Growing professionally goes hand in hand with making informed career choices as it can get you your dream job.

While finding the right job is the goal, it can be quite nerve-wracking, making it important for all job seekers to understand the current hiring trends.

To help you with this, Naukri has released the JobSpeak report, a monthly index that calculates and records month-on-month hiring activity based on the job listings on the website.

This report measures the hiring trends across industries, cities, and experience levels. In this blog, we take a closer look at the market hiring trends with the June 2024 edition of the Naukri JobSpeak Report.

Hiring Activity stays muted in June - Naukri JobSpeak

Naukri JobSpeak Index, India's leading indicator of white-collar hiring activity, witnessed a sequential correction as compared to May'24, coming in at 2582, with an 8% decline vs Jun'23.

Major sectors such as Pharma/Biotech (6%), Al-ML (20%), and FMCG (12%) showed positive growth.

However, Global Capability Centres (-7%), BPO (-9%), and Education (-9%) dragged down the overall index.

The western belt outperformed major metropolitan cities while senior professionals continued to show positive demand.

Dr. Pawan Goyal, Chief Business Officer, Naukri said,

As we've reported over the past year, the power dynamic shift in the Indian hiring landscape is well and truly underway with mini-metros consistently outpacing their metro counterparts.

Gujarat, has been a silver lining in an otherwise turbulent market and it's now encouraging to see emerging cities in Rajasthan such as Jodhpur and Udaipur join the fray.

Hiring in the Pharma/Biotech witnessed notable growth in cities like Hyderabad (18%), Baroda (27%), and Mumbai (14%). Hiring was dominated by professionals with over 16 years of experience, contributing to a significant 58% increase year-on-year.

In an otherwise tepid hiring season for IT, Jaipur (16%), Kochi (6%), and Delhi-NCR (4%) emerged as bright spots. Hiring in smaller startups was subdued while unicorns recorded an astonishing 30% growth.

The FMCG sector maintained its momentum, buoyed by strong performances in Bangalore (24%), Delhi (23%), and Mumbai (34%).

Cities in Rajasthan and Gujarat showed resilience, with Jodhpur (36%), Kota (21%), Udaipur (13%), Rajkot (35%), Surat (13%), and Jamnagar (13%) leading in new job creation. Metros like Bangalore (-9%) and Mumbai (-6%) experienced a decline.

13% dip in new job opportunities for professionals with experience of about 4-7 years, compared to June'23.

13% growth in hiring for 16+ years of experience in June'24 vs last year.


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 of Naukri.com.

The JobSpeak Index captures hiring activity across multiple dimensions, including industries, cities, functional areas, and experience bands. July 2008 is 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 an extended period, JobSpeak could be impacted by factors like internet penetration and Naukri's market share.

The index now includes job-related searches on Naukri's resume database, which helps generate statistically significant data at a more granular level.

Conclusion

Naukri JobSpeak Index, India’s leading indicator of white-collar hiring activity, witnessed a sequential correction compared to May’24 coming in at 2582, with an 8% decline vs June 2023.

Most sectors reported flattish growths, however Global Capability Centers (-7% YoY), BPO (-9%), and Education (-9%) dragged down the overall index. Major sectors such as Pharma/Biotech (6%), AI-ML (20%), and FMCG (12%) showed positive growth.

The western belt outperformed major metropolitan cities while senior professionals continued to show positive demand. Strategic and Top Management roles recorded a notable 26% growth. The Product Management department stood out with positive growth both sequentially and year-on-year.

Moreover, the JobSpeak index has expanded its coverage to include Global Capability Centers and Artificial Intelligence and Machine Learning in addition to the 71 industries that were already being reported.


Naukri JobSpeak