foundit (formerly Monster APAC & ME), India’s talent platform, published the foundit Insights Tracker (fit), presenting the latest findings on hiring trends for September 2023.
Hiring dipped 2 per cent month-over-month, according to the latest tracker. In addition, e-recruitment activities in India fell by 8 per cent in September 2023 compared to September 2022. The index dropped from 277 in September 2022 to 255 in September 2023.
“While hiring has stagnated, India’s economic prospects appear promising due to its expanding online consumer market, continued digitization and innovation, green transition initiatives, infrastructure investments and policy reforms,” it said.
Offering a hiring overview for September 2023, Sekhar Garisa, CEO, foundit (previously Monster APAC & ME), a Quess company, said, “India is experiencing a temporary hiatus in hiring as companies focus on upskilling their current employees to the changing landscape before hiring new talent. However, our economic prospects are bright and resilient against global headwinds. The rise in real wages and disposable incomes is boosting demand, particularly in private health insurance, retail, and consumer durables. Additionally, improved access to finance, infrastructure upgrades, green initiatives, and policy reforms further contribute to a favourable business environment that fosters job creation. However, addressing the need for upskilling is crucial for realising this potential as the rise and percolation of AI in every sector is inevitable.”
Festive Season Fuels Job Opportunities in Home Appliances and Retail Industry
On a month-on-month (M-o-M) basis, the Home Appliances (+11 per cent) industry showed the maximum incline in job postings, followed by Oil/ Gas/ Petroleum, Power (+10 per cent) and Retail (+9 per cent). The notable growth in the Home Appliances and retail industry can be attributed to the onset of the festive season.
Meanwhile, the Oil/Gas/Petroleum/Power sector experienced an upswing in response to the escalating demand for energy, driven by India’s rapidly growing economy and demographic advantages. In alignment with this trend, India’s energy demand is expected to grow at about 3 per cent per annum by 2040, compared to the global rate of 1 per cent.
Additionally, the Office Equipment/Automation sector observed a 7 per cent surge in e-recruitment activities in September. Organisations are progressively moving away from the hybrid and work-from-home model, instead opting to bring employees back to the office to facilitate in-person collaboration and bolster operational efficiency.
The Import/ Export sector continues to struggle, with a 24 per cent drop in job posting activity online, followed by Banking/ Financial Services, Insurance (-8 per cent), and Agro-based industries (-8 per cent). The export sector remains stagnant, grappling with persistent global headwinds, notably in key markets like the USA and Europe.
Kolkata’s Job Market Grows by 2 per cent as Festive Spirit Boosts Opportunities
The data showcases a mixed picture of the job market in different regions. Kolkata stands out with a 2 per cent increase in hiring, indicating a modest growth in job opportunities in the city. This could be attributed to the onset of the festive season with the city gearing up for Durga Puja. The city witnessed significant economic activity during September due to the festival’s extensive preparations, increase in tourism, and cultural festivities.
However, the majority of Indian cities exhibited stagnant or negative hiring trends. Cities like Hyderabad, Pune and Chennai show no significant change in hiring percentages, suggesting a relatively stable but not necessarily expanding job market.
On the other hand, several cities, including Bangalore, Delhi-NCR, Mumbai, and Ahmedabad, experience a decline in hiring percentages, with the latter two cities facing the most significant decrease at -5 per cent. However, these negative trends are merely seasonal fluctuations and job creation in these areas is soon expected to pick up.
