Finding the dream job in this dynamic Indian job market can be nerve-wracking! The ultimate goal for all job seekers is to find jobs that are the perfect fit, and the first step towards this is to make informed career choices. As you set out on your job hunt, take the first step by understanding the current hiring trends.
To assist you, Naukri brings to you its monthly edition of the Naukri JobSpeak report, an index that measures the month-on-month hiring trends based on recruiter activities on Naukri and offers insights into the recruiter activities across various industries, cities, and experience levels.
In this blog, we will take a look at some of the major highlights from this month’s edition, the Naukri JobSpeak report for January 2023.
Let’s dive in!
Overview of the Hiring Trends
Hiring activity kicks off on a stable note in 2023
2023 begins on a cautiously optimistic note as the Naukri JobSpeak index emerged at 2762 tabling a 2% growth in Jan’23 compared to 2716 in Jan’22.
The 2% growth is noteworthy as it has been recorded despite a 25% decline in IT sector hiring.
The dip in IT sector hiring has been more or less compensated by a hiring spree in the Non-IT sectors such as Insurance, Oil, Hospitality, and Banking.
Non-metro cities continue to shine in driving job creation. Senior professionals continue to remain in demand.
Pawan Goyal, Chief Business Officer, Naukri said,
“As the year begins, Non-IT sectors hold the fort for hiring activity in India with Insurance, Oil, and Hospitality flying high.
Interestingly, IT-linked metros, which were the main growth drivers last year, were overshadowed by emerging cities like Ahmedabad and Baroda.
Overall, this gives a multi-dimensional outlook to the Indian Job market and makes us optimistic about the New Year.”
Hiring Trends Across Industries
Non-IT sectors are off to a flying start, recording double-digit growth at the beginning of 2023.
The most prominent is the Insurance sector, which has recorded 93% growth.
Other Non-IT industries that recorded an upward trend in hiring activity include Oil (55%), Hospitality (53%), Banking (37%), Real Estate (31%), and Auto (29%).
Due to corrections in hiring in the IT industry, job growth in the Indian IT sector has declined by 25% vs. last year.
The hiring intent declined across both large IT giants and unicorns, while trends across other IT startups remained stable vs. last year.
Selected Non-IT sectors that showed cautious hiring sentiments are Telecom, Retail, and Pharma with a 9%, 8%, and 4% dip in hiring activity respectively vs. last year.
Hiring Trends Across Cities
Non-metro cities continue to drive hiring activity in the New Year.
Amongst non-metros, Ahmedabad leads the way in hiring trends recording 40% growth, followed by Baroda with 37% growth, while Jaipur recorded a 14% growth vs. last year.
Insurance, Healthcare, and Banking were key sectors that led to job growth in these emerging cities.
Amongst metro cities, Mumbai & Delhi recorded positive hiring trends registering 14% and 10% growth respectively.
On the contrary, metro cities like Bangalore, Hyderabad, Pune, and Chennai, which are heavily dependent on the IT sector for driving job creation, have shown a decline of 20%, 12%, 11%, and 6%.
Non-IT sectors that are most significantly driving job growth in each of these metros are Insurance, Banking, Auto, and Oil.
Hiring Trends Across Experience Levels
In the era of hiring corrections, increasing demand for senior professionals with 12+ years of experience continues to dominate.
The hiring activity for senior professionals at the beginning of 2023 recorded more than 20% growth vs. last year.
Hiring activity remains stable for freshers and mid-experience level professionals.
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
The New Year begins on a cautiously optimistic note as Naukri JobSpeak, the country’s premier job index, emerged at 2762 tabling a 2% growth in Jan’23 compared to 2716 in Jan’22.
The Indian job market continues to show resilience and stability. The 2% growth is noteworthy as it has been recorded despite a 25% decline in IT sector hiring
The dip in IT sector hiring has been more or less compensated by a hiring spree in the Non-IT sectors such as Insurance, Oil, Hospitality, and Banking.
Non-It sectors lead the hiring spree in January 2023, and hiring in the IT industry continues to consolidate.
Non-metro cities are driving job creation, and in terms of experience levels, senior professionals continue to stay in demand.
You can read the report in detail here .
