by Ahmedabad (+32%), and Kochi (+16%).
Interestingly, Jaipur (+15%) saw shoots of success, while Vadodara remained flat (-3%) in Feb’22 vs last year.
Hiring Trends Across Experience Levels
Demand for professionals across all experience bands grows by over 25%.
When compared with last year, the demand for mid to senior experienced professionals belonging to the 13-16 years category witnessed the highest surge at +35%.
The demand for professionals in 8-12 years (+31%), 0-3 years (+30%), 4-7 years (+30%) and above 16 years (+27%) bracket also stayed strong.
The Naukri JobSpeak is a monthly Index that calculates and records hiring activity based on the job listings on the Naukri.com 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.com 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.com, 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.
India's hiring activity broke all records and touched new heights as recorded by Naukri's JobSpeak index in Feb’22. The Naukri index stood at 3074, surpassing its previous high of 2753, which clocked in Sep’21.
The re-opening of the Indian ecosystem has reinforced a positive sentiment among employers and jobseekers, as a result of which, the Naukri Index saw an uptick of +31% Y-O-Y in Feb’22 vs Feb’21.
The Key sectors maintained strong momentum in hiring, metros continue to observe an upsurge in hiring as emerging cities show promise and the demand for professionals across all experience bands grew by over 25%.