The Indian job market witnessed a complex scenario in September 2023, as per the latest Naukri JobSpeak Index report released by leading job portal Naukri.com. The report indicated an 8.6 percent decline in white-collar hiring in September compared to the same period a year ago. However, the hiring for white-collar jobs increased month-on-month compared to August, offering a glimmer of hope amidst the challenges.
According to the Naukri JobSpeak Index report, there were 2,835 white-collar job postings in September on Naukri.com.
The decline in hiring for white-collar jobs indicates a concern in new job creation in sectors such as IT, BPO/ITES and FMCG. The IT sector, grappling with global headwinds, continued to face a downturn, with hiring numbers dwindling in recent months. The BPO/ITES and FMCG sectors also experienced significant setbacks, registering a negative growth of 25 percent and 23 percent, respectively
Pawan Goyal, Chief Business Officer at Naukri.com, noted, “While the IT sector continues to stay impacted, robust growth in the banking sector is a bright spot. Coupled with the fact that the overall index sequentially grew 6 percent, this underscores the resilience of the Indian job market, anchored in sectoral diversity.”
Interestingly, the hospitality and travel industry saw a surge in demand, attributed to families and solo travellers taking advantage of the monsoon season. In terms of geographical trends, Mumbai emerged as the highest job creator among metros, particularly in roles like restaurant managers and guest services.
Furthermore, the banking, financial services and insurance (BFSI) sectors, along with healthcare, exhibited a 7 percent yearly growth in hiring in September. Roles like branch managers and financial consultants were in high demand, according to the report. Additionally, the oil and gas, as well as the auto sectors, recorded a 6 percent growth, showcasing signs of resilience amid challenging circumstances.
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A striking trend highlighted in the report was the performance of non-metro cities. Vadodara, Ahmedabad and Jaipur reported 4 percent, 3 percent and 2 percent growth, respectively, in hiring in September compared to the same month last year. This trend suggested that smaller cities were outpacing their metro counterparts in job creation, painting a nuanced picture of India's employment landscape.
The Naukri JobSpeak Index is like a monthly report card for the Indian job market. It shows how the job market is doing and how much hiring is happening, based on the data from Naukri.com. This information is gathered from new job advertisements and searches made by recruiters on Naukri.com’s database of resumes.
(Edited by : Sudarsanan Mani)
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