The constantly changing job market has made understanding hiring trends pivotal for job seekers, now more than ever! With detailed insight, you can understand what fields to pursue, which city is the best to work in, and so much more.
But how do you get this information? If you are a job seeker wondering where to begin, we have a solution for you!
Naukri 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 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.
You can take a closer look at the Naukri JobSpeak report for November 2022 by clicking here.
Overview of the Hiring Trends
Hiring Activity recovers to pre-festive level, grows 27% in Nov’22: Naukri JobSpeak
Naukri JobSpeak, the country’s premier job index, emerged at 3106 for Nov’22 up from 2455 in Oct’22, recording 27% M-O-M growth and 43% Y-O-Y growth.
While the overall picture looks healthy at the monthly level; mixed insights emerge from sector-wise analysis done vs first-half of the year.
IT and Education exhibiting slowness compared to the first half of the year; while BFSI, Real Estate, and Hospitality continue to shine.
Metros and emerging cities continue growing in long-term hiring trends.
Demand for senior-level professionals recorded double-digit long-term growth.
Pawan Goyal, Chief Business Officer, Naukri commented,
The strong recovery in overall hiring activity post-festive season reaffirms the resilience of the Indian job market which is now multi-sectoral and hence balanced as well as mature.
Minor isolated dips in a few sectors do corroborate hiring corrections and some cautious sentiment in the industry.
However, the fact that sectors like real estate, insurance, and banking are showing double-digit growth should give us a lot of confidence that the Indian job market is so far holding its own despite some turbulence at a global level.
Hiring Trends Across Industries
The Insurance sector continued its dream run registering solid job growth of 42% vs the first half of the year.
Other sectors that continued to show an upward long-term hiring trend are Banking (+34%) Real Estate (+31%), Oil (+24%), Travel & Hospitality (+20%), and Auto (+14%).
Pharma, BPO, and Telecom remained flattish.
Hiring in the IT sector showed a dip of 8% vs the first half of the year pointing to isolated pockets of correction, especially in the start-up space. However, the small magnitude of the dip confirms the resilience of the Indian job market.
Hiring Trends Across Cities
Amongst metros, Delhi/NCR led the charts with 20% growth in long-term trends.
Other metros that showed consistent growth were Mumbai (+17%), Kolkata (+10%), and Chennai (+8%).
IT sector-dependent metros Hyderabad (-1%), Bangalore (-5%), and Pune (+2%) showed flatness in hiring activity.
Amongst non-metros, Ahmedabad led with 33% growth in long-term trends, followed by Vadodara (+23%), Jaipur (+15%), and Coimbatore (+8%), while Kochi and Chandigarh remained stagnant.
Hiring Trends Across Experience Levels
The long-term demand for professionals across all experience levels showed continual stability.
While it showed maximum growth of 21% for senior professionals having 13-16 years of experience, it rose by 11% for 8-12 years of experience and remained stable for freshers.
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 Indian job market bounced back to its pre-festive levels in November.
The Naukri JobSpeak index, the country’s premier job index, emerged at 3106 for November, up from 2455 in October, registering a 27% M-O-M growth and 43% Y-O-Y growth.
While the overall picture looks healthy at a monthly level due to post-festive recovery, a deeper analysis at the sector level reveals mixed trends compared to the boom times of the first half of this year that witnessed high growth in hiring activity.
Overall, mixed trends were observed across sectors, metros and emerging cities showed positive growth in hiring trends, and the demand for senior-level professionals with 12 years of experience recorded double-digit growth (21%).
