Naukri.com reports surging hiring in small and midcaps, outpacing larger firms
Pawan Goyal, the Chief Business Officer at Naukri.Com, pointed out that small and medium-sized enterprises (SMEs) are increasing their hiring more than larger companies.
The midcap and smallcap companies in India have experienced a significant surge, reaching record highs. CNBC-TV18 is examining whether this market enthusiasm is supported by substantial growth in business activities at the lower levels of the corporate hierarchy. Nothing demonstrates a company's confidence in its business more than its willingness to hire.
To start, Pawan Goyal, the chief business officer at Naukri.Com, pointed out that small and medium-sized enterprises (SMEs) are increasing their hiring more than larger companies. Industries such as oil & gas, banking, hospitality, and real estate have witnessed a consistent month-on-month (MoM) and year-on-year (YoY) rise in their recruitment efforts.
Goyal also mentioned that there has been minimal growth in hiring activity within the 3-5 years of experience category. The Naukri JobSpeak Index, on the other hand, has shown a steady increase of 6-7 percent over the past 15 years.
Meanwhile, Sunil Chemmankotil, the chief executive officer of Teamlease Digital, who has conducted an extensive survey on companies' hiring intentions for the second half of 2023 (July-December), reported an overall uptick in hiring intentions across various sectors.
Our survey reveals that larger corporations are displaying a stronger inclination to hire, particularly in the digital and technology talent pool. The decision to hire junior versus senior employees appears to be more influenced by cost considerations.
He noted that the volume of hiring in global captive centres (GCC) is significantly lower than the hiring seen in IT services. Additionally, he mentioned that approximately 70-72 percent of employees fall into the informal employment segment.
“The formal sector is improving, increasing because of government initiatives, but it's kind of slow and I am sure that in the coming years, we will see further propulsion in the formal sector,” said Chemmankotil.
For the entire discussion, watch the accompanying video
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