White-collar job hiring in India across various sectors saw a 19 percent dip in July 2023 as compared to the same month last year. Naukri.com's JobSpeak Index, a key indicator for white-collar hiring in India, recorded a value of 2,573 in July 2023, showing an 8 percent decline compared to the previous month and a significant 19 percent decrease compared to July 2022.
Despite the cautious market sentiment, sectors focused on the domestic economy, such as Oil & Gas and Real Estate, continue to display aggressive hiring trends, demonstrating the resilience of the Indian economy. On the other hand, new job openings in AI-related fields have remained steady at around 31,780, almost on par with the numbers from June 2023, said the report.
What roles are in demand?
The Oil & Gas sector recorded a 9 percent growth in hiring trends compared to July last year. The escalating energy consumption in the domestic market remains the driving force behind this growth. Key roles, including Field Service Engineer, Quality Engineer, Procurement Manager, and Logistics Manager, are in high demand, particularly in cities like Ahmedabad, Mumbai, Pune, and Hyderabad. The report also added that senior professionals are also sought-after in this sector.
Similarly, the Real Estate sector has witnessed a noteworthy 5 percent growth in hiring activity, signalling the revival of infrastructure projects and a surge in consumer investment in residential properties. In-demand profiles like Project Manager - Construction, Interior Designers, Architects, and Civil Engineers are driving this growth, especially in cities like Kolkata, Mumbai, and Chennai. The sector has experienced a surge in demand for mid to senior-level professionals, indicating a positive trend towards hiring experienced individuals to bolster industry growth.
The AI boom continues to generate significant demand for specialised roles such as Full Stack AI Scientists and ML Engineers. July 2023 saw a 9 percent increase in new job openings for these positions compared to the beginning of the year. The Tech and Finance sectors display the strongest demand for these niche roles, reflecting the growing influence of AI across various industries.
"Positive hiring trends across domestic sectors like Oil & Gas, Real Estate, and Hospitality, along with stable hiring for AI-related roles, continues to showcase the adaptability and diversification of the Indian job market. The dynamic and evolving job landscape reflects the resilience and potential of the Indian economy amidst challenging times," said Pawan Goyal, Chief Business Officer of Naukri.com.
As travel restrictions ease and tourism rebounds, the Hospitality sector has maintained a steady growth trajectory, with a 2 percent increase in new job creation compared to the same month last year. Employment opportunities for positions such as Restaurant Managers, Hotel Managers, and Travel Desk Coordinators are actively generated, especially in cities like Mumbai and Chennai, signifying a positive trend in the industry's recovery.
However, the IT industry remains a cause for concern, witnessing a significant 46 percent decline in new job creation compared to July last year. Additionally, sectors like FMCG, Retail, BPO, Insurance, and Education also displayed cautious hiring sentiments, with respective declines ranging from 14 percent to 23 percent in new job opportunities compared to July last year.
In non-metro cities, Jaipur and Vadodara have emerged as leaders in the hiring spree, with steady rises of 4 percent and 2 percent respectively in their hiring indices compared to July last year. This growth is mainly attributed to the active recruitment in sectors like Oil & Gas, Pharma, and Auto.
(Edited by : Pradeep John)
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