Amid the ongoing global turmoil in the banking sector, job vacancies in the Banking Finance Services and Insurances (BFSI) sector broke all records, as the Naukri Jobspeak Index for Banking reached an all-time high of 4,555 in March 2023 compared with 3,138 in March 2022.
As per the Naukri.com report, beyond BFSI, the hiring landscape in India displayed cautious optimism where the Naukri JobSpeak Index in March 2023, stood at 2979, up 5 percent over last year and flat against last month.
Banking Finance Services and Insurances (BFSI) Sector
According to the report, the Insurance and Banking sectors are witnessing a surge in job creation, significantly contributing to the upward hiring trend in the overall white-collar job market of India.
In March 2023, the insurance sector recorded a growth of 108 percent in new job creation, compared to March 2022. The banking sector displayed a 45 percent year-on-year growth fueled by the expansion of digital banking services in the rapidly evolving global economy.
The report also said that the vacancies in cities of Ahmedabad, Vadodara and Kolkata increased by 145 percent, 72 percent, and 49 percent respectively.
IT Sector
The IT sector, on the other hand, witnessed a decline of 17 percent in new jobs created compared to March last year. The hiring intent declined across both large IT giants and unicorns, while hiring for early-to-mid stage startups remained stable with respect to the same period last year.
The report also suggested that vacancies for high-demand roles such as big data engineers, DevOps, and software development engineers, which were on a growth path until recent times, declined in March 2023 by 20 percent, 9 percent, and 6 percent, respectively. However, the demand for emerging roles like machine learning saw an uptick, it added,
Non-Tech sectors
Job creation in non-tech sectors such as Oil, Real Estate, FMCG,
and Hospitality increased by 36 percent, 31 percent, 14 percent, and 7 percent, respectively, compared to last year's base.
and Hospitality increased by 36 percent, 31 percent, 14 percent, and 7 percent, respectively, compared to last year's base.
However, specific Non-Tech sectors such as retail, education, and BPO saw a 4 percent, 2 percent, and 2 percent decline in hiring activity, respectively.
Job Creation in Metro/ Non-Metro cities
As per the report, among the non-metro cities, Vadodara leads hiring trends with a 50 percent growth in new job creation compared to last year, followed by Ahmedabad, Jaipur, and Kochi with 49 percent, 29 percent, and 13 percent growth respectively.
In metro cities, Mumbai and Delhi/NCR observed positive hiring momentum,
with 17 percent and 7 percent growth in new job creation, respectively. Whereas, Bangalore, Hyderabad, and Pune, heavily reliant on the IT sector, experienced a decline of 12 percent, 11 percent, and 2 percent respectively.
with 17 percent and 7 percent growth in new job creation, respectively. Whereas, Bangalore, Hyderabad, and Pune, heavily reliant on the IT sector, experienced a decline of 12 percent, 11 percent, and 2 percent respectively.
Majority of job growth in metro cities was also driven by non-IT sectors such as insurance, real estate, and automotive sectors, the report said.
Mid-Level Professionals Back in Demand
The mid-level professionals experienced a significant increase, registering a 14 percent growth compared to the previous year—following a period of stagnation in recent months. In contrast, hiring activity for entry-level professionals remained unchanged compared to last year.
Commenting on the report, Pawan Goyal, Chief Business Officer, Naukri.com, said, "The BFSI sector's growth in a cautious job market signals resilience of the Indian economy and the expanding horizons of the white-collar job landscape. Non-metro cities are proving to be the catalysts for change, redefining the employment narrative in India."
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