Hiring Trends In India: What The Job Market Looks Like The job market in India can be great or not- depending on who you ask the question to.
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The job market in India can be great or not- depending on who you ask the question to. Someone who has been struggling for the last few months to find a job would say that it's a bad time to be in the market, while another individual safe and secure in their job wouldn't really be bothered about the ground reality, as long as they are getting their monthly pay cheque.
A recent survey by Foundit Insights Tracker gives us an insight into what the scenario looks like, going by the trends in January. Here are some significant points from the report which give us an idea:
1. Marketing and Communications roles surged by 7%, indicating a robust demand for digital marketing and analytics expertise. This is particularly pronounced in Delhi/NCR, which experienced a significant 5% increase in such roles.
2. Legal professions also saw a 7% rise, especially in Mergers and Acquisitions advisory, reflecting the sector's vibrant activity.
3. Sales and Business Development, Finance & Accounts, and HR and Admin functions recorded modest growths of 2% and 1% respectively, showcasing steady demand across these essential business operations.
4. However, the Software, Hardware, and Telecom sector remained static, suggesting a phase of consolidation before future growth.
5. The Travel and Tourism sector witnessed a 6% increase, possibly buoyed by the resurgence of global and domestic travel.
6. Similarly, the BFSI, Logistics, Telecom/ISP, and Real Estate sectors each recorded growth, with a 5% increase in hiring activities, indicating sectoral recoveries and expansions.
7. Advertising, MR and PR sectors also enjoyed a 4% uplift, aligning with the increased demand for marketing and communication roles.
8. The Telecom/ISP sector showcased significant expansion, driven by the adoption of Generative AI, FinTech innovations, and enhanced cybersecurity measures. This diversification is likely to fuel further growth and innovation within the sector.
9. E-recruitment activity has seen an uptick in 8 out of the 13 cities monitored, reflecting a broader accessibility to employment options across the country. This potentially aligns with the growing trend of remote and hybrid working models.
10. The past three years have shown a declining trend in types of jobs available. Of all jobs available, 'Hybrid Work' accounts for just 21%, while 'Work from Home' accounts for just 9% of job openings. However, people seeking hybrid and remote job opportunities are 44% and 17% respectively.
The IT sector contributes to a huge chunk (44%) of both permanent and temporary job postings online. The IT sector's continued dominance in the remote job landscape is noteworthy, although there has been a 14% decline in such roles year-over-year.
This shift highlights the evolving nature of work arrangements, with an increasing dialogue around workplace flexibility, including the potential adoption of a four-day workweek.
Source: Foundit Insights Tracker (FIT) Report
