Finding job opportunities in this rapidly changing economy is challenging for job seekers.
With the ultimate goal to find a dream job and make career choices that optimize professional growth, jobseekers look for all the help and information they can get about the hiring trends.
To bring detailed hiring trends to the users,Naukri brings to you its monthly edition of the Naukri JobSpeak report.
The JobSpeak report is an index that gauges the month-on-month hiring trends based on recruiter activities on Naukri and offers insights into the hiring trends 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 of the Naukri JobSpeak report for July 2022.
Overview of the Hiring Trends
The job market jumps by 21% as Naukri JobSpeak Index clocks its ever-highest peak of 3170.
In July’22, the Insurance sector registered the highest M-O-M growth (+21%), followed by Oil & Gas/Power (+18%), and IT-Software (+16%).
Since the beginning of 2022, most key centers have been exhibiting positive hiring sentiment by registering an upward trend and marking double-digit growth.
The demand for professionals with greater than 16 years saw the steepest uptick of 32% in July’22 vs last year.
Pawan Goyal, Chief Business Officer, Naukri said,
With the JobSpeak Index breaking all records, it validates that the employment market is on a steady course without any significant hotspots.
The trend in growth is seen across most industries, cities, and experience bands which is great news for the job seekers.
Hiring Trends Across Industries
With the rising demand for health insurance products since the pandemic and the recent monkeypox scare in the country, the Insurance sector is witnessing a surge in hiring activity.
Other sectors that continued to show an upward trend over July last year, include Travel & Hospitality (+68%), Banking (+59%), Oil & Gas (+48%), Retail (+37%), BPO (+35%), Auto (+34%), Education (+32%), Telecom (+32%), and IT-Software (7%).
Looking at the year till date performance for all top industries, significant growth across the sectors can be seen.
Travel & Hospitality leads the charts at 95% growth in hiring activity,
followed by Insurance (65%) and BFSI (52%).
Hiring Trends Across Cities
Among metros, Kolkata leads the charts with 42% Y-O-Y growth in July’22.
Other metros such as Mumbai (+36%), Delhi/NCR (+25%), Chennai (+25%), Pune (+24%), Hyderabad (+12%), and Bangalore (+10%) too, continue to show positive growth in June’22 vs last year.
Amongst the emerging cities, Coimbatore continues to lead the race consecutively for the second time by observing the highest Y-O-Y growth of 70% and sequential growth of 31%.
Other tier-II cities, such as Kochi (+32%), Ahmedabad (+22%), and Vadodara (+11%) also witnessed a surge in hiring growth, barring Chandigarh which showed a decline of -11%.
Hiring Trends Across Experience Levels
While the job market continues to reflect optimistic hiring patterns across all experience brackets, the demand for top management (& 16 years) and professionals with 13-16 years' experience saw the steepest uptick of +32% and 31% respectively in July’22 vs July’21.
A positive hiring sentiment was also observed for other experience brackets such as 0-3 years (+20%), 4-7 years (+18%), and 8-12 years (+24%) when compared with July’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.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, 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 job market in India continues with its upward trajectory as the Naukri JobSpeak Index for July beats all records. At 3170, the index surpassed its previous high of 3074, which was recorded in February’22 this year.
With rampant growth across key sectors and metros, the hiring activity shot up in the previous month, leading to a +21% Y-O-Y growth in July 2022 vs July 2021.
With the rising demand for health insurance products since the pandemic and the recent monkeypox scare in the country, the Insurance sector is witnessing a surge in hiring activity. In July’22, the sector registered the highest M-O-M growth (+21%), followed by Oil & Gas/Power (+18%), and IT-Software (+16%).
Hiring in metros stays strong, Kolkata leads. While the job market continues to reflect optimistic hiring patterns across all experience brackets, the demand for top management (>16 years) and professionals with 13-16 years of experience saw the steepest uptick of +32% and 31% respectively in July’22 vs July’21.
