Understanding hiring trends is crucial for every jobseeker to make informed career choices.
This is why Naukri.com has released the monthly JobSpeak report, which can help you gauge the hiring activities across various industries, cities, functional areas, and experience levels.
In this article, we will discuss the critical observations of the March 2023 edition of the Naukri JobSpeak Report.
Overview of the Hiring Trends
Job Vacancies in BFSI broke all records in March 2023: Naukri JobSpeak
Naukri Jobspeak Index for Banking reached an all-time high of 4555 in March 2023 compared to 3138 in March 2022, recording 45% Y-O-Y growth.
Beyond BFSI, the hiring landscape in India displayed cautious optimism whereas the Naukri JobSpeak Index stood at 2979 in March 2023, up 5% over last year and flat against last month.
Non-Tech sectors drive hiring activity growth. The IT sector continues to witness consolidation in hiring. Non-metros see maximum job creation, and mid-level professionals are back in demand.
Pawan Goyal, Chief Business Officer, Naukri.com said,
“The BFSI sector's growth in a cautious job market signals resilience of the Indian economy and the expanding horizons of the white-collar job landscape. Non-metro cities are proving to be the catalysts for change, redefining the employment narrative in India.”
Hiring Trends Across Industries
The insurance and Banking sectors are witnessing a secular bull run in new job creation. The new jobs created in the insurance sector recorded an astonishing 108% Y-O-Y growth, driven by jobs related to selling insurance products.
The banking sector displayed a 45% YoY growth fueled by the expansion of digital banking services in the rapidly evolving global economy.
The promising aspect of this growth is its geographical spread where vacancies in cities as diverse as Ahmedabad, Vadodara, and Kolkata increased by 145%, 72%, and 49% respectively.
The IT sector witnessed consolidation with a decline of 17% in new jobs created.
The hiring intent declined across large IT giants and unicorns.
New jobs created in other Non-Tech sectors such as Oil, Real Estate, FMCG, and Hospitality increased by 35%, 31%, 14%, and 7%, respectively, compared to last year's base.
However, specific Non-Tech sectors such as retail, education, and BPO, exhibited cautious hiring sentiment with a 4%, 2%, and 2% decline in hiring activity, respectively.
Hiring Trends Across Cities
Non-Metros continue to act as growth drivers in the white-collar job market.
Among non-metro cities, Vadodara leads hiring trends with a 50% growth in new job creation vs last year, followed by Ahmedabad, Jaipur, and Kochi with 49%, 29%, and 13% growth in new job creation respectively.
Besides BFSI, Real Estate & BPO sectors primarily contributed to the hiring activity observed across non-metros.
In metro cities, Mumbai and Delhi/NCR observed positive hiring momentum, with 17% and 7% growth in new job creation, respectively, primarily driven by the insurance sector.
Conversely, Bangalore, Hyderabad, and Pune, heavily reliant on the IT sector, have experienced a 12%, 11%, and 2% dip in job creation, respectively.
Consistent with the prevailing pattern, the majority of job growth in metro cities was also driven by non-IT sectors such as the insurance, real estate, and automotive sectors.
Hiring Trends Across Experience Levels
Amid broader market uncertainties, the appetite for mid-level professionals has experienced a significant increase, registering a 14% growth compared to the previous year—following a period of stagnation in recent months.
In contrast, hiring activity for entry-level professionals remained unchanged compared to last year.
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.com.
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.
Job vacancies in Banking are up 45% y-o-y, and non-metro cities drive the growth.
Job vacancies in the BFSI sector broke all records as the Naukri Jobspeak Index for Banking reached an all-time high of 4555 in March 2023 compared to 3138 in March 2022.
Beyond BFSI, the hiring landscape in India displayed cautious optimism where the Naukri JobSpeak Index, the country's premier job index derived from more than a million monthly job openings, stood at 2979 in March 2023, up 5% over last year and flat against last month.
Non-Tech Sectors Drive Hiring Activity Growth, Non-Metros See Maximum Job Creation, and Mid-Level Professionals are back in demand