Hiring activity slows owing to festivities in Oct’22: Report

According to Naukri JobSpeak Index, while demand across experience professionals stayed neutral in Oct’22, senior professionals with over 13 years of experience saw an uptick in demand growing by (+6%) over last year.

At the same time, demand for freshers stayed flat while the demand for mid-level professionals (4-12 years) declined by -4%.

The Insurance sector in India continued to witness phenomenal growth due to an increase in demand for professionals across experience bands. The sector registered a significant Y-O-Y growth (+93%) vis-a-vis Oct’21. Other sectors that continued to show upward hiring trends are BFSI (+40%), Oil (+34%), Travel & Hospitality (+24%), Real estate (+20%), and Auto (+19%).
Hiring in the IT sector slowed in Oct’22 as there has been a drop (-18%) in Oct’22 vs last year. Apart from IT, other sectors that recorded a notable decline in hiring sentiments include Telecom (-19%) and Health Care (-13%).

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While Kolkata (+15%) and Mumbai (+8%) continued to grow in hiring activity in Oct’22, Delhi stayed flat with respect to hiring activity vs Oct last year. With IT sector showing a decline, the metros of Bangalore (-16%), Hyderabad (-12%), and Pune (-11%) showed a decline in hiring activity.
Amongst non-metros, most key cities exhibited growth in hiring activity, as Jaipur (+8%), Kochi (+5%), Vadodara (+4%), and Coimbatore (+3%) all saw an uptick in demandPawan Goyal, Chief Business Officer, Naukri.com for white collared professionals.

Commenting on the report, Pawan Goyal, Chief Business Officer, Naukri.com, said, “The temporary deceleration in hiring activity was expected given the festive season, however when you compare the data with last year’s festive window (Nov’21), the Index is a healthy 13% ahead which is reassuring. It is also interesting to note that most key industries maintained hiring expansion during this month which it likely to only get stronger as year-end approaches.”

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