White collar hiring activity flat in May, IT sector's woes continue: Report
Jun 1, 2023, 14:24 IST
The hiring activity in India's white-collar professional segment, remained steady in May and witnessed multi-sectoral growth across sectors such as real estate, banking, oil and gas and pharma, a report said on Thursday. According to the Naukri JobSpeak Index, the job postings for white collar hiring in May 2023 was at 2,849, as against 2,863 in May 2022.
The relatively flat growth in index masks strong divergence in hiring trends across different sectors and geographies, said the report.
The Naukri JobSpeak Index is a monthly Index representing the state of the Indian job market and hiring activity based on new job listings and job-related searches by recruiters on the resume database of Naukri.com.
It said that while the oil and gas sector clearly emerged as a hiring hotspot with a remarkable 31 per cent increase in the new jobs compared to last year, the hiring activity in the IT sector stayed at 23 per cent below its level in May 2022.
"The multi-sectoral growth in white-collar hiring across sectors such as real estate, banking, oil and gas and pharma reflect the evolving and diversified nature of the Indian economy." Naukri.com Chief Business Officer Pawan Goyal said.
The report further said that the IT industry hiring remained an area of concern. "The decline in hiring was witnessed across all types of IT companies including global tech giants, large IT services companies, tech-focused startups, and unicorns," said the report.
Cities with heavy presence of IT-focused companies, such as Bengaluru, Hyderabad, Chennai and Pune, were the hardest hit.
Notwithstanding these challenges, niche roles such as Machine Learning Engineers and Big Data Engineers showed positive hiring trends, bucking the negative trend across most other tech roles.
Besides IT, sectors such as retail, education, insurance, and BPO also showed cautious hiring sentiments with a dip of 21 per cent, 16 per cent, 15 per cent and 14 per cent, respectively, in hiring trends during May compared to the corresponding month in 2022.
In contrast, the real estate and banking sectors continued to show positive hiring sentiments, registering 22 per cent and 14 per cent growth in hiring activities, respectively, compared to May last year.
Non-metro cities emerged as new hiring trendsetters, led by Ahmedabad, Vadodara, and Jaipur primarily driven by banking and auto sectors. On the other hand, hiring activity stayed flat or declined marginally in large metros, except Mumbai and Delhi.
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The relatively flat growth in index masks strong divergence in hiring trends across different sectors and geographies, said the report.
The Naukri JobSpeak Index is a monthly Index representing the state of the Indian job market and hiring activity based on new job listings and job-related searches by recruiters on the resume database of Naukri.com.
It said that while the oil and gas sector clearly emerged as a hiring hotspot with a remarkable 31 per cent increase in the new jobs compared to last year, the hiring activity in the IT sector stayed at 23 per cent below its level in May 2022.
"The multi-sectoral growth in white-collar hiring across sectors such as real estate, banking, oil and gas and pharma reflect the evolving and diversified nature of the Indian economy." Naukri.com Chief Business Officer Pawan Goyal said.
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Cities with heavy presence of IT-focused companies, such as Bengaluru, Hyderabad, Chennai and Pune, were the hardest hit.
Notwithstanding these challenges, niche roles such as Machine Learning Engineers and Big Data Engineers showed positive hiring trends, bucking the negative trend across most other tech roles.
Besides IT, sectors such as retail, education, insurance, and BPO also showed cautious hiring sentiments with a dip of 21 per cent, 16 per cent, 15 per cent and 14 per cent, respectively, in hiring trends during May compared to the corresponding month in 2022.
In contrast, the real estate and banking sectors continued to show positive hiring sentiments, registering 22 per cent and 14 per cent growth in hiring activities, respectively, compared to May last year.
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The Pharma sector emerged as another bright spot, recording a respectable 11% growth in hiring activity compared to May last year, the report said adding that automobiles and hospitality were some of the other sectors witnessing positive hiring sentiments with 10 per cent and 8 per cent growth in the new jobs created compared to a year-ago. Non-metro cities emerged as new hiring trendsetters, led by Ahmedabad, Vadodara, and Jaipur primarily driven by banking and auto sectors. On the other hand, hiring activity stayed flat or declined marginally in large metros, except Mumbai and Delhi.
SEE ALSO:
Louis Vuitton's fall is Elon Musk's gain — Tesla owner reclaims top spot in richest list
Toyota reports highest-ever monthly sales in May at 20,410 units