Hiring in the IT sector went down by 10% in August, says report

• The IT sector saw a decline in hiring by 10% in August this year as compared to last year.
• The attrition rate in the IT sector has been constantly high as compared to other industries.
• It is interesting to note that the insurance sector saw the highest steep year-on-year jump of 87%, says Naukri JobSpeak Index report.

The demand for IT sector jobs is beginning to thaw after a hiring spree during the pandemic. In the month of August, IT sector hiring declined by 10% as compared to the same month last year, as per Naukri JobSpeak Index.The attrition rate in the IT sector has also been hovering around 20%, which is the highest among other industries in India.

Along with IT, the graph for hiring in pharma and biotech companies also remained flat in the month of August this year compared to last year.

It is interesting to note that the insurance sector saw the highest year-on-year jump of 87%, with a flurry of job opportunities, among other sectors. Within the sector, maximum traction of 103% was seen for professionals with 4-7 years of experience followed by people with 0-3 years (99%), and 8-12 years (42%).

“Important to note that insurance as a sector has been flourishing since the start of this year as there has been continuous growth in hiring which is creating opportunities across experience bands with over 100% yoy growth in 0-7 years' experience band,” said Pawan Goyal, chief business officer, Naukri.com.

Apart from the insurance sector, the hiring graph was seen to be moving up in the travel and hospitality, BFSI, auto, real estate and retail sectors as well.

NCR region hired the most people

Hiring in the insurance sector was mostly seen in the NCR region — a significant jump of 136%, followed by Mumbai at 129% in August’22 as compared to August’21.

Overall, intent to hire across all the industries was noted to be the highest in Coimbatore among tier 2 cities — up by at least 28% year-on-year. A similar trend was seen in Kochi, Ahmedabad and Jaipur as well.

The overall hiring activity in India remained stable with 6% yoy growth in Aug '22, as per the report.

“After witnessing an extravagant growth rate in the last 2-3 months, hiring activity is seeing signs of stabilization, and it would be interesting to see how the trend continues in the coming months,” Goyal added.

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