Hiring activity in January 2024 declines 5% year-on-year, but grows 3% from December 2023: foundit insights tracker

Hiring activity in January 2024 declines 5% year-on-year, but grows 3% from December 2023: foundit insights tracker



Hiring activity in India slowed 5% in the first month of the calendar year in January 2024 from last year, though on a month-on-month basis it registered a 3% growth, latest data from talent platform foundit (formerly Monster APAC & ME) showed.

After the Interim Budget 2024, the employment outlook for the Indian job market is optimistic, found the foundit Insights Tracker (fit), on hiring trends for January 2024 across diverse sectors including Travel & Tourism, Telecom/ISP, BFSI, and Logistics, Courier/Freight/Transport, there has been consistent and positive momentum in hiring activities.

This collective effort from various industries has resulted in a 5% overall growth in job posting activity observed over the past three months, indicating a recovery in employment opportunities.

“The Interim Budget 2024 has identified the acceleration of growth and job creation as key priorities for economic development, while undoubtedly reiterating the need for Indian youth to be skilled and employable. Through our tracker, we could trace the steady growth of the tourism industry, which aligns with global trends and the government’s interests,” said Sekhar Garisa, CEO, foundit, in a statement. The budget’s focus on developing iconic tourist destinations and promoting spiritual tourism aligns well. “Overall, we anticipate more stability and growth in the coming months, creating new job prospects in the market.”

Broadband penetration and GDP growth drive job spikes in Telecom/ISP and BFSI sector

On a month-on-month basis, the Telecom/ISP, BFSI, and Logistics, Courier/Freight/Transport sectors showed a 5% increase in job postings.

The year started positively, with many previously lagging sectors having recovered, and showcased an optimistic outlook for the future. On a month-on-month basis, the travel & tourism sector (6%) showed the maximum increase in job postings.

Southern cities Chennai, and Hyderabad lead in hiring; northern cities report third
Chennai stands out with a 9% MoM increase in hiring, potentially attributed to the setting up of numerous manufacturing units in the state and business expansion plans implemented by corporations who wish to expand to southern states. Chennai is also an important centre for international shipping routes, enhancing its accessibility and connectivity.

Apart from Chennai, Hyderabad and Bengaluru saw a 5% and 3% MoM rise in hiring activity, respectively. Tech talent recruitment has been largely dominated by Bengaluru, followed by Hyderabad and even the non-tech industries have started adopting technology for efficiency.

Baroda showcased a 5% increase in job opportunities, and the cities Jaipur, Ahmedabad, Pune, and Mumbai maintained a relatively stable hiring environment with a 2% increase in hiring in each city.

Meanwhile Kolkata and Kochi reported declining hiring percentages, dropping by (-1%), (-2%), while Chandigarh was flat (0%). However, the subtle decline in other cities only signifies a muted growth in the job market.

Job roles in legal, marketing, and communications topped the list of job functions with a 7% increase in online hiring activity. Hiring for GCCs and Indian enterprises, especially for job roles including Sales & Business Development (2%), HR and Admin (2%), and Finance & Accounts (1%), have been positive.

There was a downward trend in hiring for Purchase/Logistics/Supply chain (-3%) job roles, followed by Engineering/Production (-2%), Customer Service (-2%), and Senior Management positions (-2%). This month, the demand for Hospitality & Travel jobs, Software, Hardware, Telecom, and Healthcare job roles were moderate.



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Author: Shirley