The dynamically changing job market has made understanding hiring trends crucial for all job seekers. Make your job search effective with the hiring trends on your side! If you are a job seeker 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 2023.
Overview of the Hiring Trends
February sees 9% sequential growth in hiring trends amidst uncertainties
The hiring scenario in India displayed sequential growth in February 2023 over January 2023, while staying resilient with respect to the same month last year.
Naukri JobSpeak stood at 3007 in February 2023, up by 9% against January 2023, but down by 2% compared to last year.
IT sector signaled a positive comeback after witnessing a decline in the past few months.
Real Estate and Hospitality sectors continue to shine. Metros re-emerge as growth drivers of job creation. Senior professionals continue to hold sway.
Pawan Goyal, Chief Business Officer, Naukri.com said,
“At an overall level, hiring activity has seen a sequential month on
month growth of 9% in February, which is slightly higher than the pre-covid growth rate of 7%. The IT sector, which had been experiencing negative trends in the past three months, showed a sequential growth of 10% in this month's JobSpeak. This growth is an indicator of changing hiring sentiments within the IT space.”
Hiring Trends Across Industries
The number of new jobs in the IT sector increased by 10% in February compared to the
preceding month.
Demand for specialist roles such as Analytics Managers, Big Data Engineers, Cloud System Administrators, and Augmented Reality QA Testers, have increased by 29%, 25%, 21%, and 20% respectively.
The demand for DevOps and DevSec Engineers has increased by 19% and 18%, respectively.
This has outpaced the demand for Data Scientists and Software Developers, which has
increased by 17% and 11% respectively.
The number of new jobs in the Real Estate, Hospitality, and Healthcare sectors saw double-digit sequential growth of 13%, 10%, and 10%, respectively in February 2023 over January 2023.
Sectors such as Banking, BPO, and Retail, showed similar trends with the number of new jobs increasing by 9%, 7%, and 7%, respectively over the previous month.
Hiring Trends Across Cities
Metro’s back on a positive hiring trajectory. Among the top metros, Chennai (16%), Hyderabad (14%), Bengaluru (12%), and Pune (12%), driven by the IT sector, witnessed double-digit growth in hiring activity.
Beyond IT, Auto, Banking, and Real Estate sectors contributed to new job creation in these cities.
On the other hand, Delhi/NCR and Mumbai witnessed single-digit sequential growth, driven primarily by Insurance and Banking sectors.
Among emerging cities, the number of new jobs in Coimbatore and Chandigarh increased robustly by 16% and 13% respectively.
The other fast-growing cities such as Ahmedabad, Jaipur, and Vadodara continued to register single-digit month-on-month growths.
BPO, Banking, and Insurance continue to drive new job creation in these emerging cities.
Hiring Trends Across Experience Levels
Senior Professionals continue to dominate hiring trends.
Recruitment of professionals falling in the '8-12 years' and 'More-than-16-years' of working experience brackets showed double-digit sequential growth at 12% and 11%, respectively.
Finance and Real Estate sectors mainly witnessed this growth in demand for mid-senior experienced professionals.
Demand for fresh graduates remained flat.
Methodology
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.
Conclusion
The hiring scenario in India displayed sequential growth in February 2023 over January 2023, while staying resilient with respect to the same month last year.
Naukri JobSpeak, the country's premier job index, stood at 3007 in February 2023, up by 9% against January 2023, but down by 2% compared to last year.
IT sector signaled a positive comeback after witnessing a decline in the past few months.
In addition, metro cities once again emerged as primary drivers of job creation following a brief period of decline. Detailed analyses are below.
IT sector hiring gains momentum and Real Estate and Hospitality sectors continue to shine.
Metros re-emerge as growth drivers of job creation and Senior professionals continue to hold sway.
